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Wednesday, December 16, 2009

Posted 12/16/2009 11:25:00 AM by Douglas

FINALLY! Looks like the check, as a form of payment, if finally going the way of the do-do
After more than three centuries, the humble check is set to become a historic relic after British banks voted to phase it out in favor of more modern payment methods.

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. The board is largely made up of Britain's leading banks.

"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.
2018?!? That seems like a long way away, and I'm sure by that time even your babysitter and your Mexican gardener will accept pay-pal, but hey, it's a start!


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