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 Enquiries@wearepay.uk