Idea for the mordenisation of cheques ...
Discussion
It's something of a farce when you receive a cheque in this day and age. Is there any reason why cheques can't have a code number printed on them which could be used to credit the funds straight to your account online, like an Amazon gift voucher being credited to your Amazon account, rather than you having to physically pay the cheque in at a high street bank?
MitchT said:
It's something of a farce when you receive a cheque in this day and age. Is there any reason why cheques can't have a code number printed on them which could be used to credit the funds straight to your account online, like an Amazon gift voucher being credited to your Amazon account, rather than you having to physically pay the cheque in at a high street bank?
Situations where more than one signature is required, and only a few cheques are issued a month - charities, parish councils, social clubs and the like. Very few cheques, but a bugger to audit and control.Twin1 said:
The problem with cheques is more the clearing system once once it's paid in - that's what slows down the money being available. There isn't much banks can do about that unfortunately.
That and the fact that you have to physically go somewhere to do it, which for me usually means waiting 'till weekend. Can't they develop a better system for clearing funds? Again, I refer to Amazon where there's no such wait for gift credit to be applied.spoofking said:
Really? How do you use that? I've had a look around and can't se how to use it. It would be a godsend if that's the case!
Its pretty simple, have a look here:http://www.barclays.co.uk/MobileBankingservices/Mo...
MitchT said:
That and the fact that you have to physically go somewhere to do it, which for me usually means waiting 'till weekend. Can't they develop a better system for clearing funds? Again, I refer to Amazon where there's no such wait for gift credit to be applied.
The Amazon coupons are in effect cash though.The big issue is always traceability and ability to return funds. Banks are the man in the middle and the cheque system is the best of the man in the middle system from the pre-IT days, hence slow clearing.
For fast clearing the systems are already here, BACS type inter-bank payments.
Though I must admit the system is clunky and annoying.
A lot of american banks let you pay in checks via their mobile apps etc as they still very much use them over there, I guess that is the same tech that Barclay's are trialing as mentioned above but its been in use over there for quite a while now so should be mature tech by now, Of course whilst we may want the ability to pay in a cheque online we don't want some of their other banking practices catching on over here.
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