09-09-2005, 08:07 AM
The cheque appears to be on its way out.....
From today's Mirror online.
9 September 2005
THE DEATH OF THE CHEQUE
SHELL SAYS IT'S CASH OR PLASTIC ONLY
By Laurie Hanna
THERE was a time when most of us couldn't get through life without them...
Now it's a struggle to remember when we last used one.
Nearly four centuries after they first appeared, the days of the cheque seem to be numbered.
Oil giant Shell has become the first national retailer to ban payment by cheque at its petrol stations.
Managers and staff complained about the time and cost of processing the paper payment - but the decision is likely to have a domino effect with other retailers quickly following suit.
Anyone who doubts that the cheque is on its last legs need only look at the figures.
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In 1990, four billion cheques were used but last year that figure slumped to just 2.1billion.
The rise of plastic cards and then internet banking has meant that money can be zapped anywhere in the world almost instantly.
EXPLAINING their decision, a spokesman for Shell said: "The number of customers wanting to pay by cheque has reduced significantly.
"Cheque payments now account for less than one per cent of the transaction value across our UK shop network.
"Managers have been unhappy about the inconvenience of taking cheques to the bank and getting them cleared.
"It has been a drain on their time. This decision is part of a general trend in the retail sector."
The cheque's demise means we could now be witnessing the final days of a payment method which saw its beginnings in Roman times. Experts believe the Romans invented the cheque in 352BC - but the idea didn't really catch on.
They were revived briefly in medieval Italy, where customers would have to appear before cashiers to collect their money in person.
But it is thought that cheques first became widespread in Amsterdam during the 16th Century.
The Dutch city was a major shipping and trading centre, which thousands of merchants from across the world passed through each day.
Instead of taking their hard-won earnings with them on the treacherous high seas or risk leaving them at home, traders began depositing their cash in banks. Eventually, the cashiers agreed to pay debts on behalf of their clients from their accounts.
And as they had to "check" the signature on notes instructing them to do so, the system of "checking" was born.
But many people still had doubts about trusting their money to strangers and little bits of paper.
Although the first-ever English cheque was drawn in London in 1659, a more secure and trusted system was required.
In 1762, Englishman Lawrence Childs came up with the solution - printed cheques with serial numbers to allow bank staff to keep track of them.
But as more and more banks began printing their own, hordes of messengers criss-crossed London, scurrying from one bank to another, exchanging cheques and collecting cash. According to banking folklore, two exhausted messengers were taking a break from work and supping ale when they recognised each other across a crowded tavern.
The two men quickly realised that it would be easier for them to meet every day at the same place to exchange all their cheques - saving them the trip to the other's bank.
Soon all the messengers were meeting in the same tavern.
This led to the creation of Clearing Houses - a system still in place today, where networks of banks clear cheques issued against one another.
IN 1882, the first legislation controlling the use of cheques was introduced in England.
But now, 123 years later, the cheque's long and fascinating history appears to be about to draw to a close.
Last year, total spending on debit and credit cards overtook spending by cash and cheque - £273billion against £272billion.
And the number of people with a debit card has risen from 24.4million to 40million in the past decade.
The Association for Payment Clearing Services (APACS) said the cheque is fast becoming a thing of the past - thanks to the plastic card boom.
An APACS spokes- man said: "If you ask someone under 30 for the last time they wrote a cheque, they will struggle to remember.
"They probably won't even know where their cheque book is.
"Many people have suggested the cheque won't exist by 2020."
Cheque it out
- THERE were just over six million cheques issued each day in 2004, compared to 11million in 1990, the peak year for cheque volumes.
- IN 2004 each adult made 1.9 cheque payments per month, compared with 4.3 per month in 1991.
- THE word "chequebook" first appeared in 1848 in the novel, Vanity Fair.
- LOTTO lout Michael Carroll yesterday revealed he couldn't pay his court fines because he didn't own a chequebook.
- ON ebay yesterday, a cheque signed by Warren Beatty made out to Charlie Chaplin's son was on offer for £9.99.
- A Blankety Blank chequebook and pen from the TV show sells for up to £35.
- A CHEQUE can be written on nearly anything as long as it contains details of your account, the date, the payee and the amount together with your signature - one was once written on a cow.
- THE average value of a personal cheque payment is £126.
link
I use my chequebook very rarely now...really just to pay my paper bill and other occasional items. Most of my bill-paying is done online. Some interesting factoids in this article though!
