Number of dud checks dramatically rose last month: Bank of Thailand

[webfact]

Number of dud checks dramatically rose last month

BANGKOK, 24 October 2013 (NNT) - The slower economic activities have caused a dramatic rise of bad checks, according to the Bank of Thailand.

The central bank has reported that in September the number of bounced checks reached 667,000, more than 11% of the total number issued in the month, equivalent to almost 10 billion baht.

When compared to June's figure, the number of bad check dramatically surged 21.82%

The household sector spent less during the period as a result of the economic slowdown and the situation might take toll on the business sector, especially small entrepreneurs, most of whom were running out of daily operating cash flow.

However, the BOT has been monitoring the trend closely and the number of bounced checks had not increased to an extent that could affect the current economic conditions.

-- NNT 2013-10-24

[gosompoi]

who in Thailand uses checks?

[GirlDrinkDrunk]

thais and companies

[bigbamboo]

Thailand clearly needs more high end locals.

[Doc46]

So how do the people get paid now?,,,this is no problem for the bank, they even make money on bad checks (representing again and again the same checks)

This can be 100% foolproof fixed,,,,,,,,,,,NO MORE CHECKBOOKS,,,,,,,,,,,,,,,,NO MONEY NO GOODS, )

[sjjmmi]

Thailand clearly needs more high end locals.

[ratcatcher]

who in Thailand uses checks?

The Thai government, along with "balances".

[Bluespunk]

who in Thailand uses checks?

The Thai government, along with "balances".

Ka-Ching.

[worgeordie]

Not a surprise really when you see the amount of Public debit,and things

will not be getting better anytime soon.

regards Worgeordie

[Briggsy]

11% of cheques presented bounced!!! Did I read this correctly?

[robblok]

11% of cheques presented bounced!!! Did I read this correctly?

You did, and if you read more and calculate a bit it was around 8% last month. I thought it was a criminal offence here to write a bad check.

[JoeThePoster]

However, the BOT has been monitoring the trend closely and the number of bounced checks had not increased to an extent that could affect the current economic conditions.

The alarm will be raised when the dud cheques reach 100% level.

[MikeOboe57]

who in Thailand uses checks?

The Thai government, along with "balances".

Good news is they want to do away with it.

[Neilly]

Posted Today, 11:56

Number of dud checks dramatically rose last month

I wonder if any of them where for dud rice

[how241]

who in Thailand uses checks?

Yes, I don't see many checks being used except by the Gov't.

[Chalard]

11% of cheques presented bounced!!! Did I read this correctly?

You did, and if you read more and calculate a bit it was around 8% last month. I thought it was a criminal offence here to write a bad check.

Ditto.

[Chalard]

who in Thailand uses checks?

Obviously you don't run a business here.

[kiwiinasia]

11% of checks are duds? My God!

They need a crackdown on dud checks, maybe they can start a new ministry...

"The Royal Thai Ministry for the Reduction of Dud Checks not Written by MP's".

[maxisrael]

11% of cheques presented bounced!!! Did I read this correctly?

You did, and if you read more and calculate a bit it was around 8% last month. I thought it was a criminal offence here to write a bad check.

Correct I sued a person who give me a "check deng" ( 300.000 Baht) with the court we accepted a monthly (re)payment but after nearly 1 year he stopped paying ( I was abroad for 1 month and he thought I left so he stopped paying his installments for 2 months ) when i returned I went back to court and he has to pay the whole rest of the sum at once with a 40.000 fine or go to jail, he paid me borrowed possibly somewhere money with a 'new' check.

[PeterSmiles]

The central bank has reported that in September the number of bounced checks reached 667,000, more than 11% of the total number issued in the month, equivalent to almost 10 billion baht.

Must be from all those people who haven't realized yet that they are NOT rich, however Yingluck Thaksin promised everyone would be rich 6 months after the election of August 2011.

[Robby nz]

But checks must be used, or cash.

Is not the DSI charging Abhisit and the Dem MP's for paying donations to the party by electronic means?

[GentlemanJim]

11% of cheques presented bounced!!! Did I read this correctly?

Yes you did read it correctly and were also the first one to spell it correctly

11% of cheques presented bounced!!! Did I read this correctly?

You did, and if you read more and calculate a bit it was around 8% last month. I thought it was a criminal offence here to write a bad check.

It is a criminal offence as Max says. If someone owes you money, as well as taking their motorbike as security also take a post dated signed cheque for the date when the money is due. If they do not pay on the day, present the cheque, it will bounce. Take said 'bounced' cheque to the police station and they will go and arrest the person and put them in the slammer. Amazingly they will wait for a warrant to arrest a murderer or a rich son of an energy drinks company owner, who has killed a policeman, but they will go straight out and arrest an individual if you present them with a cheque that the individual gave you that has bounced. Moral of the story - NEVER give anyone a cheque in Thailand if you don't have funds to cover it

[hellodolly]

11% of checks are duds? My God!

They need a crackdown on dud checks, maybe they can start a new ministry...

"The Royal Thai Ministry for the Reduction of Dud Checks not Written by MP's".

This has the makings of a hub

The central bank has reported that in September the number of bounced checks reached 667,000, more than 11% of the total number issued in the month, equivalent to almost 10 billion baht.

Must be from all those people who haven't realized yet that they are NOT rich, however Yingluck Thaksin promised everyone would be rich 6 months after the election of August 2011.

Red Shirts have short memories.

[allan michaud]

11% of cheques presented bounced!!! Did I read this correctly?

Yep and...

"However, the BOT has been monitoring the trend closely and the number of bounced checks had not increased to an extent that could affect the current economic conditions."

Is there anything in this country that is not totally f&*$@# up?

Number 2 in the world for road traffic deaths and number 3 in gun related deaths.

Edited October 24, 2013 by allan michaud

[tomross46]

They need an increase to the debt ceiling. Just because they are spending more money than they have means nothing, just raise the limit and forget about it. Countries do,why not citizens?

[bitcoinbob]

somethings to think about your avg thai does not use checks , so this is mostly corporations and wealthier Thais not good. the 5 largest chinese banks just wrote off 5 billion in bad loans for the first 6 months in 2013 up 500% from last year not good.