350 years after it was invented, the dear old cheque book may have seen its last dawn. Senior bankers are planning on withdrawing the service, which costs banks far more than using credit cards, direct debits or other forms of payment.
However, the move was criticised by consumer groups, business lobbyists and charities representing the elderly. They cost around £1 each to process, which is four times as much as electronic payments. Cheques could be phased out by 2018.
This also comes on top of the revelation that banks may start charging us £2.50 for withdrawing cash from their ATMs unless we have our mortgages with that bank! Apparently Santander have offered no charges for several banking services, but only if you are a mortgage customer!
Banks are sure to be in the firing line again soon, especially as some of the big bonuses are starting to appear again.
FUN FACTSThe ancient Romans are believed to have used an early form of cheque known as praescriptiones in the first century BC
The English word cheque comes from the Arabic ṣakk, which refers to a written note of credit used by Muslim merchants
The first cheque in the UK was written in 1659
Cheques are likely to be abolished in Britain in 2018
Cheque volumes in the UK peaked in 1990 when 4 billion were written
The predicted number of cheques written per day in the UK in 2018 is 1.6m
The number of cheques received each year by the average adult is five
The average value of a personal cheque payment is £227
The amount of retail spending still paid for by cheque is 3.9 per cent
Oversized cheques are often used during charity events and, regardless of size, can still be redeemed for their cash value as long as they have the same parts as a normal cheque
According to the Guinness Book of World Records, the largest ever oversized cheque was 12m by 25m (39 ft × 82 ft)
