WILLEMSTAD--The Fair Trade Authority Curaçao (FTAC) indicated in a recent publication that it has advised against the elimination of the check as a means of payment. Therefore, the decision made by the Curaçao Bankers Association (CBA) has been reversed.
The commercial banks offer various payment methods including the check. In a meeting of November 14, 2017, they took the decision in principle to collectively eliminate the check and set up a working group for this purpose. This decision was later laid down in a Memorandum of Understanding.
CBA informed FTAC of this decision on April 19, 2018. FTAC then initiated an investigation which recently concluded that the decision to collectively withdraw the check from the market is contrary to free competition rules. After a meeting with representatives of CBA, the efficiency measure was subsequently withdrawn.
