Cheque film to promote payments
27 November 2009 16:00:00
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| Customers are to be encouraged to use cheques. |
The Cheque and Credit Clearing Company (C&CCC) guidance, available for download from chequeandcredit.co.uk, contains information on how a cheque payment is processed, how interest is earned and how some cheques might "bounce".
C&CCC's announcement follows recent speculation on the future of the cheque, which has been used as a payment method in the UK since the 18th century.
Reports have suggested that the Payments Council, a panel which includes representatives from banks, will recommend that cheques be phased out entirely in the UK by 2018 at an upcoming meeting.
The cheque guarantee card system is also to close by 2011 and some retailers have already stopped accepting the payments.
Angela Thomas, C&CCC's managing director, said: "Despite the fact that around half of us in the UK continue to receive cheques, our research shows that not many of us are actually aware what happens to a cheque when it is paid into an account.
"Our online film provides an easy-to-follow guide as to how the cheque clearing works, and can help everyone understand the key stages of this process."
Cheque spending in the UK declined by 4.1% last year.
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