Drill of Soal Snmptn 2012 - History

>> Saturday, July 23, 2011


Checks have played a crucial role in the development of the financial industry throughout history. They are the oldest form of payment other than cash, and checks continue to be one of the most reliable ways to pay - despite the growth of electronic payments such as credit and debit.
You can expect the use of checks to remain a reliable payment option because of the impact they've had on the history of the world.
The Emergence of the Paper Check:
The earliest forms of checks can be traced back to the beginning of the banking system itself. It's believed that the people of the Ancient Roman Empire were the first to use what could be considered a paper check. Other cultures had their own versions of checks.

During the 3rd Century A.D. the Persian Empire used letters of credit known as chak. The word is referred to in a number of Arabic documents. Muslim traders used a version of a check system in the 9th century and the Knights of Templar introduced another version of checks used by Christian pilgrims taking journeys to the Holy Land or across Europe between the years 1118 and 1307.
All of these check systems allowed merchants and travelers the ability to transfer large sums of money without carrying gold and silver coins with them. It is believed the first nation to widely use checks as a form of payment instead of a means of transferring funds was Holland in the late 1500s. The use of checks spread across Europe from there.
The Paper Check Get Personal:
England began replacing handwritten checks (or cheques as they are called in the U.K.) with printed paper forms.
In 1811, the Commercial Bank of Scotland was the first to make personal checks with an account holder's name printed on the forms. Soon after - the Bank of England started binding and stitching checks together in sets of 50, 100 and 200 creating the first checkbooks.
Checks made their way to America a bit later in history. It's believed the first American to use checks was a businessman who mortgaged land to a fund in 1681 and wrote checks against it.
Modern Day Checks:
Big changes and some serious competition came about for personal checks in the modern age.
In 1959, the MICR code was developed in the United States. Magnetic ink character recognition allowed financial institutions to read the routing and account numbers with machines. It is similar to the way a tape deck plays back audio from the magnetic tape on a cassette. By the early sixties, MICR codes were used on checks all over the U.S.
The '50s also brought about the first charge card with the Diner's Club Card, and the first ATM or automated teller machine entered the scene in 1967.
Personal checks were being used so often in the U.S. Concerns arose in the 1960s that the volume of checks in the U.S. would be too much to control. That's when ACH or Automated Clearing House payments were developed bringing about conveniences like direct deposit.
Checks are still a large part of the.S. economy. A study in 1979 revealed that more than 85% of all non-cash retail payments were made by check. However, credit and debit card use increased through the 1980s and 1990s, and electronic payments as a whole outnumbered check payments for the first time in 2001 (according to the Federal Reserve).
In 2004, lawmakers in Washington D.C. passed the Check Clearing Act for the 21st Century also known as Check 21. Check 21 makes it possible for banks and businesses to use digital images of checks known as a substitute check.
Check 21 made check clearing and processing much faster and more efficient by eliminating the need for so many people to physically handle a check.
The Future of Checks:

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Checks have been a big contributor to the evolution of the financial industry for the past five centuries. Current research reveals that 67% of U.S. citizen claim to write a minimum of 10 personal checks each month.
These days, you can order personal checks online and even choose check designs that fit your personality. Options at Check Advantage include Nature Checks, Wildlife Checks and Fun and Games Checks.
The newest payment option available to the public is mobile banking. Quite a few banks have created programs for smartphones allowing their customers to deposit checks for virtually anywhere. All a user has to do is snap a picture of the check's front and back, enter the amount and send it to their bank or credit union.
There's much more to learn about personal checks. Visit the Check Education section Kasey Steinbrinck maintains at Check Advantage and earn your master's degree in checks.

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