Debs x :smile:
From today's Mirror online.
9 September 2005
THE DEATH OF THE CHEQUE
SHELL SAYS IT'S CASH OR PLASTIC ONLY
By Laurie Hanna
THERE was a time when most of us couldn't get through life without them...
Now it's a struggle to remember when we last used one.
Nearly four centuries after they first appeared, the days of the cheque seem to be numbered.
Oil giant Shell has become the first national retailer to ban payment by cheque at its petrol stations.
Managers and staff complained about the time and cost of processing the paper payment - but the decision is likely to have a domino effect with other retailers quickly following suit.
Anyone who doubts that the cheque is on its last legs need only look at the figures.
Advertisement
Falk AdSolution
In 1990, four billion cheques were used but last year that figure slumped to just 2.1billion.
The rise of plastic cards and then internet banking has meant that money can be zapped anywhere in the world almost instantly.
EXPLAINING their decision, a spokesman for Shell said: "The number of customers wanting to pay by cheque has reduced significantly.
"Cheque payments now account for less than one per cent of the transaction value across our UK shop network.
"Managers have been unhappy about the inconvenience of taking cheques to the bank and getting them cleared.
"It has been a drain on their time. This decision is part of a general trend in the retail sector."
The cheque's demise means we could now be witnessing the final days of a payment method which saw its beginnings in Roman times. Experts believe the Romans invented the cheque in 352BC - but the idea didn't really catch on.
They were revived briefly in medieval Italy, where customers would have to appear before cashiers to collect their money in person.
But it is thought that cheques first became widespread in Amsterdam during the 16th Century.
The Dutch city was a major shipping and trading centre, which thousands of merchants from across the world passed through each day.
Instead of taking their hard-won earnings with them on the treacherous high seas or risk leaving them at home, traders began depositing their cash in banks. Eventually, the cashiers agreed to pay debts on behalf of their clients from their accounts.
And as they had to "check" the signature on notes instructing them to do so, the system of "checking" was born.
But many people still had doubts about trusting their money to strangers and little bits of paper.
Although the first-ever English cheque was drawn in London in 1659, a more secure and trusted system was required.
In 1762, Englishman Lawrence Childs came up with the solution - printed cheques with serial numbers to allow bank staff to keep track of them.
But as more and more banks began printing their own, hordes of messengers criss-crossed London, scurrying from one bank to another, exchanging cheques and collecting cash. According to banking folklore, two exhausted messengers were taking a break from work and supping ale when they recognised each other across a crowded tavern.
The two men quickly realised that it would be easier for them to meet every day at the same place to exchange all their cheques - saving them the trip to the other's bank.
Soon all the messengers were meeting in the same tavern.
This led to the creation of Clearing Houses - a system still in place today, where networks of banks clear cheques issued against one another.
IN 1882, the first legislation controlling the use of cheques was introduced in England.
But now, 123 years later, the cheque's long and fascinating history appears to be about to draw to a close.
Last year, total spending on debit and credit cards overtook spending by cash and cheque - £273billion against £272billion.
And the number of people with a debit card has risen from 24.4million to 40million in the past decade.
The Association for Payment Clearing Services (APACS) said the cheque is fast becoming a thing of the past - thanks to the plastic card boom.
An APACS spokes- man said: "If you ask someone under 30 for the last time they wrote a cheque, they will struggle to remember.
"They probably won't even know where their cheque book is.
"Many people have suggested the cheque won't exist by 2020."
Cheque it out
- THERE were just over six million cheques issued each day in 2004, compared to 11million in 1990, the peak year for cheque volumes.
- IN 2004 each adult made 1.9 cheque payments per month, compared with 4.3 per month in 1991.
- THE word "chequebook" first appeared in 1848 in the novel, Vanity Fair.
- LOTTO lout Michael Carroll yesterday revealed he couldn't pay his court fines because he didn't own a chequebook.
- ON ebay yesterday, a cheque signed by Warren Beatty made out to Charlie Chaplin's son was on offer for £9.99.
- A Blankety Blank chequebook and pen from the TV show sells for up to £35.
- A CHEQUE can be written on nearly anything as long as it contains details of your account, the date, the payee and the amount together with your signature - one was once written on a cow.
- THE average value of a personal cheque payment is £126.
link
I use my chequebook very rarely now...really just to pay my paper bill and other occasional items. Most of my bill-paying is done online. Some interesting factoids in this article though!
Debs x :smile: