March 2014

Key Messages:

cropped-Checkmark-for-Page-ID-2.jpg

 This CheckImage Collaborative image clearing report reflects transactions settled through the Federal Reserve, Viewpointe, The Clearing House and local / regional exchanges.  Effective January 2011, we are able to include direct exchanges between banks as well as some on-us image volumes.

cropped-Checkmark-for-Page-ID-2.jpg

Implementation of check image exchange for check collections is virtually complete.  As a result, the volume of check images received at the paying bank will mirror the overall check volumes which have been in decline.  The rate of check volume decline indicated by this data is an annual average of 6.11% between March 2012 and March 2014.

cropped-Checkmark-for-Page-ID-2.jpg

 On an average day in March 2014, over 176,000 items were received by the BOFD as unpaid image returns.  This represents a return rate of 0.32%.

cropped-Checkmark-for-Page-ID-2.jpg

More than 24,800 routing transit numbers are available to receive check images and over 18,600 are available to receive returns.

cropped-Checkmark-for-Page-ID-2.jpg

The monthly volume of substitute checks peaked in the month of October 2007 and then declined more than 99% as of March 2014 to 0.1 million.

cropped-Checkmark-for-Page-ID-2.jpg

On an average day during March 2014, over 55 million check images were received for posting. When the March volume is annualized, it totals 13.8 billion for $19 trillion.  Also, another 83 hundred checks per day were sent as images and delivered to paying institutions as substitute checks.  The annualized volume of substitute checks received in March 2014 totaled only 1.8 million checks for $2.1 billion.

(click the right and left arrows on the image below to navigate the slides or click here for full file)