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    Shakespeare hologram

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    Mr007

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    Shakespeare hologram

    Post by Mr007 on Wed Nov 16, 2011 2:44 am



    The guarantee, denoted by a Shakespeare hologram on a card, meant a cheque was honoured by a bank, even if sufficient funds were not in an account.

    This had usually been limited to payments of £50 or £100. Many bank cards now only have a debit function, without the hologram of William Shakespeare on the back.

    The guarantee only worked if the person paying handed over the cheque in person, and the card number had to be written on the back by the person receiving it.

    This meant it tended to be used by tradesmen, such as plumbers, who charged small amounts and wanted to make sure they were paid.

    In 2010, 60 million guaranteed cheques were written, although only 22 million were valid - accounting for 3.5% of the total number of cheques.

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