General > General Technical Chat

Cheques being phased out in Australia by 2030

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Someone:

--- Quote from: tggzzz on October 12, 2023, 11:53:02 pm ---
--- Quote from: Someone on October 12, 2023, 10:24:55 pm ---
--- Quote from: tggzzz on October 12, 2023, 10:21:07 am ---I doubt that it is driven by the government; what business is it of theirs?
--- End quote ---
No, that's exactly what it is. The government is aiming to have no cheques used within their systems by some future date. Right there in the OP:

--- Quote from: Halcyon on October 08, 2023, 05:59:13 am ---I learned that the Australian government will be phasing out the use of cheques by no later than 2030. Which to me is still quite late considering the use of cheques in Australia is almost zero today.
--- End quote ---

--- End quote ---
There is a big difference between the Australian government phasing out their usage of cheques (the sentence you quoted), vs the Australian government phasing out all cheques in Austrialia (the sentence after that, which you snipped).
--- End quote ---
ORLY?

--- Quote from: Halcyon on October 08, 2023, 05:59:13 am ---This was something a few of us were discussing over on the EEVblog IRC channel today.

I learned that the Australian government will be phasing out the use of cheques by no later than 2030. Which to me is still quite late considering the use of cheques in Australia is almost zero today.
Most Australian banks haven't offered cheques for most accounts for some time, however they will still process cheques that are sent to them (at least for now).

In my experience, I've never owned a cheque book and I can count on one hand the number of times I've had to cash a cheque. Same goes for writing cheques, I think I last wrote one in 2002, as the company I worked for at the time still used them.

Keen to hear about other's experiences around the world. Correct me if I'm wrong but the US are still fairly reliant on cheques as a form of payment?

--- End quote ---
Nowhere is that saying there is some mandate from the government for banks or the general population to stop using cheques for their own purposes. The government is discontinuing their use, and banks have wound down their offerings.

Full quote you say I'm misrepresenting...... yet nothing that says what you are pushing. Perhaps if the text was so obvious you would have quoted it, rather than just throwing cheap FUD.

Halcyon:
No one is misrepresenting anything? I'm merely reporting on what was announced by the government and is being widely reported by the RBA, banks and the media.

I'm not going to spoon-feed sources and quotes to everyone, you guys are welcome to do your own homework if you want to learn more.

I was simply opening the discussion since I was actually quite surprised that this hasn't happened sooner and to get a feel for how others felt, particularly in countries where the banking systems perhaps aren't quite as modern.

A few of you seem to be shooting the messenger here, like as if I was material in the whole push to get rid of outdated banking processes. Likewise there are some people who carry on, and act as if their opinion is more correct than everyone else's and alternatives don't matter.

Personally, even if I was a cheque user, I'd sooner be seeking alternatives rather than bitching about something that is inevitable.

David_AVD:
There's been plenty of time for the users of cheques to start using the alternatives such as credit / debit card, direct debit, direct deposit, BPAY, etc.

I can't think of a single person I know who's ever mentioned in the last 15 years that they prefer cheques to any of the above.

tom66:

--- Quote from: tggzzz on October 13, 2023, 12:05:58 am ---
--- Quote from: Halcyon on October 12, 2023, 11:38:09 pm ---Cost is cited as one reason and whilst I don't know what the true cost of processing a cheque is, it's not zero. Some of this cost is passed onto the consumer.

--- End quote ---

All processing costs are non-zero.
All processing costs are passed onto the consumer, directly or indirectly.
Hence that contention doesn't hold water.

Who will pocket any saved costs? The consumer? Fat chance.

--- End quote ---

Competitive banking market so yes, the consumer does benefit from lowered cost.  That means more benefits, higher savings interest, more ATMs available for free, etc.

At least in the UK the banking market has never been so competitive...  This is good.

Many of the smaller banks around here don't take cheques at all.  The larger ones require you to post them in, because there are no branches any more... This is a problem for those without access/ability to use technology for sure.

tggzzz:

--- Quote from: tom66 on October 13, 2023, 09:40:15 am ---
--- Quote from: tggzzz on October 13, 2023, 12:05:58 am ---
--- Quote from: Halcyon on October 12, 2023, 11:38:09 pm ---Cost is cited as one reason and whilst I don't know what the true cost of processing a cheque is, it's not zero. Some of this cost is passed onto the consumer.

--- End quote ---

All processing costs are non-zero.
All processing costs are passed onto the consumer, directly or indirectly.
Hence that contention doesn't hold water.

Who will pocket any saved costs? The consumer? Fat chance.

--- End quote ---

Competitive banking market so yes, the consumer does benefit from lowered cost.  That means more benefits, higher savings interest, more ATMs available for free, etc.

At least in the UK the banking market has never been so competitive...  This is good.

--- End quote ---

Given how the banks don't pass on base rate increases to savers, I doubt they would pass on (?very small?) savings from phasing out cheques.

Me a cynic? Shurely shome mishtake.


--- Quote ---Many of the smaller banks around here don't take cheques at all.  The larger ones require you to post them in, because there are no branches any more... This is a problem for those without access/ability to use technology for sure.

--- End quote ---

There are also quite a few (1.2million in 2020 [1]) people without bank accounts at all. I don't know how they would receive electronic payments without a bank account. I presume that they take cheques to high street "cheque cashing" services and probably get less than the cheques face value. Yet another way the poor are screwed by the systems.

[1] https://www.ukfinance.org.uk/news-and-insight/blogs/financial-inclusion-and-access-banking-services

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