Banks may abolish cheques

| 23/11/2009

(The Telegraph): Banks are to vote next month on a plan to abolish the cheque as a method of payment despite opposition from small businesses and consumer groups. About 3.8 million cheques are written every day in Britain, but the number has fallen by almost two-thirds in the last 20 years. A cheque costs up to £1 to process, four times more than an electronic money transfer. The Payments Council, which is a panel made up of representatives from the major banks, are to vote on the abolition of the cheque, which dates back to Persian and Roman times, on December 16.

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