Campaigners are concerned about the proposed withdrawal of cheques. Concerns have been raised over the possibility of beginning the withdrawal of cheques in 2018.
The charity Age Concern and Help the Aged is worried that many older people rely on cheques as their main form of payment and that they may not manage their finances effectively if the method is withdrawn.
Recent figures from the Payments Council revealed that the use of guaranteed cheques fell by a third between 2007 and 2008, with most major high street retailers no longer accepting them.
The majority of consumers prefer to use a debit card rather than a cheque, with figures from the UK payments industry showing that debit and credit cards accounted for 66 per cent of all UK retail spending last year.
In light of the declining popularity and usability of cheques, the Payments Council, which includes many bank account providers, is meeting today (December 16th) to decide upon a date for their withdrawal.
Andrew Harrop, head of public policy at Age Concern and Help the Aged, commented: “Our fear is that setting a date will give the green light to banks and retailers to withdraw cheques even earlier than 2018, as some already have.
“It is vital that before cheques are phased out, the Payments Council ensures there is a practical, safe, paper-based alternative in place which serves the needs of this group.”
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