The Check Is Dead! Long Live the Check! A Check 21 Update
Paul W. Bauer, Geoffry R. Gerdes · Economic Commentary (Federal Reserve Bank of Cleveland) · 2009
Check 21 legislation has enabled the check clearing system to transform from paper to electronics, and much more rapidly than some had predicted. As a result of competition with other payment methods, check use has been declining since the mid-1990s, but because of the rapid adoption of electronic payment methods, checks are evolving and are unlikely to disappear anytime soon. Checks are still a convenient way to initiate some payments, and electronic processing has only made them more competitive with all types of electronic payments.