Tuesday, February 23, 2016

Cheques to be phased out

The business section of SMG reports that cheques are obsolete and are being phased out.

The following quote is taken off the Reserve Bank of Australia website:
The decline in the use of both cheques and cash in Australia provides a useful context for discussion of innovation. Each of these two instruments has its own distinct attributes that have contributed to its popularity as a payment method over many years, though the issues associated with declining usage differ between the two instruments.

But in the Trust cheques seem to remain popular! About a third of membership payments are received as cheques, almost all the rest being by EFT. One of the issues for the Trust treasurer is that the BCCT constitution demands two signatures on disbursements, so there would probably have to be a constitution change to implement 21st century banking.


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