Could paper checks be on the way out, like the penny?

(CNN) — First the penny. Next, paper checks?

When the US Mint stopped making pennies last month for the first time in 238 years, it drew a lot of attention. But there have been quiet moves to stop using paper checks as well.

The government stopped sending out most paper checks to recipients as of the end of September, part of an effort to fully modernize federal benefits payments. And on Thursday the Federal Reserve put out a notice that suggested it is considering – but only considering – the “winding down” of checking services it now provides for banks.

The central bank’s statement said that as an alternative to winding down those services, it is mulling more investment in its check processing services, but noted that would come at a higher cost. But it is also considering not ma