The system, which ensured that some cheques up to £50 or £100 were honoured, ended at the end of June.
The Commons Treasury Committee said there was a risk that this would cause cheque use to "wither on the vine".
But the Payments Council said cheques continued to be accepted by businesses - especially from customers they knew.
A survey for the body found that 84% of businesses asked still accepted cheques without a guarantee.
Only one of 501 businesses that accepted guaranteed cheques before closure of the scheme reported a detrimental effect on its business.
"We have committed that cheques are here to stay, so we were pleased that the demise of the guaranteed cheque has had little impact on the way people use cheques, nor has it stopped businesses accepting them," said Adrian Kamellard, chief executive of the Payments Council.
(As reported by the BBC)
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