No more cheques at Sainsbury’s

| August 9, 2007 | 0 Comments

J Sainsbury has become the latest retailer to no longer accept payment by cheque. The supermarket giant has made its decision on the grounds of cost and the fact that the amount of customers paying by cheque is dwindling.

Since 1990, there has been a 40% decrease in cheque payments according to the Association for Payment Clearing Services. Research from Visa has established that nearly 90% of retailers either no longer accept cheques or are considering a short-term ban. WH Smith, Boots, Currys and Argos have also stopped this method of payment.

Most of the high Street banks are now asking customers whether or not they want a cheque book when they first open an account.

Throughout the rest of Europe, the use of cheques is only common in a few countries, including France and Italy. The majority of Scandinavian countries have phased them out completely.

Customers at HSBC are being urged to decline a cheque book as part of the bank’s eco-conscious ‘no paper’ account option.

However, Age Concern believes that this could cause a problem for some elderly people who prefer to handle their money by dealing in cash and cheques.

The Halifax believes that cheques will be extinct by 2025.

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