Paper Check Use Is Falling
The Federal Reserve, which processes the vast majority of checks
The Fed said it processed 16.6 billion checks in 2002, down 1.9% from 2001,
The Fed's commercial ACH volume has almost doubled since 1997. Long-term
In 1995, the Fed's unit costs for checks and ACH payments were virtually
Since then, the unit cost for an ACH transaction has decreased from 3.5 cents to 1.3 cents, while the unit cost for a check has increased from 3.6 cents to 4.5 cents.