It quickly became obvious to the Payments Council that their plan to eliminate cheques by 2018 did not have either public or political support. By the end of February 2010, the ruckus was such that the House of Commons Treasury Committee opened up an inquiry into the proposed cheque abolition plan. These stories further heightened the concerns of the elderly and charity groups. It didn’t help that soon after the announcement, stories like this one in The Telegraph appeared, claiming that the elimination of cheques meant a cashless society was just over the horizon. Charities were also unhappy, fearing a major reduction in donations if cheques were eliminated because of what they said was an ingrained U.K.
They wanted a guaranteed paper-based alternative, which would defeat one of the main purposes of getting rid of cheques in the first place: their high processing cost (about £1 per cheque). The Payments Council’s announcement was soon met with opposition from various groups, especially those representing the elderly.
The Payments Council believed that with the public using fewer cheques every year, with most major retailers refusing to accept cheques, and with the advent of mobile checking and other electronic forms of transferring money promising to appear in the next few years, cheques could easily be eliminated within a decade.īut things didn’t go quite according to plan. Back in December 2009, the board of the United Kingdom Payments Council set 31 October 2018 as the date when paper cheques (or checks) would be totally phased out in the U.K.
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