Author: Age Cymru
Published on 15 September 2011 11:30 AM
Age Cymru is calling on the UK’s banks to seize their last chance to rebuild confidence in cheques and ensure they remain truly viable for older people and those who rely on them before it’s too late.
On September 15, the Payments Council, which represents banks and building societies, is meeting to discuss its next steps since its u-turn over the decision to scrap cheques.
Age Cymru’s Director of Influencing and Programme Development, Victoria Lloyd says:
“This is an opportunity for the banks to live up to their promise to keep cheques for as long as they are needed and to make them truly viable for older people and others who rely on them.
“If they squander this opportunity, confidence in cheques will continue to evaporate.
“The Payments Council must invest in the cheque clearing system to make it sustainable.
“Small businesses must also be able to use cheques with confidence, whether that means bringing back the cheque guarantee card or some other way.”
Victoria Lloyd concludes:
“We are running out of time to save cheques.
“The banks need to accept that they have a responsibility to provide essential financial services to all consumers irrespective of age.
“Until they come up with some other form of payment which fits the bill, cheques will remain essential.”