Cheque book

abff

A discussion in another thread got me thinking about the extent to which cheques have become almost redundant. So I trawled back through my records to see when was the last time I wrote a cheque and the answer was June 2018 and the one before that was November 2017.

I still have three cheques in my chequebook, but I doubt I'll ever get to use them.

Jim_Hodge

Wrote one last month for the 1st time in two years.

rn

Depends on when you get invite to the next wedding... Cash is too easy to steal.

Saudades

Cheques have been in decline for years but they're not almost redundant. 4.9 million cheques were paid in Ireland in Q1 this year - an average of 54,444 per day. And that was during a period when many businesses were in lockdown so that figure may even spike a little for Q2.

The J Stands for Jay

I haven't owned a chequebook since about 2008, and I haven't missed it. Receiving cheques is a hassle too.

Buddy Bubs

We (work) receive cheques in the post every day from businesses. Some big, well known businesses with turnover in the 100s of millions. One of the big supermarket chains springs to mind anyway. They must write some amount of cheques if they pay all their creditors like they pay us. I'd say about 10 to 20% of our receipts are cheques.

We don't write cheques any more ourselves to pay creditors but we do still have a chequebook. Maybe 20 a year or so get written. But we'd do 30 to 40 bank transfers a week.

We do refuse to send faxes though! Got a request to fax something only a few weeks ago I nearly fell off my chair. Machine is gone anyway

coylemj

Buddy Bubs wrote: »

We (work) receive cheques in the post every day from businesses. Some big, well known businesses with turnover in the 100s of millions. One of the big supermarket chains springs to mind anyway. They must write some amount of cheques if they pay all their creditors like they pay us. I'd say about 10 to 20% of our receipts are cheques.

Paying your creditors with cheques has one major advantage - it protects you against invoice redirect fraud when paying via EFT. This is where an e-mail (with a doctored sender address) arrives into your accounts department asking you to use a different IBAN number when making payments to one of your suppliers. The next invoice gets paid to that account number and several days/weeks later, when their accounts receivable people phone about the outstanding invoice, the money is long gone.

I believe cheques are still the currency of choice in the agricultural economy.