MONEY

[Foggy]

Two stories on "money:"
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Goodbye to paper again? Fed is considering eliminating its use


The Federal Reserve has revealed it is considering "winding down" the national system that processes paper checks between banks, signaling a potential long-term retreat from paper-based payments.

This quiet notice, posted last Thursday on the Fed's website, has sent ripples through the banking and retail industries. The central bank cited a trifecta of problems: steadily declining usage, the rise of digital payment methods, and a troubling increase in check fraud. The Fed now faces a critical decision: make substantial investments to modernize its aging check infrastructure or begin a gradual phase-out of the service altogether.
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https://www.msn.com/en-us/money/econ...se/ar-AA1S22gU
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Could paper checks be on the way out, like the penny?


First the penny. Next, paper checks?

When the US Mint stopped making pennies last month for the first time in 238 years, it drew a lot of attention. But there have been quiet moves to stop using paper checks as well.

The government stopped sending out most paper checks to recipients as of the end of September, part of an effort to fully modernize federal benefits payments. And on Thursday the Federal Reserve put out a notice that suggested it is considering – but only considering – the “winding down” of checking services it now provides for banks.

The central bank’s statement said that as an alternative to winding down those services, it is mulling more investment in its check processing services, but noted that would come at a higher cost. But it is also considering not making any such investments, in order to keep costs roughly unchanged. That would lead to reduced reliability of those services going forward.

“Over time, check use has steadily declined, digital payment methods have grown in availability and use, and check fraud has risen,” said the notice from the Fed. “Also, the Reserve Banks will need to make substantial investments in their check infrastructure to continue providing the same level of check services going forward.”

A report from the Federal Reserve Bank of Atlanta in June found that as of last year, more than 90% of surveyed consumers said they prefer to use something other than a check for paying bills, and just 6% paid by check. That’s a sharp drop from the 18% of bills paid by checks as recently as 2017.
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https://www.cnn.com/2025/12/05/econo...g-paper-checks

[Dude111]

I hope not...... Things keep getting worse