Don checks account for only a small fraction of the money in the U.S. monetary system?
The death of the check has been greatly exaggerated. Although electronic payments are rising, they still represent only a fraction of payment transactions in the United States Nearly $40 trillion travels through the monetary system by checks – only $7.3 trillion travels through all other electronic payment systems. Of the $47 trillion combined value of checks and electronic payments, checks account for 84 percent of the total value (Federal Reserve Board, Retail Payments Research Project, 2001, Updated 2002).
