A post on…paper checks!
-Treasury processed 116 million paper checks in FY2024.
-In FY2023, $25 billion in tax refunds were delayed or lost due to returned or expired checks.
-Treasury maintains a physical lockbox network to collect checks for tax (IRS), passport (State Department), etc. It costs approximately $2.40 per check to maintain this lockbox network.
-Deleting paper checks would save at least $750 million per year.
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