Check it out: the Federal Reserve is considering a massive shift to the way many Americans bank.

And it wants to know what you think about it.

The Fed on Dec. 4 requested public input from businesses and consumers on the impact of potential strategic changes to check services it provides, as well as check usage and preferences.

The 12 regional Federal Reserve banks offer check collection and processing services at a fee to banks and credit unions.

Over time, check use has steadily declined, digital payment methods have grown in availability and use, and check fraud has risen. 

Also, the reserve banks will need to make substantial investments in their check infrastructure to continue providing the same level of check services going forward. 

To help the Fed understand stakeholder needs and balance tradeoffs as it considers the future of the reserve banks’ check services, it is seeking input on potential future changes to check services including varying effects on the level of check services offered and their costs. 

The Federal Reserve wants to know what businesses and consumers think about potential strategic changes to check services it provides, as well as check usage and preferences.

Photo by damircudic on Getty Images

Check usage is drastically down 

At the turn of the 21st century, more than 40 billion checks were written annually in the United States, greater than the total number of automated clearinghouse (ACH), credit card, debit card, and prepaid card transactions combined.

• The number of checks written has steadily declined since then, while the use of other payment methods has grown.
• About 11 billion checks were written in 2021, accounting for approximately 5% of overall noncash payments.
• Despite the overall decline in the number of checks written, checks continue to have a notable presence in the nation’s payments system.
• In 2021, the value of check payments stood at $27.23 trillion, which was approximately 21% of noncash payments value.

Consumers aren’t that fond of checks

According to the Fed, consumers rate checks relatively poorly for convenience, security, and speed of payment.

• In addition, consumers in 2024 reported making relatively fewer check payments to payees that commonly used to receive checks such as contractors, churches, and property managers.
• Notably, every age group wrote fewer checks as a share of all their payments in 2024 than in 2015.
• Even consumers aged 65 and older, who are the highest users of checks, made about 6% of their payments by check in 2024, compared with 11% in 2015.

Potential future changes to check payments

• Forgoing investments in the reserve banks’ check infrastructure to keep operating costs at existing levels with reduced reliability of check services over time;
• Investing in the reserve banks’ check infrastructure to maintain and potentially improve check services with higher operating costs; or
• Significantly reducing check services, or alternatively, substantially winding them down, both resulting in reduced operating costs.

Fed wants to know impact on consumers, businesses

The Fed’s request for public input asks several questions about these potential changes.

Note: this request for public input is only preliminary. 

Accordingly, if commenters and the Fed’s analysis support a strategy that may have significant longer-run effects on the nation’s payments system, the central bank would seek additional public comment on such changes to check services prior to adoption.

Here’s how to submit your check comments

Submit comments, identified in the Federal Register as Docket No. OP-[1874] by any of the following methods:

• Agency Website:https://www.federalreserve.gov/​apps/​proposals/​. Follow the instructions for submitting comments, including attachments. This is the preferred method.
• Mail: Benjamin W. McDonough, Deputy Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551.
• Hand Delivery/Courier: Same as mailing address.
• Other Means:[email protected]. You must include the docket number in the subject line of the message.

The deadline for comments is March 9, 2026. 

Related: Fed splits ahead of key December meeting as rate-cut debate grows