Financial Update (Fourth Quarter 2006)
Atlanta Fed Publishes
Payment technology continues to evolve, and consumers and businesses today have more options than ever to exchange money for goods and services.
To help consumers navigate the array of payment choices available, the Atlanta Fed has developed a new online publication, Paying for It: Checks, Cash, and Electronic Payments. This easy-to-understand publication discusses the most common forms of financial payments and describes the Federal Reserve's role in the nation's payment system.
Payment methods proliferate
In recent years electronic payments, including debit cards, credit cards, and automated clearinghouse transactions, have increased dramatically in popularity. The brochure includes:
|how these transactions—as well as checking accounts, various types of checks, and check collection and processing—work;|
|cash transactions and the Federal Reserve's role in processing and distributing currency; and|
|tips to help consumers manage their payments and understand the advantages and disadvantages of different payment methods.|
"One of our goals at the Atlanta Fed is to help ensure public confidence in the payment system, even as that system continues to evolve and become more complex," said Bobbie McCrackin, vice president and public affairs officer at the Atlanta Fed. "This online publication is an effort to explain the variety of payment options available to consumers and to provide consumers with some information to consider when selecting a payment method."