The last Federal Reserve payments study, completed in 2007, revealed that more than two-thirds of non-cash payments in America were done electronically. This year, the Fed wants to find out how much that’s changed.
The Fed has commissioned a new payments study to estimate the annual number, dollar value and composition of retail non-cash payments in the United States. The goal is to provide aggregate estimates and current trends in the use of non-cash payment instruments by U.S. consumers and businesses. The three previous studies, released in 2001, 2004 and 2007, documented the sharp decline in checks and related increase in electronic payments.
Preliminary results will be released late this year.
In case you missed it, in late January we posted an article on the winter 2009 Central Banker page that gave details for your staff concerning the ongoing Fed cash operations changes. Your cash-handling staff and managers can use the road map on the FedCash Services Online Resource Center to help them smoothly adjust to the changes. In addition, note that the Federal Reserve now processes paper checks from just one office, the Federal Reserve Bank of Cleveland.