The Federal Reserve System has lowered its estimate of the number and value of cheques written by Americans in 2000, suggesting cheque use may have peaked in the mid-1990s.
The document compares the revised annual cheque volume of 42.5 billion in 2000 to previous estimates. Earlier Federal Reserve studies show that 49.5 billion cheques were paid in 1995 and 32.8 billion in 1979.
The report suggests that cheque use may have peaked during the mid-1990s, although the exact year of the peak is not known.
The corrected report reinforces the original finding that cheque writing in the United States is steadily giving way to electronic forms of payment. » Download the document now 87Kb PDF