1865
Launch of the first cheques in France
English bankers first issued cheques in 1742: they were no longer allowed to issue banknotes as the Bank of England held a monopoly over issuance, so they created a new form of paper money. In France, the first cheques were issued in 1826 by the Banque de France; these were called « blank mandates », and allowed customers of the Bank to withdraw funds from their own accounts. Cheques as we know them today were created under the law of 1865, and subsequent laws were passed specifying their terms of use: in 1911, for example, a law was introduced creating the crossed cheque (which can only be paid into a bank account); in 1917 and 1926, it became an offence to write a cheque without sufficient funds; and in 1931 international legislation on cheques was harmonised.