UK to eliminate cheques

12.16.09

Cheque’s in the mail? Not after 2018 in the UK, it seems:

Cheques will disappear within eight years after the Payments Council decided today to abolish the 350-year-old payment method by October 2018.

[. . . ]

The decision will save banks hundreds of millions of pounds a year, as each cheque costs banks about £1 to process – that is four times more expensive than electronic payments.

So far, no sign that Canada plans to follow suit. But it wouldn’t surprise me too much. Just to give you an idea of how often I actually write cheques, mine are so old that they still have my previous address… from two moves ago.

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