The Washington Post reports that the US Federal Reserve will stop processing checks at 13 of its 45 locations. The reason? Americans are writing fewer checks, preferring to use credit cards and debit cards to make their transactions.
While 60 percent of non-cash transactions are by check, in 1979 it was as high as 85 percent. US consumers wrote 40 billion checks last year, down from 50 billion checks in 1995.
The Federal Reserve also announced that in a cost-cutting move, it will close five of its locations and eliminate about 400 jobs in total.
While 60 percent of non-cash transactions are by check, in 1979 it was as high as 85 percent. US consumers wrote 40 billion checks last year, down from 50 billion checks in 1995.
The Federal Reserve also announced that in a cost-cutting move, it will close five of its locations and eliminate about 400 jobs in total.
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