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Europe[ edit ] In most European countries, cheques are now rarely used, even for third party payments. In these countries, it is standard practice for businesses to publish their bank details on invoices, to facilitate the receipt of payments by giro. Even before the introduction of online banking, it has been possible in some countries to make payments to third parties using ATMswhich may accurately and rapidly capture invoice amounts, due dates, and payee bank details via a bar code reader to reduce keying.
In some countries, entering the bank account number results in the bank revealing the name of the payee as an added safeguard against fraud.
In using a cheque, the onus is on the payee to initiate the payment, whereas with a giro transfer, the onus is on the payer to effect the payment The writer of a paper cheque is pushing on a rope: By writing the paper cheque, he is handing the far end of the rope to the payee, who will pull in his own good time.
In contrast, giro is more akin to wire transfer, in that the payer pushes his money away towards the payee. The process is also procedurally more simple, as no cheques are ever posted, can claim to have been posted, or need banking or clearance.
In Germany, Austria, the Netherlands, Belgium, and Scandinavia, cheques have almost completely vanished in favour of direct bank transfers and electronic payments.
Direct bank transfers, using so-called giro transfers, have been standard procedure since the s to send and receive regular payments like rent and wages and even mail-order invoices.
The payer fills in his account details and hands the form to a clerk at his bank, which will then transfer the money. It is also very common to allow the payee to automatically withdraw the requested amount from the payer's account Lastschrifteinzug German or Incasso machtiging Netherlands.
Though similar to paying by cheque, the payee only needs the payer's bank and account number. Since the early s, this method of payment has also been available to merchants. Due to this, credit cards are rather uncommon in Germany, Austria and the Netherlands, and are mostly used to give access to credit rather than as a payment mechanism.
However, debit cards are widespread in these countries, since virtually all Austrian, German and Dutch banks issue debit cards instead of simple ATM cards for use on current accounts. Acceptance of cheques has been further diminished since the late s, because of the abolition of the Eurocheque.
Cashing a foreign bank cheque is possible, but usually very expensive. In Finland, banks stopped issuing personal cheques in about in favour of giro systems, which are now almost exclusively electronically initiated either via internet banking or payment machines located at banks and shopping malls.
All Nordic countries have used an interconnected international giro system since the s, and in Sweden, cheques are now almost totally abandoned; in Denmark, all banks stopped accepting cheques starting on January 1, For large shop payments, such as car purchases, a type of cheque, a money order Swedish: In Poland cheques were withdrawn from use inmainly because of lack of popularity due to the widespread adoption of credit and debit cards.
Electronic payments across the European Union are now fast and inexpensive—usually free for consumers.
In the United Kingdom, Ireland, and France, cheques are still popular, partly because cheques remain free of charge to personal customers; however, bank-to-bank transfers are increasing in popularity.
Sincebusinesses in the United Kingdom have made more electronic payments than cheque payments. Automated payments rose from million in to 1. The vast majority of retailers in the United Kingdom and many in France have not accepted cheques as a means of payment for several years, and cheque guarantee cards are no longer issued.
For example, Shell announced in September that it would no longer accept cheques at its UK petrol stations. Asda announced in April that it would stop accepting cheques, initially as a trial in the London area,  and Boots announced in September that it would stop accepting cheques, initially as a trial in Sussex and Surrey.
Cheques are now widely predicted to become a thing of the past, or at most, a niche product used to pay private individuals or for the very large number of small service providers who are not willing to provide their bank details to customers to allow electronic payments to be made to them or do not wish to be burdened with checking their bank accounts frequently and reconciling them with amounts due for example, music teachers, driving instructors, children's sports lessons, small shops, schools.
They intended to perform annual checks on the progress of other payments systems and a final review of the decision would have been held in The Cheque and Credit Clearing Company noted that cheques continue to be highly valued for paying tradesmen and utility bills, and play a vital role in business, clubs and societies sectors, with nine in 10 business saying that they received or made payment by cheque on a monthly basis.
Please update this article to reflect recent events or newly available information. August The US still relies heavily on cheques, due to the convenience it affords payers, and due to the absence of a high volume system for low value electronic payments.
Banks try to save time processing cheques by sending them electronically between banks. Copies of the cheques are stored at a bank or the broker, for periods up to 99 years, and this is why some cheque archives have grown to 20 petabytes. The access to these archives is now worldwide, as most bank programming is now done offshore.Business Writing: What Works, What Won't [Wilma Davidson] on tranceformingnlp.com *FREE* shipping on qualifying offers.
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