On average I probably write one cheque a year (if that) so I’m not surprised to hear that UK banks have started phasing out their use, with the goal of removing them from the financial system completely by late 2018.
“There are many more efficient ways of making payments than by paper in the 21st century, and the time is ripe for the economy as a whole to reap the benefits of its replacement,” Paul Smee, the council chief executive, said in a statement. The use of checks has fallen drastically in the past 10 years as more consumers transfer money electronically, by direct debit or with debit and credit cards. Last year, around 3.8 million checks were written every day in Britain, compared to a peak of 10.9 million in 1990, the council said.
The use of cheques is also under review in a number of other countries including Australia.
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