Check Use Plunges

WASHINGTON - (12/06/04) -- The Federal Reserve reported Fridaythat its commercial check volume fell by 5.5% in the third quarterto 3.4 billion checks, the lowest since 1989. Check volume is downalmost 13% over the past year and has declined in each of the pastfive quarters, the Fed reported. In contrast, the Fed said itsautomated clearinghouse volume rose by 4.2% in the third quarter to1.6 billion, the highest on record, and is up 18.4% in the past 12months.