Cheque Gaurantee Scheme to close09th May 2011
The UK’s cheque guarantee card scheme is closing on 30th June 2011 following a decline in the use of guaranteed cheques.
Cheques can still be used after this date but they will no longer be covered by the guarantee even if the card is still valid and carries the cheque guarantee hologram. Guarantee cards will gradually be phased out.
Any cheques you accept may be returned ‘unpaid’ by your bank if your customer does not have enough money in their account to cover them.
If you rely heavily on accepting or issuing cheques now is the time to look at alternative payment options such as Debit/Credit or Charge Cards, On-line banking, telephone banking or cash.
For further help or advice on this please get in touch and we can help you assess your options.