Which? highlights importance of cheques for savings account gifts

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Which? highlights importance of cheques for savings account gifts

Wed 22nd Dec 2010

Many Brits intend to hand over cheques to their loved ones for Christmas, but Which? has noted how important it is that a reliable alternative is found before the payment method is phased out.

Chief executive of the consumer watchdog Peter Vicary-Smith suggested that cheques should not be scrapped until another channel that everyone is comfortable with has been identified.

Research by Which? indicated 14 per cent of the country plan on handing over a cheque as a Christmas gift, with 76 per cent of the nation having written one in the past 12 months.

"Cheques may be in decline but millions of us still use them every year, whether it's to pay for tradesmen, for a school trip or as gifts to loved ones," said Mr Vicary-Smith.

Last week, the firm revealed that many students have been overpaying for their loans, with about £15 million due to be returned to such pupils by the Student Loans Company.

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