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Cheque accounts not used for cheques

09/06/2011

A public relations campaign to begin preparing the community for the eventual demise of cheques got underway yesterday with the release of a consultation paper by the Australian Payments Clearing Association.

Reserve Bank of Australia data shows around 270 million cheques were written in the year to March 2011, around half the level of 10 years ago. The value of cheques written in the last year was $970 billion, down from $1.6 trillion 10 years ago.

APCA said that business operating in the property and business services’ sector were the most common users of cheques.

Cheque use is also “relatively higher” in dividend and share dealings, property settlement and insurance, and in parts of the legal and accounting professions, APCA said.

Source: Banking Day



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