Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
UK will stop clearing checks by 2018
LONDON (1/7/10)--Central check clearing in the United Kingdom (UK) may become a thing of the past as of Oct. 31, 2018. The UK's Payments Council Board set the date as a target for ending check clearing, saying that check use is in a "long-term, terminal decline." Check use has declined since 1990, but has dropped 40% during the past five years, said the council, which sets strategy for UK payments. During the next nine years, the council will promote and explain existing alternatives and ensure that any required innovations and new options are in place. It noted there are "still plenty of situations where checks are used extensively," including payments between individuals and to sole traders, small businesses, clubs, charities and schools. The goal is to ensure there is no scenario by 2018 where anyone or any business needs to use a check, the council said. Its next steps are to identify targets it can measure progress against. It plans a review of its progress in 2016. At that time the council will decide whether sufficient change has occurred against agreed published criteria that would eliminate checking altogether in 2018.


RSS print
News Now LiveWire
.@VACUL breaks ground for new HQ in Richmond #NewsNow http://t.co/cOC0rqqJ9o
35 minutes ago
White House honors N.M. #creditunion employee for Hispanic fin. lit. #NewsNow http://t.co/22uAEd6ZJ9
39 minutes ago
.@Community1stCU makes art (from hay) while the sun shines (pic 7) via @KCCINews http://t.co/7E2lg09Djw
1 hours ago
#NewsNow: @WOCCU believes Basel 'weak bank' guidelines could work against co-ops. http://t.co/wrEAORJqhN
1 hours ago
#NewsNow: @usgao wary of @CFPB data collection controls. http://t.co/nupXOVVL8V
1 hours ago