Checking out cheques

Opinion

Checking out cheques

If you are a business that still accepts cheques as a method of payment, so long as a cheque guarantee card is supplied, you need to be aware of the withdrawal of the cheque guarantee card scheme from the end of June this year.

The scheme which sees cheques upto £250 guaranteed is being withdrawn as the number of cheques being written has plummeted. So from 1 July onwards, you either accept other forms of payment or take a gamble on funds being able to back a cheque.

The end of the cheque guarantee scheme is one of the steps to the complete removal of cheques by 2018.

For more information, see www.paymentscouncil.org.uk

This was first published in May 2011

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