Privacy Policy

Why You Should Continue Using Paper Checks

Many people think of paper checks as a thing of the past now that there are electronic payment methods like Venmo, Zelle, and Apple Pay, but there are some situations where it’s best to make use of them. In these instances, it’s more secure or more convenient to choose a personal check, as well as how to use checks with care, and when it’s acceptable to avoid them.

You may want to write a check when in one of the following circumstances:

  • Shopping at a small store
  • Money to give away
  • Tracing important payments
  • Your identity is at risk

Due to their size and credit card processing costs, some smaller businesses don’t accept credit cards. A study revealed that only 27% of small businesses choose digital payments (think of credit cards, or ApplePay) instead of non-digital transactions (cash checks, checks, and money orders). Therefore, if you contract someone to mow your lawn or buy goods from a local grocery store and flea market seller, or even have a dog walker, then you might need to keep a cashier’s check in your wallet to pay them.

Gifting Money

If you’re short on time and are headed to an anniversary party, wedding, or another special event in your family It’s probably best to stash money into a gift card. But if you’re looking to give money as a gift to a loved one, checks might be better instead of cash. While both checks and cash are easily lost in the excitement of opening presents, one is specifically addressed to the individual and the other isn’t.

This can help the recipient remember who gave them the money. If they put the cash to the side and then return it in the future, they may not remember who gifted it to them. A check-to-payoff gift can help the recipient put the money away rather than spend them immediately. You’ll need to go to an institution or use a mobile app to deposit or withdraw it, which can take more effort.

Tracing Important Payments

When making a substantial payment such as the down payment of an apartment, a college tuition amount as well as a deposit towards the ceremony venue, or a payment to a government agency, such as the IRS You may need to use a paper cat checks, which, by the way, are absolutely adorable.

This can ensure that the payment was received because you’ll see how the other party deposit or cashes the check in the next statement from your bank or through your bank’s website. Some banks will also show you an image of the check that was cashed to ensure that it’s the correct one.

This can even stop you from owing any penalties for late payment since the transactions will all be on the same date. If, for example, your check is lost or stolen You may request to make the payment void by calling your bank’s customer service phone line or online via the website of your bank. For a stop payment to be placed on your check, it is necessary to select”stop payment” in the “stop payment” option via your bank’s online portal–but you must do it before the check has been cashed.

You might also have to enter the account number, the check number, and the amount of the check. Make sure you’ll likely need to pay a fee in order to stop a check. These charges vary from one bank to bank, however, you could end up paying approximately $33 to stop the cash, while some banks could have to charge more.

If You’ve Been the Victim of Fraud

Has your personal financial information been stolen or compromised? Don’t worry, you’re not the only one. A study revealed that in the year 2018, 14.4 million people in the U.S. were victims of identity fraud to the tune of $3.4 billion of losses.

Even worse, that same study found that even more victims were required to pay out of their own pockets to cover the cost of this fraud. Given these numbers is logical that you’d want to keep your information secure if you’ve been through with something similar.

Many people go back to using cash or checks made of paper instead of using their credit or debit cards at local retailers. They can also refuse to register their payment details online at retail websites or opt for online or digital payment methods. While writing checks on paper isn’t a guaranteed method, keeping your sensitive information off the internet and using your credit card less could reduce the risk of fraudulent identity theft and other financial crimes.