The Federal Reserve Board said the number of checks issued from 2015 to 2018 declined by 8.2 percent per year, a faster pace than the previously reported 7.2 percent annual decrease.
Checks decline at faster pace as alternative payments grow: Fed
October 30, 2020 / By ICBA
The Federal Reserve Board said the number of checks issued from 2015 to 2018 declined by 8.2 percent per year, a faster pace than the previously reported 7.2 percent annual decrease.
The Federal Reserve Board said the number of checks issued from 2015 to 2018 declined by 8.2 percent per year, a faster pace than the previously reported 7.2 percent annual decrease.
Meanwhile, the use of alternative payment methods and services continued to grow, with the number of payments via person-to-person and money transfer services more than doubling from 2015 to 2018.
The 2019 Federal Reserve Payments Study also found that the number and value of wire transfers originated by consumers grew at double-digit rates from 2012 through 2018.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
