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A British scheme designed to reduce the risk of fraudulent or bounced checks will end on 30 June 2011, a spokesperson for the UK Payments Administration Ltd., an industry group, tells CardLine Global. Consumers who participate in the country's "Cheque Guarantee Card Scheme" can use the image of Shakespeare on the front of the card to show retailers the card issuer guarantees payment of the check. Consumers also can write their card numbers on the backs of checks for retailers who prefer the guarantee before accepting checks. The cards guarantee checks for various amounts up to 250 UK pounds (US$400 or 270 euros). The average transaction value for UK check transactions is 267 pounds, the group says. Two dozen banks and building societies, including Lloyds Banking Group and Bank of England, take part in the scheme by guaranteeing check payments. Less than 7% of the 1.4 billion check transactions in the UK last year involved the use of the guarantee cards, the UK Payments Administration says.
