Commercial Checks Collected through the Federal Reserve The daily average volume and average daily value of items are based on the number of business days in each quarter.1 Average Average daily daily Average Volume Volume Value Value volume value value per (millions percent (billions percent (millions (billions check Quarter of items) change of dollars change of items) of dollars) (dollars) 2023:Q4 773 0.6 2,037 -0.1 12.5 32.8 2,634 2023:Q3 769 -4.6 2,039 -8.2 12.2 32.4 2,653 2023:Q2 806 0.8 2,222 3.3 12.8 35.3 2,758 2023:Q1 799 -2.5 2,152 0.3 12.9 34.7 2,693 2022:Q4 819 -2.5 2,144 -2.7 13.4 35.2 2,617 2022:Q3 840 -3.0 2,204 -10.3 13.1 34.4 2,623 2022:Q2 866 2.2 2,456 14.6 13.7 39.0 2,836 2022:Q1 848 -8.2 2,143 -4.0 13.7 34.6 2,528 2021:Q4 924 2.4 2,234 5.0 14.7 35.5 2,417 2021:Q3 902 -3.0 2,127 -9.4 14.1 33.2 2,358 2021:Q2 930 3.3 2,348 14.7 14.5 36.7 2,525 2021:Q12 901 -3.6 2,048 1.2 14.8 33.6 2,274 2020:Q4 935 -0.6 2,025 -5.4 14.2 30.7 2,166 2020:Q3 940 5.3 2,141 24.3 14.7 33.5 2,278 2020:Q2 893 -10.7 1,723 -13.2 13.9 26.9 1,930 2020:Q1 999 -7.9 1,986 -2.5 16.1 32.0 1,987 2019:Q4 1,085 0.1 2,037 -0.9 17.5 32.9 1,877 2019:Q3 1,084 -3.9 2,055 -8.0 16.9 32.1 1,895 2019:Q2 1,128 3.3 2,234 12.1 17.6 34.9 1,981 2019:Q1 1,091 -6.6 1,992 -3.8 17.9 32.7 1,825 2018:Q4 1,169 1.9 2,072 0.0 18.9 33.4 1,772 2018:Q3 1,147 -5.4 2,072 -8.9 18.2 32.9 1,805 2018:Q2 1,212 0.1 2,274 10.0 18.9 35.5 1,875 2018:Q1 1,211 -4.6 2,068 -0.2 19.5 33.4 1,708 2017:Q4 1,268 1.1 2,072 1.4 20.8 34.0 1,634 2017:Q3 1,255 -5.1 2,044 -9.1 19.9 32.4 1,629 2017:Q2 1,322 1.2 2,249 8.5 20.7 35.1 1,700 2017:Q1 1,307 -1.2 2,072 2.7 21.1 33.4 1,586 2016:Q4 1,322 2.5 2,017 1.4 21.7 33.1 1,526 2016:Q3 1,289 -2.7 1,990 -7.1 20.1 31.1 1,544 2016:Q2 1,325 1.5 2,142 10.4 20.7 33.5 1,617 2016:Q1 1,305 -3.9 1,939 -1.8 21.1 31.3 1,486 2015:Q4 1,358 0.2 1,974 -2.1 21.9 31.8 1,454 2015:Q3 1,355 -3.0 2,018 -7.6 21.2 31.5 1,489 2015:Q2 1,396 3.9 2,183 12.8 21.8 34.1 1,564 2015:Q1 1,344 -6.7 1,935 -4.1 22.0 31.7 1,440 2014:Q4 1,441 0.5 2,018 -0.4 23.2 32.6 1,401 2014:Q3 1,433 -2.4 2,027 -6.9 22.4 31.7 1,414 2014:Q2 1,468 4.9 2,178 15.5 22.9 34.0 1,483 2014:Q1 1,400 -5.7 1,886 -1.9 22.9 30.9 1,348 2013:Q4 1,484 0.2 1,922 -2.1 23.9 31.0 1,295 2013:Q3 1,481 -3.1 1,964 -7.4 23.1 30.7 1,326 2013:Q2 1,528 2.3 2,122 8.6 23.9 33.2 1,388 2013:Q1 1,495 -5.8 1,953 -3.1 24.5 32.0 1,307 2012:Q4 1,587 2.5 2,016 2.2 25.6 32.5 1,271 2012:Q3 1,548 -5.7 1,972 -8.4 24.6 31.3 1,274 2012:Q2 1,641 1.0 2,154 7.2 25.6 33.7 1,312 2012:Q1 1,626 -2.8 2,010 0.4 26.2 32.4 1,236 2011:Q4 1,673 3.5 2,002 1.3 27.4 32.8 1,197 2011:Q3 1,617 -5.1 1,976 -1.1 25.3 30.9 1,222 2011:Q2 1,703 0.2 1,998 1.5 26.6 31.2 1,173 2011:Q1 1,699 -7.8 1,968 -7.4 27.4 31.7 1,159 2010:Q4 1,842 -0.8 2,125 0.0 29.2 33.7 1,154 2010:Q3 1,857 -8.2 2,126 -6.4 29.0 33.2 1,145 2010:Q2 2,022 1.5 2,271 -1.4 31.6 35.5 1,123 2010:Q1 1,992 -5.9 2,302 -8.2 32.7 37.7 1,156 2009:Q4 2,118 2.0 2,508 -3.3 34.2 40.4 1,184 2009:Q3 2,075 -7.3 2,593 -4.2 31.9 39.9 1,249 2009:Q2 2,238 3.9 2,706 2.7 35.0 42.3 1,209 2009:Q1 2,154 -8.8 2,634 -12.5 35.3 43.2 1,223 2008:Q4 2,361 -0.9 3,012 -13.6 38.1 48.6 1,276 2008:Q3 2,381 -1.7 3,488 -2.6 37.2 54.5 1,465 2008:Q2 2,422 1.7 3,583 -2.6 37.8 56.0 1,479 2008:Q1 2,381 -4.4 3,677 -4.8 38.4 59.3 1,544 2007:Q4 2,489 2.7 3,863 -0.2 40.1 62.3 1,552 2007:Q3 2,424 -4.8 3,869 -6.2 38.5 61.4 1,596 2007:Q2 2,547 0.2 4,124 2.0 39.8 64.4 1,619 2007:Q1 2,541 -3.5 4,043 0.1 41.0 65.2 1,591 2006:Q4 2,633 -2.1 4,037 -3.7 42.5 65.1 1,533 2006:Q3 2,690 -6.1 4,191 -1.0 42.7 66.5 1,558 2006:Q2 2,863 -1.2 4,232 6.3 44.7 66.1 1,478 2006:Q1 2,897 -2.9 3,983 -0.5 46.7 64.2 1,375 2005:Q4 2,982 0.0 4,001 -1.6 48.9 65.6 1,342 2005:Q3 2,982 -4.7 4,066 2.5 46.6 63.5 1,364 2005:Q2 3,128 -0.2 3,966 8.6 48.9 62.0 1,268 2005:Q1 3,136 -3.9 3,651 3.5 50.6 58.9 1,164 2004:Q4 3,262 -3.9 3,527 -1.4 51.8 56.0 1,081 2004:Q3 3,394 -5.5 3,579 -3.2 53.0 55.9 1,054 2004:Q2 3,593 -1.7 3,695 6.1 56.0 58.0 1,029 2004:Q1 3,656 -5.3 3,484 -5.1 58.6 55.9 953 2003:Q4 3,859 -0.7 3,672 -8.9 62.0 59.0 952 2003:Q3 3,887 -4.2 4,031 1.2 61.0 63.0 1,037 2003:Q2 4,058 1.4 3,983 6.3 63.0 62.0 981 2003:Q1 4,001 -4.6 3,745 -4.4 63.0 61.0 936 2002:Q4 4,193 1.9 3,918 3.2 68.0 63.0 934 2002:Q3 4,114 -2.2 3,798 0.8 64.0 59.0 923 2002:Q2 4,208 3.4 3,768 6.2 66.0 59.0 895 2002:Q1 4,071 -2.7 3,548 -5.6 67.0 58.0 872 2001:Q4 4,183 0.5 3,757 1.7 67.0 61.0 898 2001:Q3 4,164 -3.3 3,694 -4.6 66.0 59.0 887 2001:Q2 4,307 1.3 3,870 9.6 67.0 60.0 899 2001:Q1 4,251 -0.6 3,531 2.2 69.0 57.0 831 2000:Q4 4,276 2.2 3,456 0.9 69.0 56.0 808 2000:Q3 4,185 -3.3 3,426 -3.9 66.0 54.0 819 2000:Q2 4,328 3.0 3,566 4.9 68.0 56.0 824 2000:Q1 4,204 -4.0 3,400 -2.4 67.0 54.0 809 1999:Q4 4,381 4.1 3,483 2.7 70.0 55.0 795 1999:Q3 4,207 -2.2 3,390 -4.4 66.0 53.0 806 1999:Q2 4,304 2.9 3,547 5.3 67.0 55.0 824 1999:Q1 4,182 -3.1 3,369 -0.1 69.0 55.0 805 1998:Q4 4,316 5.2 3,373 10.3 70.0 54.0 781 1998:Q3 4,102 -1.2 3,057 -6.7 63.0 47.0 745 1998:Q2 4,152 3.7 3,276 -3.1 65.0 51.0 789 1998:Q1 4,004 -3.8 3,379 6.1 66.0 55.0 844 1997:Q4 4,162 3.8 3,185 1.9 67.0 51.0 765 1997:Q3 4,009 0.6 3,128 2.0 63.0 49.0 780 1997:Q2 3,985 5.0 3,068 10.1 62.0 48.0 770 1997:Q1 3,793 -4.2 2,787 -4.4 62.0 46.0 735 1996:Q4 3,958 2.9 2,916 2.0 64.0 47.0 737 1996:Q3 3,847 -1.1 2,860 -3.6 60.0 45.0 743 1996:Q2 3,889 2.5 2,966 4.3 61.0 46.0 763 1996:Q1 3,793 -2.0 2,843 -2.3 61.0 46.0 750 1995:Q4 3,870 2.8 2,911 1.8 62.0 47.0 752 1995:Q3 3,764 -4.2 2,858 -2.9 60.0 45.0 759 1995:Q2 3,929 0.7 2,943 2.9 61.0 46.0 749 1995:Q1 3,903 -2.6 2,859 -1.5 63.0 46.0 733 1994:Q4 4,007 0.3 2,904 0.1 66.0 48.0 725 1994:Q3 3,996 -4.6 2,901 -5.5 62.0 45.0 726 1994:Q2 4,188 -2.3 3,072 -4.1 65.0 48.0 733 1994:Q1 4,288 -11.2 3,203 -12.7 69.0 52.0 747 1993:Q4 4,831 3.2 3,671 5.0 77.0 58.0 760 1993:Q3 4,684 -2.7 3,496 -2.5 73.0 55.0 746 1993:Q2 4,816 2.9 3,587 8.5 75.0 56.0 745 1993:Q1 4,678 -4.0 3,307 -3.2 77.0 54.0 707 1992:Q4 4,873 3.7 3,416 4.2 79.0 55.0 701 1992:Q3 4,698 -1.8 3,278 -2.3 72.0 50.0 698 1992:Q2 4,784 1.8 3,354 5.0 75.0 52.0 701 1992:Q1 4,699 -2.7 3,194 2.9 76.0 52.0 680 1991:Q4 4,831 3.6 3,104 1.7 77.0 49.0 643 1991:Q3 4,662 -0.9 3,054 -1.5 73.0 48.0 655 1991:Q2 4,706 3.6 3,100 6.3 75.0 49.0 659 1991:Q1 4,544 -4.6 2,915 -6.4 74.0 48.0 642 1990:Q4 4,762 4.6 3,115 1.1 77.0 50.0 654 1990:Q3 4,552 -3.0 3,079 -5.3 72.0 49.0 676 1990:Q2 4,691 2.2 3,252 5.9 73.0 51.0 693 1990:Q1 4,590 0.0 3,071 -0.6 74.0 50.0 669 1989:Q4 4,592 3.7 3,091 2.3 74.0 50.0 673 1989:Q3 4,428 -2.9 3,020 -5.7 70.0 48.0 682 1989:Q2 4,558 2.7 3,204 6.3 71.0 50.0 703 1989:Q1 4,436 0.7 3,014 2.2 72.0 49.0 679 1Data are updated quarterly. Values are subject to minor changes based on revisions to underlying data. 2Prior to Q1 2021 reported "Average daily volumes" and "Average daily value" in the above data are based on the Federal Reserve Board of Governors’ holiday schedule. Beginning in Q1 2021, reported "Average daily volumes" and "Average daily value" are based on Federal Reserve Financial Services holiday schedule.