Paper Checks Going Bye-Bye?

December 8, 2004 09:55 AM

Paper Checks Going Bye-Bye?

Excerpt: The number of electronic payment transactions -- by both debit and credit card -- exceeded check payments last year for the first time, according to a survey conducted by the Federal Reserve and electronic payments companies.

The number of electronic payment transactions -- by both debit and credit card -- exceeded check payments last year for the first time, according to a survey conducted by the Federal Reserve and electronic payments companies.

Electronic payment transactions totaled 44.5 billion in 2003 versus 36.7 billion checks, said a statement Monday from the Fed Financial Services Policy Committee.

The Fed said payments by electronic transfer have risen at an annual rate of 13.2 percent since 2000, while payments by paper check have declined at an annual rate of 4.3 percent.

"The balance has shifted from check writing to electronic payments, and we expect this trend to continue," Richard Oliver, senior vice president of the Federal Reserve Bank of Atlanta, said in a statement.

In total transactions, paper check payments still surpassed electronic payments by a margin of $39.3 trillion to $27.4 billion. But the Fed added that this, too, is changing.

READ FULL STORY ...

Online Bill Paying: How To Get Started (December 27, 2004)

For some computer users, paying bills online is as natural as using e-mail instead of writing a letter: it's quicker, easier and best of all, free. For others, bill payment represents the final frontier of the Internet: Can I trust a computer program to keep ...

Banks Test ID Device for Online Security (December 24, 2004)

For years, banks gave away toasters to people who opened checking accounts; soon they may be distributing a more modern kind of appliance. Responding to an increase in Internet fraud, some banks and brokerage firms plan to begin issuing small devices that would help their ...

Check It Out: Incentives to Pay Bills Online (December 07, 2004)

Financial institutions, eager to get more consumers to pay their bills online, are offering a new incentive: cash. Citigroup Inc.'s Citibank introduced a promotion in October offering as much as $200 to new online bill-paying customers, depending on the number of bills they pay electronically ...

'Gift Cards' May Come Loaded With Fees (November 29, 2004)

If you're handing out gift cards this holiday season, be careful not to give a sackful of fees to the card issuer at the same time. Gift cards have taken off as holiday shoppers apparently are running short of time and ideas. This year they ...

Read all 22 posts in the same category of Banking:

Going Online To Balance Family Budget - Feb 17, 2005
Banks Speed Process For Opening Online Accounts - Feb 04, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Momentum Is Gaining for Cellphones as Credit Cards - Jan 10, 2005
Rebels With A Cause, And A Business Plan - Jan 01, 2005
Banks Boost Customer Incentives, But Rates on Savings Remain Low - Dec 27, 2004
Online Bill Paying: How To Get Started - Dec 27, 2004
Banks Test ID Device for Online Security - Dec 24, 2004
Check It Out: Incentives to Pay Bills Online - Dec 07, 2004
'Gift Cards' May Come Loaded With Fees - Nov 29, 2004
Where To Keep Your Rainy Day Fund - Nov 29, 2004
What's Your Bill-Paying Personality? - Nov 28, 2004
Debit Cards Lack Protections Of Credit Cards - Nov 28, 2004
A New Era In Banking Begins - Nov 25, 2004
Automatic Debit Scams - Nov 22, 2004
Bank Accounts Fail To Follow Fed's Lead - Nov 12, 2004
ChexSystems Puts Him In Penalty Box - Nov 09, 2004
"Check 21" Starting in Late October - Nov 03, 2004
Gift Cards 04 - Nov 03, 2004
Save Electronic Checks for Your Taxes - Nov 01, 2004

Related Sites
• Structured Settlements
www.setcap.com - cash for structured settlements, sell annuity, lottery winnings, and more.

• Personal Finance: Finance News Today provides money saving tips, news, and articles on personal finance issues like insurance, real estate, college planning and much more.

• Compare all our 0% Credit Card UK against our 0% balance transfers and cash back deals.

• Browse through our Credit Cards deals and apply online.

• financial tip - financial tips article and more.

• Arizona llc - incorporate a arizona llc. they offer solutions for limited liability company asset protection in arizona and california. incorporation services are provided online with 24 hour filings and expedited approvals. www.paralegal-plus.com for cpa lawyers.

• Credit Repair
repairmycreditnow.com/Credit_Repair_Advice.htm - repair my credit now credit services offers credit repair, restoration and education through our exclusive "v" phase process ™.

• Citibank Home Equity Lines of Credit: Rates as low as Prime - 0.50% variable APR for Life, currently 5.50% variable APR.

• Day Trading - day trading signals for active stock and options traders.

• Ken Langone - ken langone: make my day

• Credit Repair - repair my credit now credit services offers credit repair, restoration and education through our exclusive "v" phase process ™

• Online Option Trading - oexoptions is an oex online stock option trading company offering a free 15-day trial for all new customers.

• fix bad credit

Want to See Your Ads Here? Claim Your Ad Space at Personal Finance Weblog by Writing to Webmaster. Starting at $25/month, see your text ads in more than 2,000 indexed pages at PFBlog, the Best Personal Finance Blog, or MM Money, MM's Daily Personal Finance Readings. Full Rate Card Available Here.