W W W. M A I N E B I Z . B I Z 17 N OV E M B E R 2 7 , 2 0 2 3
F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E
If you haven't been in your bank's local branch lately, you're not alone. A Federal
Reserve study that looked at 2021 data showed that Americans have adapted to all
kinds of electronic conveniences. The value of core non-cash payments in the U.S. grew
faster from 2018 to 2021 than in any previous Fed measurement period since 2000.
Non-cash payments totaled
$128.5 trillion in 2021.
Non-cash payments
have increased at a rate
of 9.5% per year.
Automated clearing house
transfers made up 90%
of non-cash payments.
Check use dropped
by 7.2% a year.
The value of checks written
rose from $1,908 in 2018
to $2,430 in 2021.
S O U R C E : The Federal Reserve Payments Study: 2022 Triennial Initial Data Release
KEY FINDINGS BETWEEN 2018–21
Card payments increased
by 10% a year between
2018 and 2021.
The number of non-cash
payments grew from 173.8
billion to 204.5 billion.
Debit card usage (non-prepaid)
grew by 87.8 billion payments.
The number of ATM cash
withdrawals declined
by 10.1% a year.
The average amount withdrawn
from ATMs grew from $156
in 2018 to $198 in 2021.
