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The use of checks and other noncash payment instruments in the United States

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Author Info
Geoffrey R. Gerdes
Jack K . Walton II

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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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File URL: http://www.federalreserve.gov/pubs/bulletin/2002/0802_2nd.pdf
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Publisher Info
Article provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Federal Reserve Bulletin.

Volume (Year): (2002)
Issue (Month): Aug ()
Pages: 360-374
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:fip:fedgrb:y:2002:i:aug:p:360-374:n:v.88no.8

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Related research
Keywords: Payment systems ; Electronic funds transfers;

Cited by:
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  1. Marques Benton & Krista Blair & Marianne Crowe & Scott Schuh, 2007. "The Boston Fed study of consumer behavior and payment choice: a survey of Federal Reserve System employees," Public Policy Discussion Paper 07-1, Federal Reserve Bank of Boston. [Downloadable!]
  2. Stephen Quinn & William Roberds, 2008. "The evolution of the check as a means of payment: a historical survey," Economic Review, Federal Reserve Bank of Atlanta. [Downloadable!]
  3. Jonathan Zinman, 2005. "Debit or credit?," Conference Series ; [Proceedings], Federal Reserve Bank of Boston. [Downloadable!]
  4. Jonathan Zinman, 2004. "Why use debit instead of credit? Consumer choice in a trillion-dollar market," Staff Reports 191, Federal Reserve Bank of New York. [Downloadable!]
  5. David Humphrey & Magnus Willesson & Ted Lindblomand & Goran Bergendahl, 2003. "What does it Cost to Make a Payment?," Review of Network Economics, Concept Economics, vol. 2(2), pages 159-174, June. [Downloadable!]
  6. Joanna Stavins, 2003. "Network externalities in the market for electronic check payments," New England Economic Review, Federal Reserve Bank of Boston, pages 19-30. [Downloadable!]
  7. Antoine Martin & Michael Orlando & David Skeie, 2008. "Payment networks in a search model of money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(1), pages 104-132, January. [Downloadable!] (restricted)
    Other versions:
  8. Elizabeth Klee, 2006. "Families' use of payment instruments during a decade of change in the U.S. payment system," Finance and Economics Discussion Series 2006-01, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  9. Joanna Stavins, 2002. "Who uses electronic check products: a look at depository institutions," New England Economic Review, Federal Reserve Bank of Boston, issue Q 3, pages 3-16. [Downloadable!]
  10. Margaret Carten & Dan Littman & Scott Schuh & Joanna Stavins, 2007. "Consumer behavior and payment choice : 2006 conference summary," Public Policy Discussion Paper 07-4, Federal Reserve Bank of Boston. [Downloadable!]
  11. Elizabeth Klee, 2006. "Paper or plastic? the effect of time on the use of check and debit cards at grocery stores," Finance and Economics Discussion Series 2006-02, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  12. Fumiko Hayashi & Elizabeth Klee, 2002. "Technology adoption and consumer payments : evidence from survey data," Payments System Research Working Paper PSR WP 02-01, Federal Reserve Bank of Kansas City.
  13. David C. Wheelock & Paul Wilson, 2007. "Non-parametric, unconditional quantile estimation for efficiency analysis with an application to Federal Reserve check processing operations," Working Papers 2005-027, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  14. Robert Hunt, 2003. "Antitrust issues in payment card networks: can they do that? should we let them?," Business Review, Federal Reserve Bank of Philadelphia, issue Q2, pages 14-23. [Downloadable!]
  15. Catalina Amuedo-Dorantes & Susan Pozo, 2004. "On the Use of Differing Money Transmission Methods by Mexican Immigrants," Economic Working Papers at Centro de Estudios Andaluces E2004/06, Centro de Estudios Andaluces. [Downloadable!]
  16. Terri Bradford & Matt Davies & Stuart E. Weiner, 2002. "Nonbanks in the payments system," Payments System Research Working Paper PSR WP 02-02, Federal Reserve Bank of Kansas City. [Downloadable!]
  17. Paul Kellogg, 2003. "Evolving operational risk management for retail payments," Emerging Issues, Federal Reserve Bank of Chicago. [Downloadable!]
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