Cheque Guarantee Card To End
Published / Last Updated on 24/09/2009
Cheque Guarantee Card To End
The Cheque Guarantee Card, first introduced in 1969, is to be phased out by 30 June 2011.
The leading 24 banks and building societies that use the system have confirmed their agreement to phase the cheque guarantee card out given the decline in use.
Cheques To Stay
Cheques themselves will not disappear initially, but given that only 7% of all cheques written are backed by a cheque guarantee card as most people use ‘card and pin’ for retail purchases or write cheques that receivers do not ask for a guarantee card, it is only the cheque guarantee card side that disappear.
The Payments Council have confirmed they will monitor that alternative methods for payment work increasingly before finally agreeing to phase out cheques in their entirety.
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