December 16, 2009
the end of checks in England
British banks, after three centuries of use, are beginning to phase out checks.
The board of the UK Payments Council, the body for setting payment strategy in Britain, agreed on Wednesday to set a target date of October 31, 2018 for winding up the check clearing system.
“There are many more efficient ways of making payments than by paper in the 21st century, and the time is ripe for the economy as a whole to reap the benefits of its replacement,” Paul Smee, the council chief executive, said in a statement.
A little history:
The oldest surviving check in Britain was written in 1659, according to the council and made out for 400 pounds (equivalent to around 42,000 pounds today). It was signed by Nicholas Vanacker, made payable to a Mr Delboe and drawn on Messrs Morris and Clayton, scriveners and bankers of the City of London.
In those days, checks would have been exchanged informally in coffee houses. It was not until 1833 that the first clearing house was built in London to exchange checks.
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It used to be legally acceptable to write a cheque on pretty much anything.
Which led to a farmer writing a cheque for his overdue tax on the side of a cow, and taking it to the tax office.
“Check?” what’s that? we have checks in britain, but they’re not the same as cheques.
We’re also getting rid of cheques.
And pedants.
Oh, Dan Smalley!