Cheques being phased out!

[ShadySadie]

All your banking his handled by computer. If I transfer money via internet banking it costs nothing and is in the payees account more or less instantly rather than the delay of a cheque clearing.

The builder must have a bank account to take a cheque so a transfer is quicker, safer and cheaper than a cheque.

My business's have not used cheques for years apart from very rare occasions and nor have I, everything is done electronically.

We had a new log burner fitted before Christmas, the one man bands money was in his account by the time he got home. I pay bills from my phone or computer, very easy and secure and never any problems.

 

[xtrailman]

That's interesting, i do have a internet banking account, some investment companies do pay direct to it, but some still send a cheque?

I once did look at making an electronic transfer, but the charge was

 

[DavidKlyne]

Ray said:-

"That's interesting, i do have a internet banking account, some investment companies do pay direct to it, but some still send a cheque? I once did look at making an electronic transfer, but the charge was

 

[xtrailman]

David

Thanks for that, the only problem i see, is the reluctance for some people to give there bank details out?

But if the service is free now, i can see why a cheque is considered old hat.

My boiler service is due at months end, i might ask the plumber for his bank details.

 

[ShadySadie]

A cheque includes your accounts name, your bank and its address and sort code and you bank account number.

How many people might handle the cheque before it is banked? If a tradesman didn't want a customer to have his account details to enable transfer of a payment how could he expect you to give him yours on a cheque?