Paper Checks – Why You Should Still Use Them

You may think of check writing as a thing of the past now that there are digital payment options such as Venmo, Zelle, and Apple Pay, but there are still a few instances in which it may be the best to make use of them. In these instances, it’s more secure or more convenient to choose a personal check, how to use checks safely, and also when it’s acceptable to avoid them.

You might want to make checks in any of the following scenarios:

  • Shop at a small business
  • Cash gifts
  • Tracing important payments
  • Secure your identity

Shopping at a Small Business

Because of their size and processing charges, some small businesses aren’t able to accept credit cards. In fact, one study revealed that only 27% of small businesses would prefer digital transactions (think ApplePay or credit card) ApplePay) instead of non-digital transactions (cash check, cash, and money orders).

So if you hire someone to cut your lawn, purchase products from a local grocery store and flea market seller, or even employ a dog walker, then you might prefer to have a checking account in your wallet to pay them.

Gifting Money

If you’re in a hurry and planning to attend a birthday celebration, wedding, or another important family gathering It’s probably best to stash money into a debit card. But when giving money as gifts, checks might be a better option over cash. While both cash and check are likely to be lost when you are rushing to open presents, one is addressed specifically to the recipient and the other isn’t.

This can help the recipient recall who gave them the cash. If they put the cash to the side and come back to it in the future, they may not recall who gave the money to them. Gifting money via check may additionally encourage the recipient to keep the funds instead of spending them immediately. They’ll have to visit banks or use the mobile app to deposit or withdraw it, which can take a little more effort.

Tracing Important Payments

If you are making a major installment for something like the down payment for the purchase of a house, a college tuition fee or deposit to secure a location for a wedding, or even an installment to a federal agency such as the IRS, you may want to use a paper check. It will ensure that your payment was accepted because you’ll be able to see whether the other person deposits or cashes the beach checks for the next statement from your bank or through the bank’s online portal.

Some banks can even provide an image of the check that was cashed to ensure that it’s right. This could even prevent you from owing any costs for late payments as the transactions will be all dated. If your check is lost or stolen, you can request to stop your payment by calling your bank’s customer service phone line or online via your bank’s website.

If you wish to stop payment on an unpaid check, you’ll need to select”stop pay” from the “stop payment” option via your bank’s online portal–but you must do so before the check has been cashed. There’s also the need to enter your account number, the check’s number as well as the value that the check. Remember that you’ll likely need to pay a cost to stop a check. These fees vary from bank to bank, however, it could cost approximately $33 to stop the cash while some banks could charge more.

If You’ve Been the Victim of Fraud

Have the financial details that are sensitive to you been compromised or stolen? 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. Additionally, that study found that a greater number of victims were required to pay from their pocket to cover the cost of the fraud. Based on these figures it’s only natural to like to keep your personal information safe, especially if you’ve previously dealt with similar issues.

A lot of people return to using paper checks or cash instead of using debit or credit cards at local merchants. They might also choose not to provide their payment information on retail websites online or even use digital and online payment methods. Although writing a paper check isn’t a guaranteed method, keeping your sensitive information online and not using your credit cards less can reduce the risk in which identity theft is committed, as well as fraud, and other financial criminal acts.