Tax Holiday-Driven Check Spike Smaller Than In Past
Southwest Corporate Credit Union is reporting that it saw its daily check volume spike by nearly 500,000 items during a three-day tax holiday in Texas during which the state exempts taxes on back-to-school purchases at less than $100. The typical daily average number of checks processed at the two sites in Texas is approximately 996,700, said Jody Beck, senior vice president of operations. One of the days immediately following the tax holiday, Southwest Corporate processed 1.4-million checks at its Houston and Dallas sites. Southwest Corporate noted that volume during this year's tax holiday was actually less than in previous years. "It underscores the shift away from paper checks," said Beck.