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The check is dead! Long live the check! A Check 21 update

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Abstract

Check 21 legislation has enabled the check clearing system to transform from paper to electronics, and much more rapidly than some had predicted. As a result of competition with other payment methods, check use has been declining since the mid-1990s, but because of the rapid adoption of electronic payment methods, checks are evolving and are unlikely to disappear anytime soon. Checks are still a convenient way to initiate some payments, and electronic processing has only made them more competitive with all types of electronic payments.

Suggested Citation

  • Paul W. Bauer & Geoffrey R. Gerdes, 2009. "The check is dead! Long live the check! A Check 21 update," Economic Commentary, Federal Reserve Bank of Cleveland, issue Jun.
    • Handle: RePEc:fip:fedcec:y:2009:i:jun
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    File URL: https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/2009-economic-commentaries/ec-20090609-the-check-is-dead-long-live-the-check-a-check-21-update.aspx
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    Cited by:

    1. James Angel & Douglas McCabe, 2015. "The Ethics of Payments: Paper, Plastic, or Bitcoin?," Journal of Business Ethics, Springer, vol. 132(3), pages 603-611, December.
    2. 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.
    3. Fumiko Hayashi & William R. Keeton, 2012. "Measuring the costs of retail payment methods," Economic Review, Federal Reserve Bank of Kansas City, vol. 97(Q II).
    4. David B. Humphrey & Robert M. Hunt, 2012. "Getting rid of paper: savings from Check 21," Working Papers 12-12, Federal Reserve Bank of Philadelphia.
    5. Richard J. Sullivan, 2012. "The Federal Reserve’s reduced role in retail payments: implications for efficiency and risk," Economic Review, Federal Reserve Bank of Kansas City, vol. 97(Q III).

    More about this item

    Keywords

    Checks; Electronic funds transfers;

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