The Bank of Portugal reported today that the total value of bouncing cheques issued in 2013 to the end of November was €633 million.
According to the always cheerful December Statistical Bulletin published by the Bank of Portugal, both the number of checks that were returned for lack of money and the total amount, actually fell in the first ten months of 2013 compared to the same period of 2012.
In 2012 the January to November figure was 346,700 bounced cheques, representing a total value of €1.0151 billion.
However in 2011, when things were really bad, especially in the failing Portuguese business community, 472,700 cheques were returned totalling €1,665 million, or €1.665 billion.
Many filling stations and high street retailers now refuse to accept cheques unless a pre-authorised 'cheque visado’ is presented.
The increasing cost of buying blank cheques from the bank, the wide availability of bank payment cards and the ease of online electronic banking means that those continuing to pay with a cheque are starting to draw suspicion.
