Saturday, March 10, 2012

The History of the Personal Check [Infographic]

The below infographic details the history of the personal check (also known as cheque), an instrument which has been a pivotal component of historical and modern banking, and the payment system.  While checks have become marginalized and even phased out in some countries, in preference of electronic payment systems, checks and related financial instruments (e.g. letters of credit, bills of exchange, bearer bonds, etc) remain an important tool in financial transactions and arrangements.  Central banks often have oversight of the payment system, particularly where the central bank has banking system regulatory responsibilities, and may play a role in regulating the form and function of checks, and the clearing and processing of check based payments.

History of Personal Checks

Infographic source:

1 comment:

  1. Hmm interesting, though I don't think I've ever used a check...