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Benefits from Collecting Checks Electronically

Author

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  • David B. Humphrey

Abstract

The Uniform Commercial Code has long required the physical check to be presented to banks for payment. This was before electronic methods were invented. This process was disrupted during September 11, 2001 and legislation was passed permitting the presentment of a digital image of a check in lieu of the original item. The efficiency gains were large–totaling over $3 billion in 2010.

Suggested Citation

  • David B. Humphrey, 2014. "Benefits from Collecting Checks Electronically," The American Economist, Sage Publications, vol. 59(2), pages 128-133, November.
    • Handle: RePEc:sae:amerec:v:59:y:2014:i:2:p:128-133
    DOI: 10.1177/056943451405900203
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    References listed on IDEAS

    as
    1. David B. Humphrey & Robert Hunt, 2013. "Cost Savings from Check 21 Electronic Payment Legislation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(7), pages 1415-1429, October.
    2. David B. Humphrey & Robert M. Hunt, 2012. "Getting rid of paper: savings from Check 21," Working Papers 12-12, Federal Reserve Bank of Philadelphia.
    Full references (including those not matched with items on IDEAS)

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