Recent cheques have been declining in popularity at an alarming rate and in three years time it is possible that cheques will become obsolete. This is because of internet banking which has risen in popularity in recent years, the use of credit cards as a means of payment which is much more convenient than payment with cheques and also the increasing use of telephone banking systems offered by banks and other various institutions.
With the internet spreading like wild fire, many people have taken up internet banking and put banking with cheques aside. This is because internet banking is so easily accessible and also because of the developing technology in the computer and banking industry.
When internet banking started, security was a main issue of the new system, hackers such as GMY could easily gain access into somebody's bank account and steal account details, passwords and other details which are valuable to the account holder, transaction details can be intercepted at various points on a network and could be read by prying eyes, but with the introduction of 128bit encryption, transaction details are harder to intercept and read now, with technology increasing at a rapid rate, encryption rates could increase in security but not slow a computer down. This security offered by internet banking can not be met by cheque accounts and cheques which are lost in mail can easily be cashed in or deposited in a bank account if not filled in correctly.
Various businesses now do not allow payment with cheques as they carry a fee if the cheque bounces (rejected by the bank) due to lack of funds or other reasons. Because of this cheques are not readily accepted and payment with a cheque may not be possible, however netbanking with banks such as the Commonwealth bank allows fund transfer between any account or business and won't be rejected, not only that cheques need to be given to the payee via mail or person, with internet banking…

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