Paper Checks Refuse to Bury the Penny: Billions Written Despite Federal Efforts

Despite efforts to phase out paper checks, Americans still wrote a staggering 9.2 billion of them in 2024, totaling $24 trillion in value, according to a Federal Reserve Payments Study.

Last year, President Donald Trump signed an executive order to wind down the federal government's use of paper checks, citing increased efficiency, reduced costs, and lower risk of financial fraud and improper payments.

As part of this effort, the Treasury stopped issuing paper checks effective last September, but it appears that Americans are still relying on them for various transactions.