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Should Paper Checks Be Abolished Like The Penny?

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Author Replies: 9 / Views: 162Next Topic  
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jbuck's Avatar
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 Posted Yesterday   1:35 pm Show Profile   Bookmark this topic Add jbuck to your friends list Get a Link to this Message Number of Subscribers
Interesting question I never considered before reading this article.

I have not written a check in well over 20 years, but I know my wife still has a checkbook and uses it when necessary.

Should Paper Checks Be Abolished Like The Penny?

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 Posted Yesterday   2:56 pm  Show Profile   Bookmark this reply Add livingwater to your friends list Get a Link to this Reply
I still use some paper checks. My local natural gas company and DMV charges fee for paying online with debit or credit card so I mail a check or use check in person. Some bills I mail a check rather than filling out card information on the bill such as my doctor. And like many coin dealers my local coin store charges fee for paying by debit or credit card so I use cash or write a check.

Edited by livingwater
Yesterday 3:02 pm
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GLB49's Avatar
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 Posted Yesterday   3:46 pm  Show Profile   Bookmark this reply Add GLB49 to your friends list Get a Link to this Reply
I still use paper checks to pay certain bills and the VA. I like having an option for plastic.
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JennyCents's Avatar
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 Posted Yesterday   4:15 pm  Show Profile   Bookmark this reply Add JennyCents to your friends list Get a Link to this Reply
They come in handy when paying to have your house worked on. I can't remember the last time when I used a check out in the wild while shopping though.
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Bud250r's Avatar
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 Posted Yesterday   4:30 pm  Show Profile   Bookmark this reply Add Bud250r to your friends list Get a Link to this Reply
I might write 3 a year.
Only to avoid paying 3% fees.
It seems like more and more companies are charging them.
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jbuck's Avatar
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 Posted Yesterday   4:38 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
My local natural gas company and DMV charges fee for paying online with debit or credit card so I mail a check or use check in person.
I use ACH for all my bills. No fees.

Quote:
It seems like more and more companies are charging them.
Yeah. I have noticed some have started adding fees for "check processing" while credit/debit always had a fee that is still higher.
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Vector Ze's Avatar
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 Posted Yesterday   4:50 pm  Show Profile   Check Vector Ze's eBay Listings Bookmark this reply Add Vector Ze to your friends list Get a Link to this Reply
Interesting article.
I can't pin down the last time I wrote a check, but I believe it was just before I started by 2nd career, in 1989.
And I don't remember when I last saw one being written at a grocery store, but it has definitely been years.

But as noted, there are several checks created on my behalf every month through online bill payment. I don't know how that will be handled for payments to entities that don't accept electronic transfer.
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jbuck's Avatar
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 Posted Yesterday   4:53 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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I don't know how that will be handled for payments to entities that don't accept electronic transfer.
The free market would pressure a solution, right?
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Sap's Avatar
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 Posted Yesterday   9:32 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
The abolition of checks (or "cheques", as the rest of the English-speaking world calls them) is inevitable. They are an anachronism, 17th century technology that is increasingly incompatible with 21st century financial systems. The United States is just about the last technologically advanced country where they still exist as a major component of the economy.

As the article noted, Australia is legally banning them from 2030, but functionally, most Australian banks are already ahead of the game. Some banks have already abolished both the issuing and processing of cheques. All the big banks and most of the smaller ones have already abolished anyone applying for new chequing accounts, for both personal and corporate accounts. For holders of already-existing cheque accounts, the banks will either no longer issue new chequebooks or only issue them under strict limited conditions. So when you literally run out of cheques, you're forced to switch to electronic banking. So by the time 2030 rolls around, cheques will already have functionally disappeared from use.

Banks hate cheques, and all the time, money and paperwork that cheques require. So they're totally on board with their abolition, and have done a lot over the past few decades to discourage their customers from using cheques and switch to electronic payments instead.
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nickelsearcher's Avatar
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 Posted Today  2H 31M ago  Show Profile   Bookmark this reply Add nickelsearcher to your friends list Get a Link to this Reply
The last time I wrote a check was early in the COVID pandemic to pay my VISA bill. It got delayed in the mail and I was charged a late fee even though I mailed it weeks in advance of the due date.

Made the immediate switch to ACH transfers on all my bills and have never looked back.

I won't miss the passing of checks one bit.
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