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Showing results 1 to 10 of approximately 75.
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Journal Article
Risky business: clearing checks during banking crises
Journal Article
Check clearing in the 21st Century: where are my checks?
Financial institutions are understandably concerned with the technological and procedural implications of Check 21, but smoothing the transition with customers ultimately may prove to be the key challenge. Millions of people still use paper checks and won?t be happy to find facsimiles returned in their monthly statements.
Working Paper
Why are (some) consumers (finally) writing fewer checks?: the role of payment characteristics
Since the mid-1990s, the U.S. payment system has been undergoing a transformation featuring a significant decline in the use of paper checks that has been quite uneven across consumers and not well understood. This paper estimates econometric models of consumers? adoption (extensive margin) and use (intensive margin) of checks plus six other common U.S. payment instruments, using a comprehensive new data source on consumer payment choice. We find that payment characteristics are the most important determinants of payment instrument use. Plausible changes in the relative convenience and cost ...
Working Paper
Payment choice with consumer panel data
We exploit scanner data to track payment choice for grocery purchases for a large panel of households over three years. We show that households focus most of their expenditures on one or at most two of these instruments in choosing between using cash, a check, or a card, and they very rarely switch. We focus particularly on the role of expenditure size in determining payment choice. While the use of a long panel for these purposes is novel, the introduction of controls for household heterogeneity has little effect on our estimates. Thus, we find that transaction size is an important ...
Briefing
Payments fraud : consumer considerations
This article examines the potential for fraud associated with various "traditional" payment methods and the protective measures that consumers should take when using them.
Journal Article
Update on FedImage Services
FedImage Services - a family of products that can capture, archive, retrieve and deliver check images - is now available at all Federal Reserve Bank check processing locations nationwide.
Journal Article
Upstairs downstairs: how introducing computer technology changed skills and pay on two floors of Cabot Bank
Assessing the differing impacts of a new computer technology on skills and pay in two departments of a large bank.
Journal Article
The evolution of the check as a means of payment: a historical survey
Though checks' popularity is now waning in favor of electronic payments, checks were, for much of the twentieth century, the most widely used noncash payment method in the United States. How did such a relatively inefficient form of payment become so dominant? This article traces the historical evolution of the check, focusing on its relation to complementary and competing payment technologies. ; Originating in the eastern Mediterranean during the first millennium as a convenient form of payment between local merchants, checks became more versatile through the development of negotiability in ...