The Federal Reserve Board on Thursday requested public input on the impact of potential strategic changes to check services provided by the Fed, as well as check usage and preferences. The 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 Board understand stakeholder ... (full story)