March 2010

Key Messages:

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Institutions are receiving electronic delivery of their unpaid image returns.   On an average day in March 2010, over 176,000 items were received as unpaid image returns.  When the March volume is annualized, it totals 44.4 million for $48.3 billion.  The average unpaid image return was $1,087.57.

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More than 22,000 routing transit numbers are available to receive check images and over 7,000 are available to receive returns.

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Substitute Checks have facilitated the transition from paper checks to check images.  The monthly volume of substitute checks peaked in the month of October 2007 and the quarterly volume peaked in the second quarter 2008 with 875 million and then declined by 81% during the first quarter of 2010 to 162 million.

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On an average day during March 2010, over 59 million check images were received for posting.  When the March volume is annualized, it totals 15 billion for $16.8 trillion.  Also, another 2.9 million checks per day that were sent as images and delivered to paying institutions as substitute checks.  These totaled 612 million checks per year and $652 billion.

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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.  When the same payments were cleared through two or more of these organizations, those payments were counted only once.

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