Federal Reserve Imaging Project:
The Federal Reserve in 2002 rolled out FedImage Services,
which maintains an archive of check images received from
16 participating depositary banks in three markets. The
system is expected to be operating nationwide during the
first quarter of 2003.
Check Truncation Act: Congress adopted
the Check Truncation
Act in October of 2002.
Revised Check Numbers: Americans appear
to be giving up their antiquated checks even faster than
was previously thought. Further analysis of the Federal
Reserve data discussed at page 427 of the text suggests
that there were only 42.5 billion checks written in 2000,
valued at $39.3 trillion (for an average of $925 each).
Checks amounted to only 59.5% of noncash retail payments.
|
