February 2011

Key Messages:

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This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges.  As a result the volumes do not include all transit items across the industry.  Additionally, they do not include on-us image volumes.

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Implementation of check image exchange for check collections is almost completed across the industry and the implementation of check image exchange for returns is rapidly approaching full implementation and stabilization of volume growth has begun.

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Institutions are receiving electronic delivery of their unpaid image returns.   On an average day in February 2011, over 225,000 items were received as unpaid image returns.  When the February volume is annualized, it totals 56.9 million for $64 billion.  The average unpaid image return was $1,131.

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More than 24,000 routing transit numbers are available to receive check images and over 9,900 are available to receive returns.

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The monthly volume of substitute checks peaked in the month of October 2007 and then declined by 98% as of February 2011 to 6.5 million.

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On an average day during February 2011, over 59 million check images were received for posting. When the February volume is annualized, it totals 15 billion for $18.3 trillion.  Also, another 343 thousand checks per day were sent as images and delivered to paying institutions as substitute checks.  These totaled 86.6 million checks per year and $94.6 billion.

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