checking

5 banking predictions that missed the mark

The downfall of the check
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The credit card wasn't exactly the force it is today in the early 1960s, but people knew it would change banking. That led to this claim about checking.

In 1963, Dale L. Reistad, former director of automation and deputy manager of the American Bankers Association, told the association's first National Operations and Automation Conference that we would be a checkless society by 2000, according to Benton E. Gup's book "The Future of Banking."

Checks might not be as popular as they once were, but they're still around. The Federal Reserve of Boston found in a 2008 survey of Consumer Payment Choice that 73.5 percent of consumers made bill payments using checks or money orders.


 

 

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