The use of checks has declined, but its return on a declining trend, reveals the Bank of Portugal. The return rate of this payment instrument reached its lowest value in 15 years.
Last year, 12.8% less checks were used than in 2013. However the value of these increased by 2.9%, showing that these instruments are mainly used for large value payments.
But the weight of bounced checks also fell. “The relative weight of the number of bounced checks in total checks presented for compensation decreased to 0.44% [compared to 0.54% relative to 2013], being the lowest return rate since 1999,” the report published this Tuesday by the Bank of Portugal. This weight dropped for the fourth consecutive year. In 2011, became 0.80%.
In this sense, the number of entities that are part of the checks users Listing offering risk (LUR) fell 35% compared to 2013 to 30 391 entities . In 2004, this list consisted of 130 663 entities
The lack of or insufficient funds remains the main check return reason:. Represented 70.4% of total returned checks.
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