The Use of Checks and Other Noncash Payment Instruments in the United States

Abstract

Statistical estimates indicate that the use of checks in the United States has been declining since the mid-1990s, even as the population and the level of economic activity have been increasing. In contrast, the use of electronic payments has been growing at high and accelerating rates. Nonetheless, the paper check remains the predominant means of making retail payments and will likely continue to play a significant role in the U.S. payment system for the foreseeable future. The number and value of checks paid varies across depository institutions according to type, size, and location, in part a result of differences in the use of checks and electronic payments by households, businesses, and governments. Overall, household's share of total checks written has increased relative to that of businesses and governments.

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