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No wonder we’re getting rid of cheques

With the announcement that the cheque is ending its existence in 2018, I wonder whether Gordon Brown inspired this decision.

This is because one of his cheques bounced way back in 1972, during his student days.

Gordon Brown bounced cheque 

Gordon Brown bounced cheque_1 

It was sold on eBay for £3,100 yesterday (double click to enlarge).

Gordon Brown bounced cheque_3 

That's 1,000 times more than the value of the cheque itself which was for £3.

Here's the description from the eBay item:

"This is a cheque for £3 which Gordon Brown bounced in his student days. The Bank of Scotland cheque is marked 'refer to drawer', and is supported by a completed form from the Royal Bank of Scotland, advising the payee that the cheque has bounced, and debiting him 13p in charges.
The cheque was payment for Brown's room rent in a student house at the University of Edinburgh; the payee was Bill Paterson (misspelt by Brown), who was the Warden. The cheque should have been made out to the University, not to the Warden. Failing to find Brown again, to get the cheque made out properly, Bill dealt with Brown's mistake by writing a cheque to the University himself, and paying Brown's cheque into his own account.. Bill demanded, and got, Gordon's repayment in cash.
The cheque is currently owned by Kate Paterson, who was given it as a present by her husband, the ex-Warden."

It's amazing how your student days can set you up for the way you manage finances for life!


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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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