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Global Concepts study shows large financials' check volume dropping

ATLANTA - One month after the Federal Reserve released revised and lowered estimates on earlier numbers concerning the number and value of checks written by consumers, a noted payment systems consulting firm Global Concepts has come out with numbers that confirm what the Fed's newest set of figures showed: check...

By Staff Writer | Updated on October 01, 2002

ATLANTA – One month after the Federal Reserve released revised and lowered estimates on earlier numbers concerning the number and value of checks written by consumers, a noted payment systems consulting firm Global Concepts has come out with numbers that confirm what the Fed’s newest set of figures showed: check payments are on the decline. Among the findings of Global Research’s “2002 Payments Study”: * check volume processed by the largest financials in the U.S. have dropped 2% from 2002 to 2001. * two-thirds of the largest financials’ On-Us volumes declined in the past year; * the average daily volume of On-Us checks processed by the largest financials dropped 2% since 2001. Global Research pointed out that “the decline in check payments comes in spite of an increase in total deposits held by the largest financial institution.” Study data showed that: * total dollars in deposit at responding institutions increased 6% since 2001. * the average daily volume of On-Us checks per $1 billion in deposits dropped 8% over the same period. The survey, which measures transaction volumes in check processing, ACH, wire transfer, credit card, debit card, and ATM processing, was conducted among 61 financials, including the two largest credit unions in the U.S. – Navy FCU and State Employees CU of North Carolina. While Global Research’s 2002 Payments Study found a decline in the volume of checks, the study also found that respondents plan to commit more than 90% of all checks processed to image archive by 2005, and electronic check processing (ECP) send and receive volumes are expected to more than double by 2005.

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