May 2014

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.  Effective January 2011, we are able to include direct exchanges between banks as well as some on-us image volumes.

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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 9.45% between May 2012 and May 2014.

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On an average day in May 2014, over 202,000 items were received by the BOFD as unpaid image returns.  This represents a return rate of 0.39%.

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More than 24,800 routing transit numbers are available to receive check images and over 18,700 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 more than 99% as of May 2014 to 0.1 million.

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On an average day during May 2014, over 52 million check images were received for posting. When the May volume is annualized, it totals 13.2 billion for $18.4 trillion.  Also, another 65 hundred checks per day were sent as images and delivered to paying institutions as substitute checks.  The annualized volume of substitute checks received in May 2014 totaled only 1.7 million checks for $2.1 billion.

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