 | BBC Radio 4's Money Box Saturday, 16 April 2011 at 1204 BST On Radio 4 and Online |
A powerful committee of MPs has warned banks that their plans to phase out cheques in 2018 need more thought. The Treasury Select Committee is re-opening its enquiry into the plans. It will call for further evidence from the public as well as the banks themselves. We are joined by Andrew Tyrie, chairman of the Treasury Select Committee, Sandra Quinn from the Payments Council and Jane Vass from Age UK. To add your comments to the enquiry, follow this link and scroll to the bottom of the page: Related links:
Post Office card
The Post Office Travel Money Card was a pre-payment card in euros or dollars, used by a quarter of a million people for their their foreign trips. The Post Office scrapped the card in February but many customers were unaware until they received a letter advising them to collect any money stored on their old cards from their local Post Office. Money Box listener Gary from Cardiff has complained to the Post Office that the repayment rate being paid on his outstanding balance is too low. Bob Atkinson from the comparison website, Travelsupermarket, speaks to the programme.
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Faster payments? It is nearly three years since the major banks agreed to move money between accounts in different banks in seconds rather than days. These so-called faster payments are now fairly routine for most transactions. But Money Box is still receiving complaints about gaps in the system, especially when it comes to paying credit card bills. Payments can leave your own bank at the speed of light but then travel at the speed of snails to reach the credit card. Payments take up to five days to arrive and some people have been hit with late payment fees as a result. We talk to Money Box listener Mike Coomber and Sandra Quinn, director of communications at the UK Payments Administration. Related links:
Fair Banking In the week when the Banking Commission published its preliminary report, the charity Fair Banking, who campaign to get banks to help customers manage their money more efficiently, brought out a timely report of their own. It says that whilst there are some grounds for optimism there remains huge room for improvement. The programme hears from ANTHONY ELLIOT, Director of the Fairbanking Foundation.
BBC Radio 4's Money Box is broadcast on Saturday at 1204 BST and repeated on Sunday at 2102 BST.
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