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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.
Report
The 2017 Diary of Consumer Payment Choice
This paper describes key results from the 2017 Diary of Consumer Payment Choice (DCPC), the fourth in a series of diary surveys that measure payment behavior through the daily recording of U.S. consumers' spending. The DCPC is the only diary survey of U.S. consumer payments available free to the public. In October 2017, consumers paid mostly with cash (30.3 percent of payments), debit cards (26.2 percent), and credit cards (21.0 percent). These instruments accounted for three-quarters of the number of payments, but only about 40 percent of the total value of payments, because they tend to be ...
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.
Report
The 2016 and 2017 surveys of consumer payment choice: summary results
Despite the introduction of new technology and new ways to make payments, the Survey of Consumer Payment Choice (SCPC) finds that consumer payment behavior has remained stable over the past decade. In the 10 years of the survey, debit cards, cash, and credit cards consistently have been the most popular payment instruments. In 2017, U.S. consumers ages 18 and older made 70 payments per month on average. Debit cards accounted for 31.8 percent of those monthly payments, cash for 27.4 percent, and credit cards for 23.2 percent. The SCPC continues to measure new ways to shop and pay and found ...
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.