It’s no secret that electronic payment methods have systematically eaten away at check volume in the United States, but now new data from the Federal Reserve shows just how far that trend has gone.
A total of 16 billion checks were written in 2018 for a total value of $26.2 trillion, according to the Fed’s latest Payments Study, released in December. That’s down from 20.2 billion and $29.68 trillion in 2015, the last year of the Fed’s previous triennial study.