Commercial Checks Returned 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 (thousands (millions check Quarter of items) change of dollars change of items) of dollars) (dollars) 2023:Q4 6 0.2 20 4.2 92 323 3,516 2023:Q3 6 4.1 19 -2.5 90 305 3,381 2023:Q2 5 2.1 20 2.0 87 313 3,612 2023:Q1 5 -2.5 19 2.4 86 311 3,615 2022:Q4 5 -4.0 19 3.2 90 309 3,440 2022:Q3 6 9.5 18 -5.8 89 285 3,200 2022:Q2 5 2.8 19 11.8 83 308 3,719 2022:Q1 5 -2.0 17 2.7 82 280 3,419 2021:Q4 5 6.9 17 13.1 82 268 3,263 2021:Q3 5 17.0 15 1.2 76 233 3,085 2021:Q2 4 -10.6 15 -2.1 65 231 3,568 2021:Q12 5 -4.2 15 5.4 76 247 3,257 2020:Q4 5 5.7 14 2.6 73 217 2,958 2020:Q3 5 14.9 14 17.6 71 218 3,048 2020:Q2 4 -39.6 12 -24.6 62 185 2,978 2020:Q1 7 -4.9 16 8.5 106 254 2,385 2019:Q4 7 -1.2 14 1.6 112 234 2,092 2019:Q3 7 6.1 14 -4.9 110 223 2,034 2019:Q2 7 -0.3 15 7.0 103 234 2,268 2019:Q1 7 -9.5 14 -2.9 109 230 2,114 2018:Q4 7 0.4 14 5.8 118 233 1,971 2018:Q3 7 2.7 14 -6.0 116 217 1,871 2018:Q2 7 -2.3 15 4.1 111 227 2,042 2018:Q1 7 -6.0 14 5.4 117 225 1,916 2017:Q4 8 -4.0 13 0.8 127 217 1,709 2017:Q3 8 3.7 13 -5.7 128 208 1,627 2017:Q2 8 1.1 14 6.5 122 218 1,790 2017:Q1 8 -6.1 13 1.8 124 211 1,698 2016:Q4 8 -3.3 13 -0.7 134 210 1,565 2016:Q3 8 9.1 13 -1.9 132 202 1,524 2016:Q2 8 1.2 13 4.1 121 206 1,694 2016:Q1 8 -10.7 13 -1.0 124 204 1,648 2015:Q4 9 -1.1 13 1.6 139 206 1,487 2015:Q3 9 6.0 13 -3.9 136 197 1,448 2015:Q2 8 5.1 13 5.6 128 204 1,598 2015:Q1 8 -14.4 12 -3.5 128 203 1,592 2014:Q4 9 -5.2 13 -0.2 147 207 1,411 2014:Q3 10 4.6 13 -2.5 150 201 1,341 2014:Q2 9 1.1 13 2.0 143 206 1,439 2014:Q1 9 -11.8 13 -3.2 149 212 1,427 2013:Q4 10 -5.2 13 -2.0 166 216 1,301 2013:Q3 11 3.8 14 -3.3 169 213 1,259 2013:Q2 10 -0.2 14 4.2 163 221 1,351 2013:Q1 10 -14.3 14 -11.1 172 222 1,294 2012:Q4 12 -1.4 15 10.7 197 246 1,247 2012:Q3 12 3.2 14 -5.9 197 219 1,110 2012:Q2 12 -1.2 15 1.4 188 229 1,217 2012:Q1 12 -16.2 14 -6.5 196 233 1,185 2011:Q4 15 -7.7 15 -4.1 238 253 1,063 2011:Q3 16 2.9 16 2.5 246 251 1,022 2011:Q2 15 2.9 16 -11.0 239 245 1,027 2011:Q1 15 -17.5 18 -5.0 239 284 1,187 2010:Q4 18 -5.5 19 -4.1 286 295 1,031 2010:Q3 19 3.9 19 -1.2 298 302 1,016 2010:Q2 18 2.9 20 -4.4 286 306 1,069 2010:Q1 18 -17.7 20 -9.7 292 336 1,150 2009:Q4 22 -4.8 23 -6.7 349 366 1,048 2009:Q3 23 5.0 24 -7.9 350 374 1,070 2009:Q2 22 -13.7 26 -17.5 338 412 1,219 2009:Q1 25 -10.0 32 -4.8 411 524 1,276 2008:Q4 28 -2.4 34 -0.3 449 542 1,206 2008:Q3 29 11.1 34 9.4 446 527 1,181 2008:Q2 26 6.0 31 -1.3 402 481 1,199 2008:Q1 24 -15.7 31 -4.1 391 503 1,288 2007:Q4 29 -2.6 33 -5.5 464 525 1,132 2007:Q3 30 -1.9 34 -4.5 468 547 1,168 2007:Q2 30 7.4 36 -1.4 470 564 1,200 2007:Q1 28 -5.8 37 7.3 