The end is nigh for the humble bank cheque, after more than three hundred years as the payment of choice for many, banks are expected to vote to phase it out in favour of more up to date payment methods.
During the last forty years credit and debit cards have taken over from bank cheques for payment, while Standing Orders, Direct Debits and BACS payment systems have emerged as direct payment methods.
In the internet age, technology is such that most of us are able to conduct our banking online from anywhere in the world, with instant transfers from one account to another at no cost.
Surprisingly over 3.8 million cheques were written out each day last year in the UK, although that is a far cry from its peak of popularity in 1990 when almost 11 million cheques were issued.
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