Date of Defense



Finance and Commercial Law


Today, nearly 80% of the money supply is in the form of demand deposits in commercial banks. Deposits to and withdrawals from these deposits are done primarily by check. The volume of transactions by check is escalating to enormous numbers which threaten the capacity of our current system. The costs of the clearing process each check goes through has led banks to search for alternative methods of payment for their customers. The gradual acceptance of bank credit cards, preauthorized payment plans plus the sophistication of computer technology has led to a trend toward what some foresee as a "cashless, checkless society." This paper analyzes the evolution of the Electronic Funds Transfer System and its impact on society.

Access Setting

Honors Thesis-Campus Only