The E-Sylum:  Volume 7, Number 50, December 12, 2004, Article 16

DEBIT CARDS TAKE LEAD OVER CHECKS

  The Washington Post published an article Tuesday commenting
  on a new study released by the U.S. federal Reserve Bank on
  the use of debit cards and checks:

  "Americans kept their checkbooks in their pockets and instead
  flashed debit cards in record numbers last year, making 2003
  the first time plastic and other electronic payment methods 
  beat out paper, according to a survey released yesterday by
  the Federal Reserve. 

  A total of 44.5 billion electronic payment transactions 
  crossed the wires in 2003, compared with 36.7 billion check 
  payments. Those numbers marked a turnabout from 2000, when 
  Americans wrote 41.9 billion checks, and electronic payments 
  clocked in at 30.6 billion, the Fed said. 

  The trend toward electronic payments and away from paper 
  checks has been in progress for many years. But it has been 
  accelerated by especially strong growth in the popularity of
  debit cards, which can now be used to buy just about anything
  plane tickets or McDonald's Happy Meals."

  To read the full article, see: Full Story

  Wayne Homren, Editor

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