UK to do away with chq's by 2018...

unclebill98

Will we follow??? I hope so.



http://banklawblog.wordpress.com/

**Timbuk2**

But if cheques were done away with, how would we pay plumbers etc.?

Surely people that call to your house to do work do not have chip and pin devices in their back pocket!

Wats_in_a_name

In theory yes. We should get rid of cheques but its not feasible at the moment.

As Timbuk said how would we pay plumbers, electricians, customs for parcels received etc.

Would it not be better to impove the cheque system instead of cutting it. Making cheques clear faster. For that matter surely a Bank transfer made online to another Irish account should be instant. Why does it take 3 days? It must all be done online? At the end of the day its just numbers on a computer.

unclebill98

Well the Single Payments Directive is being brought in for roll out in 2010.

Same day payments to your credit card is now going to be possible but most banks can not introduce this until a tech upgrade. I'd assume this will be applied to inter bank payments. I know that if you do an interbank payment from UB before 1.30pm it will be in the other bank by the next day, so all banks should have this.

Sure, for a fee you can transfer money into another bank, be it in Ireland or abroad with a Same Day Value and it will be there by 5pm that day. There are cut off times for this and the charge can be as high as 25euro. There is alot of paper based work for it hence the charge but banks are trying to slim down the process to make it easier to do and bring to all transactions.

I do agree the plumbers etc will be hard done by, but no one trusts chq's these days at all. Bank Drafts and electronic transfers are becoming more common place. From my end of it alot of the delivery guys will not even take stuff off the trucks until payment is made. COD is a big thing and again some of the Northern Ireland based companies delivering goods down here have hand held units to make instant payments.

One last thing, if chq's are removed staff at the front counters in banks will have a lot less to do..... That in itself raises worries.

tHE vAGGABOND

some of the Northern Ireland based companies delivering goods down here have hand held units to make instant payments.

Yup, I got an ikea delivery from Belfast a couple of years ago, and paid for it upon delivery with my card, the bloke had a chip and pin machine on him..

Slice

What's wrong with paying a tradesman by cash? I don't know anyone who uses cheques