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Statistics on
Checks
Most Recent Bad Check
Data
- In 1999, US consumers
wrote 68 billion checks
> 31 billion checks were written by
business and government
> 37 billion checks were written
by consumers - SVPCO - Safecheck Project |
- There were 612 million
bounced personal checks written in the US
- These checks totaled $19.9
billion
- Therefore, 1.76 million
bounced consumer checks were written each day worth $55.8
million per day
- More than 1.2 million
bad checks are written daily by US Consumers - Nilson
Report
- American Collectors Association
estimates that in the year 2000, about 70 billion checks
will be processed. Of that number, 675 million checks
will be return NSF or uncollected funds
Retailer - Merchant
- Retail locations accept
and process 18 billion paper checks each year. A large
supermarket chain could accept up to 12 million checks
per month
- 53% of retailers are reporting
continued check growth - Food Marketing Institute
- Retailers absorb $5.9
billion per year in bad check costs - SVPCO - Safecheck
Project
- Supermarket transaction
volume mix in 1999:
- Cash - 59%
- Check - 22.1%
- Credit cards
- 6.1%
- Debit cards
- 2.3%
- Other - 9.3%
- Food Marketing Institute
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Historical Information
- In 1998, 496 million bounced
checks were written. These totaled $9.9 billion. On average,
1.4 million bad checks worth $27.3 million per day were
written
- In 1994, there were about
60.98 billion checks written in the US. This number breaks
down as:
- Personal checks
- 57%
- Commercial checks
- 40%
- Government checks
- 3%
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- In 1995, 18.18 billion
checks were written at the point of sale. 11.75 billion
checks were written to pay bills - Nilson Report
- In 1998, the collection
industry collected #31.8 billion dollars in debt, including
bad checks and other debt. 25 percent of bad checks are
turned over for collection each year with a total value
of $4.73 billion
- Between 1990-1995, the
number of checks processed increased about 29%.
In 1995, there were $169
million in bad checks written each day
- In 1998, checks were used
in 22% of supermarket transactions constituting 45% of
the dollar volume of supermarket sales - BankServ
- US consumers wrote about
68 billion checks in 1999. The
Federal Reserve Bank expects the volume of checks written
to increase by 1 - 2% each year for the next six years
General Information
- Checks make up 22% of
amounts consumers spend in supermarkets - Food Marketing
Institute
- The average retail store
handles a paper check six times. The totals 62.69 seconds
of handling time per check - BankServ.
- Checks handled electronically
by retail stores required 37.12 seconds per check transaction
for in-store handling - BankServ.
*Statistics on check
volume, dollar amount, and transaction number vary. No one
organization, including the Federal Reserve Bank, has been
found which complies a complete listing of all these
figures. The information herein reflects the best
estimates we have compiled from a variety of sources. This
list is updated as often as new information is received
which is deemed reliable.
This information is not
intended as legal advice and may not be used as legal
advice. It should not be used to replace the advice of
your own legal counsel. Any information contained in this
material is based on current research into the issues and
on the specific facts involved herein.
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