I REFER to the Monetary Authority of Singapore's reply on Monday
("Why it's not feasible to ditch cheques") to Mr Tan Kin Lian's
letter ("Cheques are cumbersome and redundant"; July 3).
No one is forced to pay by cheque - it is a matter of
choice.
Paying monthly bills by Giro is convenient, so this ought to be
the preferred choice, though some would still prefer to pay by
cheque, especially if the payer has had the exasperating experience
of trying to get a refund when the amount deducted via Giro is
incorrect.
Some insurance companies do not issue receipts for premiums paid
unless requested, and the payer may feel reassured if payment is by
cheque since a copy of the paid item can be obtained from the bank
if a dispute arises.
Payments by Nets or credit card are the most common at checkout
counters, unlike in some Western countries where it is common to
see people whip out the cheque book to pay.
It is possible to make online payments via banks to third-party
accounts, but the long period before the funds reach the
recipient's account makes it preferable to mail a cheque
instead.
Denis Distant
