Consumers should decide say Masterbuilders
CONSUMERS, and not the banks, should be the ones to decide the long future of the cheque, says the Federation of Master Builders (FMB) in response to the expected announcement from the Payments Council to phase out the use of payment by cheque by 2018.
Brian Berry, Director of External Affairs at the FMB said: “Many people, particularly the elderly, rely on cheques as their main means to pay their bills.
"The cheque is a tried and tested way of payment and many small building companies find it an easy and secure way to pay their bills as well as keeping an accurate record of their transactions.
"Every year £1.4 billion cheques are written so it makes no sense to do away with this form of payment when it is still widely used.”
Berry concluded: “What is particularly concerning is not knowing what will replace the cheque. People need to be assured that a safe paper based alternative is available before the cheque is phased out.
"This attempt to dictate to consumers and small businesses will do the banks no favours. A better solution would be to abandon the proposed cut off date and allow the market to decide the long future of the cheque.”