Cheques in 2018

  • 346 million cheques were used for payments and to acquire cash across the UK, totaling a value of £442 billion.  Of these –
    • 235 million cheques were cleared in Great Britain through the paper clearing system and 19 million cheques were cleared through the UK-wide ICS; both these systems being managed by the Cheque and Credit Clearing Company.
    • 81 million cheques were processed within the banks themselves in Britain.
    • 11 million cheques were cleared in Northern Ireland either by the Belfast Bankers’ Clearing Company or within the banks themselves.
  • On average, 1.4 million cheques were processed each day across the UK.
  • It is very rare for a cheque to bounce/be returned unpaid. Only around 0.5% of all cheques are returned unpaid each day. 

In research undertaken in spring 2018:

  • 87% of charities said they had either made or received a payment by cheque in the past month.
  • 53% of charities said they receive donation income by cheque.
  • 29% of charities said they receive over half their donation income by cheque.
  • 75% of UK businesses said that they had either made or received a payment by cheque in the past month.
  • 55% of UK personal account holders said that they had either made or received a payment by cheque in the past year.

Credit Clearing in 2018

  • Over 90% of the 13.6 million items going through the credit clearing were for bill payments. 

 

*All figures are rounded.  For full details, please contact info@chequeandcredit.co.uk