Cheques are on death row!

Lord  Banks By Lord Banks, 1st Jul 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/1ws_mdk2/
Posted in Wikinut>Writing>Columns & Opinions

In 2018 the personal and Business cheque will not be legal tender! banks and the IMF hace decread, we no longer need them or use them enough to warrant printing cheque books!

Cheques are on death row!

Cheques are on death row!

It was announced on Thursday 18th of March 2010, that all the major banks world wide have made the unheard of decision to stop personal or business cheques being accepted as payment from 2018! The I.M.F. (International Monetary Fund) is in agreement with this decision, in fact all major financial houses would prefer to see the demise of the cheque before 2018.

Today 3.8 million cheques are issued daily! How will these people now pay? The financial houses are pushing very hard to make electronic payments the one and only means of payment.

The motor trade has long since stopped accepting cash as payment for vehicles! Companies world wide will no longer complete any transaction in cash. Three years ago the biggest supermarket chains refused to accept personal or company cheques. The vision of sci-fi writers is fast becoming reality.

When I was younger and watched programs like “Star Trek” or “Logan’s Run” the means of payment they used was “Credits” an electronic chip was swiped and the transaction was done. Our world is now the same, go to your local electrical outlet and try to buy a widescreen television with cash or a cheque? You wont be leaving with your T.V. trust me.

Great Britain starting using cheques as payments 350 years ago, cheques were introduced to stop citizens being robbed of large amounts of cash whilst walking the streets. Electronic payments are seen as safe and secure! I will stand up and say they are not safe. How many people around the world have had their identities stolen?

A.T.M. theft is on the increase (Automatic Till Machines) false fronts are fitted to A.T.M. machines and your credit card or debit card details are cloned, before you get home your money is stripped from your bank account! A virus can be implanted on your P.C. or Laptop which will find your bank account details via any transaction you make on line! How possibly can financial houses claim electronic payments are fool-proof? That is simply a lie.

A Current Banks Account or as American’s call them a Cheque-ing Account was seen as one of the first steps to adulthood. At 16 years old you could apply for and get your first cheque book. The older generation will suffer the most as sending cheques for goods was the preferred method of payment for decades.

Some adults do not own an A.T.M. card or a P.C. how is this generation going to convert to our paperless society? Personal choice is once again been taken from us! I like cheques I pay for 70% of my bills by cheque. Banks want all our bills to be paid by direct debit or standing order. This is fine if your current account is always in the black I.e. always in credit.

A few years back when I had my own business I was going through a lean spell and I began being over-drawn at the bank. I received a phone call from the branch manager who called me into the bank for a talk. The bank manager explained to me that two of my direct debits had bounced due to there not being enough funds in my account to honour the debits. We looked at the amount of bank charges I had incurred and they were three times more than the direct debits! I was charged £27.50 for every direct debit that wasn’t honoured by the bank!

The banks charges then caused me to be over-drawn beyond my limit so the bank charged me charges onto their own charges! The manager took pity on me and refunded half of his bank’s charges. The manager also advised me to cancel all my direct debits and pay my bills by cheque!

My business weathered the storm and I soon was back in the black. However I kept hold of that life-lesson and I pay as many bills as possible by cheque to this day. The world is a huge recession the worst on record. Hundreds of thousands of people will be over-drawn at their bank. If you are in financial trouble switch to paying by cheque you can ring the company you owe money to and perhaps come to an arrangement to pay your bill in instalments?

However in the next few years cheques will be no more they are sentenced to death by the financial houses of the world. People are having choice extracted from them by the greedy corporations that govern our world. Why don’t we the working tax paying citizens have a say in our chosen method of payment?

Instead the rulers of all of us say “You cant have cheques any more you naughty people! You cant have the light bulbs you want because they use too much electricity! You must not smoke and definitely not drink over 21 units of alcohol a week! You will drive a useless electric car! You will only have 2 children!”

People complain that “Big Brother” is watching them! Do those people not realise Big Brother is controlling your life in every single thing you do! Freedom of choice has been stolen from us. We are all good little worker bees earning money for the state to waist.


Lord Banks

Tags

Banks, Cheques, Credit Cards, Customer, Death Row, Debit Cards, Fraud, Imf, Studies, Universities

Meet the author

author avatar Lord Banks
I am 46 years old. I was born in London and have lived in various counties around the UK. I presently live in Yorkshire. By trade I am a qualified Vehicle Engineer. I have been writing since my school days. I specialise in WWII aircraft. My blog pag...(more)

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Comments

author avatar Val Mills
2nd Jul 2010 (#)

Interesting, I hadn't heard this news. As a small internet business owner we actually prefer to be paid through online payments as a lot of time is involved in processing cheque payments. I can see through your article there are many arguments for and against the proposed move. Well done.

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author avatar Jon
25th Apr 2011 (#)

I run a printing company in Canada. Im personallly hoping that business cheques in Canada remain in use for many years to come. We do find many of our clients are starting to use EFT more and more. But may still rely heavily on the good old fashion paper trail!

Jon Gilchrist
www.chequesnow.ca

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author avatar Lorna Russell
3rd Feb 2012 (#)

Just WHO made this announcement? A weblink would be handy for verification!

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