451 590 1,308 2006:Q4 30 -4.0 34 3.6 479 550 1,148 2006:Q3 31 4.4 33 -0.8 492 523 1,063 2006:Q2 30 6.6 33 2.1 463 519 1,120 2006:Q1 28 -14.2 33 -8.9 449 524 1,169 2005:Q4 32 -5.8 36 0.9 531 585 1,102 2005:Q3 34 8.9 35 6.5 538 553 1,029 2005:Q2 32 10.1 33 10.4 494 520 1,052 2005:Q1 29 -13.7 30 -8.2 463 486 1,049 2004:Q4 33 -10.4 33 -5.7 528 521 986 2004:Q3 37 -0.3 35 2.9 580 543 936 2004:Q2 37 -3.1 34 -4.8 577 524 907 2004:Q1 38 -12.7 35 -7.2 615 567 923 2003:Q4 44 0.0 38 -0.6 705 612 868 2003:Q3 44 1.4 38 0.8 682 596 873 2003:Q2 43 3.1 38 -0.2 673 591 878 2003:Q1 42 -7.1 38 -0.6 685 621 907 2002:Q4 45 1.6 38 2.5 725 615 847 2002:Q3 44 5.7 37 8.8 692 581 840 2002:Q2 42 0.6 34 -3.0 655 534 815 2002:Q1 42 -11.1 35 -5.0 683 577 846 2001:Q4 47 6.7 37 0.2 756 598 791 2001:Q3 44 -1.0 37 -0.2 697 588 843 2001:Q2 44 2.9 37 0.3 693 580 836 2001:Q1 43 -4.6 37 2.9 695 596 858 2000:Q4 45 -0.3 36 -0.7 729 580 795 2000:Q3 45 3.5 36 -1.8 719 575 799 2000:Q2 44 4.8 37 1.1 684 576 841 2000:Q1 42 -11.9 36 -0.1 664 579 872 1999:Q4 47 3.3 37 4.9 753 579 770 1999:Q3 46 8.1 35 2.7 718 544 758 1999:Q2 43 1.5 34 -2.2 664 530 797 1999:Q1 42 -9.5 35 -0.7 687 568 828 1998:Q4 46 2.6 35 2.0 747 563 754 1998:Q3 45 2.4 34 1.6 695 526 758 1998:Q2 44 1.7 34 2.8 689 526 763 1998:Q1 43 -9.8 33 -5.4 710 537 756 1997:Q4 48 1.9 35 2.6 774 558 721 1997:Q3 47 3.6 34 1.8 736 527 716 1997:Q2 45 0.8 33 0.3 711 518 729 1997:Q1 45 -5.3 33 2.2 740 542 732 1996:Q4 48 3.2 32 1.6 769 521 678 1996:Q3 46 7.8 32 4.1 722 497 688 1996:Q2 43 2.3 31 -2.4 670 477 713 1996:Q1 42 -3.5 31 3.4 675 505 747 1995:Q4 43 0.1 30 -2.2 700 488 697 1995:Q3 43 5.4 31 2.3 688 491 714 1995:Q2 41 1.4 30 -1.2 643 473 735 1995:Q1 41 -4.1 31 -4.2 654 494 755 1994:Q4 42 -0.7 32 5.7 693 524 756 1994:Q3 43 4.0 30 -1.1 665 472 711 1994:Q2 41 5.0 31 -1.9 639 478 747 1994:Q1 39 -12.3 31 -7.5 629 503 800 1993:Q4 44 3.8 34 7.4 705 535 758 1993:Q3 43 3.7 31 -0.1 669 490 733 1993:Q2 41 5.5 31 4.0 645 491 761 1993:Q1 39 -9.6 30 -4.1 641 495 772 1992:Q4 43 1.3 31 3.0 698 508 727 1992:Q3 43 4.7 31 4.1 657 470 716 1992:Q2 41 -3.5 29 -6.5 638 459 720 1992:Q1 42 -6.9 31 4.3 682 507 743 1991:Q4 45 -0.2 30 -12.4 721 478 663 1991:Q3 45 3.8 34 13 711 537 755 1991:Q2 44 1.1 30 3.6 696 483 694 1991:Q1 43 -12.2 29 n.a. 711 481 677 1990:Q4 49 6.8 n.a. n.a. 797 n.a. n.a. 1990:Q3 46 6.2 n.a. n.a. 734 n.a. n.a. 1990:Q2 44 -2.7 n.a. n.a. 680 n.a. n.a. 1990:Q1 45 8.8 n.a. n.a. 722 n.a. n.a. 1989:Q4 41 1.3 n.a. n.a. 663 n.a. n.a. 1989:Q3 41 3.4 n.a. n.a. 645 n.a. n.a. 1989:Q2 39 -2.1 n.a. n.a. 614 n.a. n.a. 1989:Q1 40 n.a. n.a. n.a. 647 n.a. n.a. 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. n.a. Not available