It was Mark Twain who was quoted as saying “rumours of my death have been greatly exaggerated”. The same can very much be said about the humble cheque.

We recently saw the abolition of the cheque guarantee card. This was seen as being just the latest in a long list of signs that the cheque was on its way out. Public opinion  is certainly seems to be of the opinion that cheques should be kept as a method of payment.

According to a recent survey 72% of the British population do not want to see the cheque be eliminated as a method of payment. This is backed up by usage, with two thirds having paid for something in the past 6 months. Up to 16% of people surveyed had paid for something by cheque within the past week.

While it is true that there are hassles and overheads in accepting cheques, and that other payment methods have largely succeeded it, it still has a place in the way we live our financial lives. It is though something of an anachronism, with it seems older people being much more inclined to use it. Some 22% of those who are 60+ were found to have used a cheque in the past week which compares to just 4% of 18-24 year olds.

In 2009 the Payments Council announced the cheque was to be phased out completely by 2018. This announcement was met by howls of protest both from politicians and charities (cheques are a popular medium for donations). The future of cheques has been in the balance since then.

The cheque however seems to have had a reprieve, with Richard North (the chairman of the Payments Council) announcing his organisations climb down from its stance on cheques: “following our appearance before the Treasury Select Committee, we have concluded we should reassure customers that the cheque is staying”.