Anorak News | The End Of The Cheque Book

The End Of The Cheque Book

by | 18th, June 2007

No More Cheque And Balances

FAST forward twenty years into the future to one of those cheesy TV nostalgia shows and you’ll probably see some nodding head, say Paul Ross, droning on about the chequebook on ’I Love 2007’.

“Weren’t they so naff?” he’ll quip. “People used to say ‘the cheque’s in the post’ and actually mean it!” How we’ll laugh.

With Argos joining the likes of Asda, Boots, Next and Currys in announcing plans to stop customers from paying by cheque, time is fast running out for the humble and once rather handy chequebook.

According to Argos, the fact that only 1 per cent of customer transactions currently involve cheques has forced the company to withdraw the facility from all of its 68 stores in the UK and Ireland, starting from July 28.

Supermarket giant Sainsbury’s is also reported to be reviewing their policy of accepting cheques, as the credit and debit card revolution continues. Indeed, according to bank payments body Apacs, consumers wrote a total of 4.9 million cheques in 2006, down from 5.3 million in 2005 and from 11 million in 1990.

But Help The Aged are worried by the trend. A spokesman says: “Cheques are the preferred way of handling money for quite a lot of older people. When a retailer stops accepting cheques, it takes away their choice.”

Fortunately for many of the more affluent OAPs, John Lewis, Marks & Spencer and Waitrose currently have no plans to phase out the use of cheques at their stores.

Who knows, like vinyl records, traditional gents barbers and pie and mash, the chequebook may become a must-have retro item for the fashion-conscious shopper.

Watch this space.

Posted: 18th, June 2007 | In: Money Comments (2) | TrackBack | Permalink