If a cheque
is crossed and marked "account payee only", it must be paid into the account of the person to whom it is made out.
Jacqui Tribe, manager of the UK Domestic Cheque
Guarantee Card Scheme, said: "Over the next five months banks and building societies will make sure that everyone who's still guaranteeing cheques
with a card is aware of the change.
Though very much lower at present, it would have to stop completely if the ability to receive and issue cheques
Specially designed for small and medium businesses, the software helps organize, print and track the cheques
issued by the company.
This decision to withdraw cheques
has been driven by the big banks, who stand to save over pounds 1bn through the removal of the cheque
, but they have failed to consider the consequences and inconvenience to those who still rely on cheques
While I accept that the modern world has presented many more efficient means of money transfer, we need to develop a safe, cheap and easily accessible alternative to cheques
which are suitable for those that rely on them - and I look to the banks to develop this technology well in advance of the public withdrawal of the current system.
On average, we wrote 14 cheques
each during 2008, compared with 31 in 2002.
The official explanation given is that the number of cheques
being written has dropped substantially in the past two decades, from 11 million a day in 1990 to around 3.
Tesco and Asda are taking steps to reduce cheque
use dramatically in a bid to cut fraud and delays at tills.
In a business environment, where a multitude of cheques
may be issued on any given day, regular reviews should be undertaken to ensure cheques
are being issued in accordance with the business's cheque
The Canadian Payment Association (CPA) published its new specifications back in January 2005, indicating that all cheques
should conform with the new standardized specs in order to ensure high quality digital imaging.
The plausible fraudster is being hunted by detectives after being accused of bouncing almost 200 cheques
across the country.
Check 21 is the most important change to hit the payments industry since the introduction of magnetic characters (MICR) on cheques
40 years ago," said Douglas Newman, President and CEO of RDM Corporation.
We're giving away cash prizes galore and 1-in-10 of our Lucky Cheques
WILL win a cash prize of anything from pounds 5 right up to that fantastic pounds 10,000.
THIS is the second part of our advice column dealing with issues related to banking cheques
and their use.