Atlanta Fed Offers Online Guide to Financial Payments

For immediate release: Sept. 27, 2006

ATLANTA—The Federal Reserve Bank of Atlanta today announced the publication of a guide for consumers and businesses that provides information on the most common forms of making financial payments.

The brochure, Paying for It: Checks, Cash, and Electronic Payments, introduces consumers to the options available for exchanging money for goods and services and describes the Federal Reserve’s role in the nation’s payment system.

During the past several years, electronic payments, including debit cards, credit cards and automated clearinghouse transactions, have become very popular. These transactions are described in the brochure, as well as checking accounts, the types of checks available and check collection and processing. Cash transactions and the Federal Reserve’s role in processing and distributing currency are also described. In addition, tips are included to help consumers manage their payments and understand the advantages and disadvantages of the different payment methods.

“One of our goals at the Atlanta Fed is to help ensure public confidence in the payments 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 brochure 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.”

Paying for It: Checks, Cash, and Electronic Payments is available on the Atlanta Fed’s Web site.

The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida, Georgia and parts of Louisiana, Mississippi and Tennessee. As part of the nation’s central banking system, the Atlanta Fed participates in setting national monetary policy, supervises numerous commercial banks and provides a variety of financial services to depository institutions and the U.S. government.