Five million cheques processed a day
The Cheque and Credit Clearing Company (C&CCC) has revealed that, despite falling popularity, there are still around five million cheques processed on the average clearing day.
The research showed the most common value of a cheque value was £50 , but 48.4% of all cheques processed were for over £100 in value. There were 57 cheques processed for exactly one penny, and coincidentally 57 cheques for over £1m.
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% of all account holders neither write nor receive cheques at all.
Sandra Quinn, 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.”