Cheque yourself before you wreck yourself

The number of cheques written per household in the US fell from 19.3 per month in 2000 to 7.2 in 2015.

Cheque yourself before you wreck yourself

Another bit of bad news for the cheque as the 2016 Federal Reserve Payments Study reported that consumers wrote nearly two-thirds fewer cheques per household in 2015 than in 2000.

The number of cheques written per household in the US fell from 19.3 per month in 2000 to 7.2 in 2015.

In addition, a common trend in GlobalData’s research, and our monthly country surveys, is that cheque usage is falling everywhere. Two of our country surveys this month show this with the exception, the Netherlands, remaining fairly flat.

Is there a way to save the payment method? Cheque imaging has been touted as its saviour, but some countries are delaying its deployment.

The UK in particular has been sluggish. Its cheque imaging system is set to go live for some banks and building societies from October 2017, with it being market wide from the second half of 2018. This screams of a move being too little too late.