Cheque Guarantee Card Scheme Closes

Today the 24 bank and building society members of the UK Domestic Cheque Guarantee Card Scheme have announced that the Scheme will close on 30th June 2011, meaning that it will no longer be possible to guarantee a cheque under the Scheme after this date.

The decision to close the Scheme was taken by the Payments Council in June this year as guaranteed cheque use is in terminal decline. The Payments Council concluded that it was in all parties’ interests to manage the Scheme’s demise in a coordinated fashion following extensive consultation with guaranteed cheque users and acceptors. This announcement does not mean the end of cheques as businesses will continue to be able to accept them and customers will still be able to write them…