Our discussion about digitising cheques was followed by an impassioned debate to leave them be. The new system would let banks clear cheques via a digital photo. Here’s what the community thought of the idea.
Waltham needs cheques for his small business:
‘We run a small business where cheques and cash are still the main method of payment, only about 10% of customers pay via bank transfer and we see no reason to bear the additional cost of a card processing system.
‘If banks really want to get rid of cheques then the replacement system needs to be as reliable and free to use.’
For and against cheques
Mick thinks the paper cheque needs to stay:
‘I believe that there are millions of people that have neither smartphone nor a computer.
‘If this stupid idea goes ahead how will such folk control their money, pay their bills etc. especially as more banks are now moving to “counterless” outlets. There is nothing wrong with the cheque system, it needs to stay.’
Our Facebook friends even joined the debate. John made a plea for cheques:
‘There is a whole generation out there who are completely discriminated against and are being abandoned by the age of the internet and smart phones. They certainly do not want to see the end of cheques yet. They need our respect and support.’
Terry isn’t a fan:
‘Cheques are useless. We should scrap them. It’s only businesses and the legal profession who like them because of the built in delay in issuing/posting them and because they use them for audit trail.’
Security of digital cheque imaging
Phil was worried about the security of using a digital photo to clear a cheque:
‘What safeguards are there to prevent the image of the cheque being altered?’
Our Money expert Tom Wills put Phil’s question to the Payments Council:
‘They told me it would only be possible to submit photos of cheques taken using an app from your bank, which will use similar security procedures to existing banking apps to confirm your identity and secure your information.
‘The Payments Council also said that existing fraud prevention systems would be used, and that fraud levels have not increased in other countries where cheque imaging has been introduced.
‘We’ll be keeping a close eye on how banks implement cheque imaging and the security measures put in place when cheque imaging apps become available.’
Are you a cheque user? Could you live without them?