Today is the last day that cheque guarantee cards can be used as cheques begin to be phased out over the next 7 years.

The plan to stop cheque guarantee cards will mean banks will no longer be obliged to honour a payment from an account which doesn’t have enough funds however it could choose to at it’s own discretion.

“You can still write and use cheques in the same way that you always have done – just not guaranteed by a card,” said Sandra Quinn of the Payments Council.