Fed Weighs Check Service Changes Amid Rise in Digital Payments

The Marriner S. Eccles Federal Reserve building in Washington.

Photographer: Al Drago/Bloomberg

The Federal Reserve is seeking input on potential check service changes, as the central bank weighs substantial investments in its check infrastructure.

Reserve banks offer check collection and processing services at a fee to lenders and credit unions, the Fed said in a statement. But as the use of digital payments has risen, check use has declined and fraud has increased.