Article#4 - While paper checks slowly fade, e-checks gain popularity

Article#4 - While paper checks slowly fade, e-checks gain popularity

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Vladimir Milosavljevic CIS 1200N Article #4 Orr, Bill (2003, October). While paper checks slowly fade, e-checks gain popularity. American Bankers Association.ABA Banking Journal , 95 , Retrieved March 15, 2009, from - proquest.umi.com.library.dowling.edu/pqdweb? did=441428491&sid=9&Fmt=4&clientId=4341&RQT=309&VName=PQD Although Americans still like paper checks, e-checks are emerging as the fastest growing replacement for paper checks. This is partly because direct deposits and other Electronic Fund Transfer transactions are approaching to its saturation. National electronic payments association projected that the number of e-checks transactions will be doubled compared to the number from last year. By Fed definition, everything that is not paper check or an EFT is considered as an e-check. This category include: WEB – initiated over the Internet, POP – initiated from point of purchase devices, TEL – initiated by the telephone, ARC – accounts receivable conversions of paper checks, and RCK - returned checks.
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