Will the U.K. Abolish Checks?
The use of paper checks is declining as consumers move to an online world of e-bills and reoccurring Web payments. The U.K. in particular has seen such a steep decline in the use of checks that the Treasury proposed eliminating checks. However, despite the change from paper to online, small businesses, charities and consumer groups have protested this move as they still rely heavily on paper checks.
The U.K.’s Payments Council, which operates independently of the Treasury, is planning to vote on the abolishment of checks, beginning in 2018.
Bank Technology News reported, “There also seems to be a war of sorts brewing between the Treasury and the Payments Council—the Treasury is for evidence of trends in likely check usage over the next ten years, the advantages and disadvantages of abolition and asking the Payments Council on submissions on whether it’s accountable for the impact of its decisions on consumers.”
Do your customers and members still rely on checks? What are your thoughts on abolishing checks?