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Post by Badly Drawn Stickman on Feb 6, 2021 16:17:42 GMT
Its such a shame they didn't kill off cheques in 2018.
In this modern world of Faster Payments for bank transfers, and any Tom,Dick or Harry being able to accept credit card payments (e.g. via Paypal), its amazing anyone clings onto the antiquated system of cheques and the associated clearance process.
Its mostly in decline though, data from 2019 ...
• Less than 44% of UK personal account holders write or receive cheques. Inevitably most of those are in the 65+ age group, followed by 55-64.
• Average number of cheques written by businesses the 60% of businesses that still write cheques has plummeted to an average of 3 per month. • Charities are seemingly the only ones really stuck in the last century ... 94% wrote or received cheques (51% received, 71% wrote). I can see why charities might still receive cheques from old biddies, but 71% still writing large volumes of cheques in 2019 ? What planet are they on ?
How dare 44% of people or "old biddies" hold out with cheques - they should be told to stop along with paper money & debit cards and sending letters with sticky squares They should then be persuaded from using them old fashioned savings accounts and move their money to One of them new fangled products that are all the rage called Peer2peer savings - Can't go wrong there its the future Do they make young biddies? If not should it not just be biddies? Is biddeism a purely female trade? Can we call Wallstreet an old Biddy? Can only people with male names accept card payments as indicated? So many question, so little interest.
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macq
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Post by macq on Feb 6, 2021 17:30:13 GMT
How dare 44% of people or "old biddies" hold out with cheques - they should be told to stop along with paper money & debit cards and sending letters with sticky squares They should then be persuaded from using them old fashioned savings accounts and move their money to One of them new fangled products that are all the rage called Peer2peer savings - Can't go wrong there its the future Do they make young biddies? If not should it not just be biddies? Is biddeism a purely female trade? Can we call Wallstreet an old Biddy? Can only people with male names accept card payments as indicated? So many question, so little interest. While my post was tongue in cheek i kinda find myself in support of people who are holding out.As i am fast approaching the age when i can be called an old fogey (no gender implied) i can see a time in the future where i will not be impressed when i have to pay using crypto only or paying for my shopping by waving a part of my anatomy (hopefully my palm) over a till point while it reads the chip implanted in me
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travolta
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Post by travolta on Feb 6, 2021 17:35:58 GMT
Maybe (if we are all ripping our cash out of neggy a/cs) burglary might turn in to a worthwhile occupation. (Once we've stopped hanging out @home and leave our mattresses vulnerable)
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Greenwood2
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Post by Greenwood2 on Feb 6, 2021 20:32:35 GMT
Maybe (if we are all ripping our cash out of neggy a/cs) burglary might turn in to a worthwhile occupation. (Once we've stopped hanging out @home and leave our mattresses vulnerable) Our neighbours two doors down have been robbed several times in the last few years, we can only think that in the first burglary the figured out how to get in again! They look pretty secure now, I hope the robbers don't work down the road,
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Post by Badly Drawn Stickman on Feb 6, 2021 21:35:53 GMT
Do they make young biddies? If not should it not just be biddies? Is biddeism a purely female trade? Can we call Wallstreet an old Biddy? Can only people with male names accept card payments as indicated? So many question, so little interest. While my post was tongue in cheek i kinda find myself in support of people who are holding out.As i am fast approaching the age when i can be called an old fogey (no gender implied) i can see a time in the future where i will not be impressed when i have to pay using crypto only or paying for my shopping by waving a part of my anatomy (hopefully my palm) over a till point while it reads the chip implanted in me I can understand that. We probably currently live in a period of staggering progress in so many area. Personally I am up for a bit of Cyborging, quite fancy a smart eye that could take photos and has a zoom function for reading small print. Big memory upgrade would be useful as well. Pretty sure I don't have a problem with others wanting to stick with what they feel comfortable with and suspect that cheques will soon become the retro must have for the cool young people and wallstreet will just look like a dinosaur. Probably know as the biddyosaurus tolate
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savernake
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Post by savernake on Feb 9, 2021 14:11:31 GMT
I'm struggling to see where P2P platforms (those who lend to businesses) are going to find their future borrowers. If interest rates go negative, and with businesses able to access cheap finance via the government CBILS/Covid-19 related aid schemes , where is the incentive for a business to borrow at 6-8% from a P2P platform?
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Feb 10, 2021 13:25:23 GMT
We write cheques for everything. We need two signatures per cheque. The clerk (who lives 20 miles away) writes them, two councillors sign them. Even if there were meetings being held in person at the moment rather than over zoom (in case you hadn't heard...), there's no internet access at the village hall for online banking. The way it works currently is the clerk writes them, posts them to one councillor, who gets them (usually on foot) to another, who posts them back to the clerk. Lots of small organisations like that Sports Clubs and societies, Pigeon Racing clubs, Allotment societies All get cheques in and use them to pay for things, for example a Bowls League will receive funds from most clubs sent to the treasurer by Cheque ( most of these will have 2 signatures ). They then pay for trophies etc by cheque, and prize money will be paid out as cheque. I tried to get a league to go electronic, but virtually every club Auditor objected saying money being able to be paid by 1 person was risky. The banks were prepared to arrange the effective 2 signature thing by requiring person A to initiate payment, and then another of B or C to Authorise, but the charge as I remember was about £25 a month. For a small organisation with about £3000 a year in income this is just unsustainable. I got round it for some things by paying personally, then invoicing the club
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