Chamber asks for rapid action against bad checks

ISTANBUL - Anatolia News Agency

İTO President Murat Yalçıntaş says Turkey needs financial risk insurance. AA photo

The number of bad checks in May reached 83,080, the highest number in the past two years, Istanbul Chamber of Commerce (İTO) President Murat Yalçıntaş has said.

“We need to take rapid steps. At this juncture the ‘Financial Risk Insurance’ will be a huge help,” Yalçıntaş said in a written statement yesterday. In the statement, Yalçıntaş said that the repeal of prison sentences for bad checks and the lack of measures to combat the problem had left a void.

“The total amount of bad checks for 2012 so far is 344,196. This means that compared to the same period last year, there is a 56.4 percent increase in the number of bad checks. We could now be faced with serious risks,” said Yalçıntaş.

“Turkey, now more than ever, needs a payment tool like the check. We need to implement check measures that will not deter the economy and tire the justice system.” Yalçıntaş believes the solution lies in the “Financial Risk Insurance.” This would allow insured checks to change hands without fear, and in the event of a bad check the receiver would be insured and the insurance premium shared by the check issuer and receiver.