Central Banking

Fed revises estimate on number and value of checks

US - Newly released numbers from the Federal Reserve System suggest that US check usage may have peaked in the 1990's and if so, that check writing in the U.S. may be steadily giving way to electronic forms of payment.

The Fed lowered its estimate of the number and value of checks that were written in 2000 to 42.5 billion checks valued at $39.3 trillion, down from previous estimates of 49.5 billion checks valued at $47.7 trillion.

An analysis published in the August edition of the Federal Rese