Debit cards are now the most common noncash payment method nationally, with checks representing less than a quarter of such payments. This is according to the 2010 Federal Reserve Payment Study, released in April 2011.
The study estimates that in 2009, 35% of noncash payments were made with debit cards, up from 26% in 2006. 22% were made by check, down from 32% in 2006. The rest were made by credit card (20%), automated clearinghouse payments (18%), and prepaid cards (5%).
The study estimates that 109 billion noncash payments were made in 2009, compared to 95.2 billion in 2006. The total value of the 109 billion transactions was $72.2 trillion.
The study also estimates that there were 6 billion ATM withdrawals in 2009, with an average withdrawal of $108.
