Payments industry reveal day in the life of a cheque
Five million cheques processed on average bank day – ranging in value from one penny up to nearly £10 million
The Cheque and Credit Clearing Company (C&CCC) has today (9 September 2008) published data on cheques processed over the course of one day. Marking the third anniversary of the decision by the first major retailer to stop accepting cheques (Shell, September 2005*), the statistics published today reveal that despite falling popularity, there are still around five million cheques processed on the average clearing day**.
The data, from a typical cheque clearing day***, also showed:
- The most common value of a cheque value was £50 (over 120,000 items)
- 48.4 per cent of all cheques processed were for over £100 in value
- Of all cheques under £100, more than a quarter (28 per cent) were for exact pound amounts
- There were 57 cheques processed for exactly one penny, and coincidentally 57 cheques for over £1 million.
- The highest value single cheque processed was for almost £10 million (£9,637,788.00)
However, the number of cheque payments made by consumers each year continues to fall; more than halving over the last decade from 2.9 cheque payments per adult per month in 1997 to 1.4 payments in 2007. According to consumer research carried out for C&CCC this year, some 25 per cent of all account holders neither write nor receive cheques at all.
Sandra Quinn, director of communications at APACS and spokesperson for C&CCC, said:
“These statistics gleaned from the cheques processed over the course of one day offer an interesting snapshot of Britain’s use of cheques. While the data reveals that there are still some uses for payments by cheque – from one penny’s worth to nearly £10 million – it is also increasingly clear that many consumers and businesses are acting on the fact that there are quicker and more convenient ways to pay and be paid. This trend is clearly demonstrated by the move we’ve seen over the past three years as a growing ensemble of major high street retailers have taken the step of no longer accepting cheques.”
For a range of statistical information and payment advice, visit www.apacs.org.uk or for more specific cheque information www.chequeandcredit.co.uk.
ENDS
For further information contact:
T: 020 7711 6340 E: press@apacs.org.uk
The Cheque and Credit Clearing Company (C&CCC) is a membership-based industry body which manages the cheque clearing system in Great Britain, including the processing of bankers' drafts, building society cheques, postal orders, warrants and government payable orders. Its wide remit also covers the management of the systems for clearing paper bank giro credits and euro-denominated cheques.
APACS is the trade body that gives banks, building societies and card issuers a forum where they can work together on non-competitive issues. We help manage the way that businesses and individuals in the UK move their money around - this covers cash, credit and debit cards, cheques and automated payments such as direct debits, salary payments and online/phone transactions. We lead the fight against banking fraud and twice a year we publish figures on payment industry fraud losses.
* See http://news.bbc.co.uk/nolpda/ukfs_news/hi/newsid_4233000/4233002.stm
** In 2007, 4.4 million cheques were issued each day, compared with 11 million in 1990, the peak year for cheque volumes.
*** The inter-bank cheque clearing data analysed is from Tuesday 29 April 2008 and includes data from eleven members.