What is the relative cost of Direct Deposit versus checks?
The government spends an average of 51 cents more to process a check than an electronic transfer (U.S. Treasury). In fiscal 1999, the government experienced more than $43 million in forged, counterfeited or altered checks. Attempted check fraud at commercial banks has doubled in recent years, exceeding $2.2 billion in 1999, according to the American Banker’s Association.
