Wednesday, June 27, 2007
People writing fewer checks -- More change in the role of paper
Yesterday's announcement that the United States Federal Reserve is shuttering more check-processing centers provides another piece of evidence on the ongoing changing role of paper, as I've been tracking in this blog, and summarized in my June 2007 Observations. Seems that in addition to the overall check volume diminishing (ask yourself -- do you write as many checks as you did a few years ago?), the legal change that allows the return of a digital image of a check, rather than the paper check itself, has also allowed a reduction in facilities and jobs dedicated to check handling. This latter change, though instigated by government action, still represents a change in popular attitudes.