After banks announced in 2009 that they were planning on completely phasing out the use of cheques by 2018 many of the younger generation barely batted an eyelid, already well in tune with online bank transfers and debit card purchases.
But not everyone agreed and the Treasury Committee has revealed they will now reopen their enquiry, such has been the displeasure the announcement has caused in those less au fait with our modern online banking practices.
Whilst the banks at the time announced they would find an alternative, paper based model, The chairman of the treasury committee revealed he didn’t think that cheques were in the decline originally made out.
“The Payments Council has seemingly forgotten about the millions of people who are less at ease with the latest technology,” he told the BBC.
“We have been inundated by letters from the public telling us that they rely on cheques,” he added.
Dr Ros Altmann, from Saga was delighted by the committe’s announcement.
“This will be very popular with older people, many of whom have written to us expressing their concerns that they will not be able to manage without cheques,” she said.
“Many of the over-50s find the convenience of writing cheques is very important to them for managing and organising their finances and keeping track of their dwindling pensions and savings income.”
Sarah Brooks from Consumer Focus also added, “Not everyone has internet access, can easily get to cash machines or is willing to pay by credit card or share their bank details to organise electronic payments.”
“Although cheques are used less now they should only be phased out if there are proven alternatives that consider the needs of everyone who uses them.”