Rubber cheques still being issued despite consequences

OVER £2 million worth of invalid cheques have been issued since the Central Information Database of Issuers of Bounced Cheques (CIDIBC) went into operation in February, it was revealed yesterday.

The CIDIBC’s managing committee said yesterday 4,473 bounced cheques worth £2,575,825 have been issued leading to the blacklisting of 1,743 people and 385 companies.

The organisation warned the database consists of two catalogues, the primary list and the main archive.

“All cheques that have not been honoured within 15 days from the time they were presented due to the issuer’s lack of funds are entered into the primary list,” a statement read.

“Individuals that have issued rubber cheques are then automatically transferred to the main archive if they have issued more than three bounced cheques – regardless of the amount – or if they have issued bounced cheques over £1,000.”

Out of the 2,128 people added on the primary list, 684 have been transferred to the main archive and faced having their current accounts frozen.

However, the committee also said the number of bounced cheques issued in the last two months had decreased.

“The value of cheques were registered in the database in the last two months comes to £680,180 compared to £1,895,697 issued in the first four months since February, which shows a small reduction,” the committee announced.

The group also warned that from October 1, banks and Co-ops would be able to cash post-dated cheques regardless of the date written on the cheque and urged people to have their accounts in order or face being blacklisted.

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