Young. The views expressed in this paper are those of the author and do not necessarily reflect the views of the Federal Reserve Bank of Boston or the Federal Reserve System. Each year, about 60 billion checks are collected in the United States. Paper checks account for about 80 percent of noncash transaction volume. 1 While the shares of electronic payments methods such as the automated clearing house and credit and debit cards have been growing in recent years, the volume of checks has grown by more in absolute numbers during the last 20 years than all electronic payments methods combined. Partly because of their convenience, checks remain an extremely popular way to carry out transactions. Since it seems that checks will be around for the foreseeable future, it makes sense to try to improve the process of their collection
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