The plan to stop cheques has been revoked
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The banking industry will not stop the use of cheques, it has been revealed
In 2009 the Payments Council announced the plan to phase out the use of cheques by 2018 but the plan received widespread criticism from MPs and charities. The Council has now issued a statement that the plan has been revoked and that cheques will be kept ‘as long as customers need them.’
A study, carried out by YouGov, found that 72 per cent of those questioned felt that cheques should be kept. Just 18 per cent agreed that this method of payment was no longer needed.
Richard North, chairman of the Payments Council, said, ‘Listening to over 600 stakeholder groups, working with the banks and following our appearance before the Treasury Select Committee, we have concluded we should reassure customers that the cheque is staying.’
By Lauren King
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