Checkless Society

Notion that Electronic Funds Transfer (EFT) would someday replace check writing as the accepted way of transferring economic value. Innovations in financial services develop slowly, often taking 20 years or longer to become mature systems with broad consumer acceptance. However, financial innovation alone cannot completely reduce check writing. While newer services such as Automated Teller Machines and Internet Banking appeal to many consumers, banks also continue to offer popular low-cost checking accounts and personal service.