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November 3, 2010    

MP launches campaign to save the chequebook

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by Kay Murchie
”MP

David Ward, the Liberal Democrat MP for Bradford East, has launched a campaign to save the chequebook.

The campaign comes after the UK Payments Council voted to phase out cheques on 31 October 2018, but stated that cheques will not be phased out until an “accessible and acceptable” alternative payment system is introduced.

Cheque usage continues to decline as consumers opt to use debit cards or other quicker payment methods.

Mr Ward took to the streets of Bradford yesterday for his “Save our Cheque” campaign and said he received the backing of many shoppers.

Mr Ward told the BBC News that he was in favour of the cheque’s survival and that his bill “will ensure that cheques continue to be available for as long as people want to use them.”

Figures show it costs up to £1 to process a cheque – four times more than it costs to handle an electronic payment and the move will save banks hundreds of millions each year.

Meanwhile, consumers groups have expressed concern for the elderly if cheques are abolished, suggesting that it will result in them hoarding cash at home.

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Tags: Bradford, , chequebook, consumers groups, David Ward, , , , MP, phase out, , ,