November 2010

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 November 2010, over 243,000 items were received as unpaid image returns.  When the November volume is annualized, it totals 61 million for $68 billion.  The average unpaid image return was $1,124.

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More than 23,700 routing transit numbers are available to receive check images and over 9,500 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 95% as of November 2010 to 13.2 million.

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On an average day during November 2010, over 64 million check images were received for posting.  When the November volume is annualized, it totals 16.3 billion for $19.8 trillion.  Also, another 659 thousand checks per day were sent as images and delivered to paying institutions as substitute checks.  These totaled 166 million checks per year and $185.2 billion.

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