Checks' Future Uncertain as Fed Considers Ending Processing

The podcast episode delves into the potential phase-out of paper checks, following the US Mints halt on penny production. The Federal Reserve is considering winding down check processing services due to declining usage and the rise of digital payments. This move could impact older consumers and businesses reliant on checks for low-cost transactions. Despite the shift towards digital, checks remain vital for low-income individuals and businesses, with a history dating back nearly 2400 years. The episode explores the potential challenges of completely eliminating checks and the likelihood of the checking systems continued use.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.