Fed hikes cheque processing costs by 41%
In a bid to encourage the move to electronic processing of cheques, the Federal Reserve will increase its charges for the processing of paper by 41% in 2009.
In contrast the Fed says it will increase the charge for electronic payments by only 2%.
The move comes as the US experiences a dramatic shift from paper to electronic processing of cheques.
From a rate of just over 40% in 2007, the number of cheques deposited electronically has grown rapidly. In August 2008, the proportion deposited
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