HSBC: Cheque usage in terminal decline

Money News

www.moneynews.co.uk > General finance > HSBC: Cheque usage in terminal decline

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

HSBC: Cheque usage in terminal decline

HSBC has said that payments by cheque may soon need to be phased out due to their cost.

Tim Pie, a spokesperson for the organisation, pointed out that people are using internet transfers much more now and cheques will eventually die out.

He noted that if the costs escalate too much then banks will have to phase out this form of payment.

"The reality of it is that it will reach a point whereby it simply costs the industry too much to maintain the systems to produce, receive, validate and clear cheques," he explained.

Mr Pie stated that, if cheques were to be stopped as a form of payment, then people who still want to use them - particularly the elderly - would need to be taught how to use other forms of payment.

This week, the UK Payments Association reported that the total value of cheques declined by 20.9 per cent in the second quarter of this year compared with the same period in 2008.

Click here for more general finance newsADNFCR-323-ID-19369149-ADNFCR

Related News : General finance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : HSBC

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet