No More Cheques – Hopefully
December 6, 2007 at 3:44 pm
There was something in the budget for me yesterday and it wasn’t to do with stamp duty. I’m glad to see that the cost of banking has been reduced, and at the same time has increased for those who do not want to embrace technology.
The cost of cheques has increased from 15 cent to 30 cent, double! Hopefully it will push the many companies who write cheques to pay creditors to move online. I can’t wait because I think it’s such a pain the way cheque-type business is currently done. You’re forced to give 30 days credit – even though there is some legislation dating back to Harney’s time in Employment Dept that says small firms aren’t obliged to… Then on day 30, some companies do their cheque run, takes another 3 days or so to get to you thanks to the fabulous postal system we have. Then you have to find time to get to a bank during opening hours and lodge it, takes another couple of days to clear and lo! You finally get paid for a job done about 6 weeks later.
Paying electronically means there’s no messing about. There’s no ‘the cheque is in the post’ because you’ve either made the payment or you have not. I always pay my suppliers promptly because I think it’s respectful for a job well done.
On the other hand, the reversal of the sneaky stealth taxes that Charlie McCreevey imposed on us a few years ago, in relation to fees for having bank cards will help. The stamp duty on credit cards was cut by 25pc from €40 to €30 while that on ATM and debit cards has been halved from €10 to €5. Why the Government is entitled to money because I have a plastic card in my wallet I’ve never understood.
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