“Until about five years ago, I used to carry my checkbook everywhere,” writes Lainie Petersen in the Money Crashers blog. “In fact, some of my purses even had a special compartment that provided easy access to my oft-used pad of checks. Nowadays, however, I leave my checkbook at home. In fact, I can’t remember the last time I wrote a paper check.”
Lest you believe she’s on track to write another “death of the paper check” article, Ms. Peterson goes on to explain why it’s still important for consumers to maintain and use a checkbook. Her reasons, which she expands upon in her article, include:
- Some Businesses Charge Extra Fees for Credit Card Payments.
- You Can Pay During Utility Outages.
- Some Businesses Prefer Paper Checks or Money Orders.
- Some Retail Shops Enforce a Minimum Credit Card Purchase.
- Checks are Traceable.
- Gift Giving. Gift recipients can deposit your check into their bank accounts and spend the cash however they like, unlike gift cards, which may be restricted to a merchant, can only be used at merchants that accept a particular credit card brand, or charge fees for maintenance or cash withdrawals at an ATM.
- Checks Are Less Costly Than Money Orders.
So, even in the face of growing digital payment options, the paper check – – far from being discarded – – is still being held up as a vital piece of the consumer payments equation. One of the many reasons why OrboAnywhere technology, security, and efficiency solutions remain compelling for the future!