MT. PROSPECT, Ill. – Although electronic banking has become increasingly popular in recent years, checks remain a common and highly used method of payment in the United States.
A 2010 Federal Reserve Payments Study estimates there still are 24.4 billion checks written in the U.S. annually. In fact, checks written from person to person increased by 3% per year between 2006 and 2009.
Despite the recent decline in their use, paper checks remain an integral part of today’s commerce, the study concluded. Research found there were 27.8 billion checks written in the U.S. in 2009 that had a total value of $32.4 trillion and an average of $1,165 per check.