Should You Continue Using Personal Checks?
Although check usage has decreased over the past 10 years, they are not an obsolete transaction in the United States yet.
Some countries in Europe, however, no longer use them for financial transactions, while others are phasing them out.
Even though plastic in the form of a debit or credit card is convenient, relying on these methods may not be sound financially.
Businesses in the United States continue to accept checks for payment, and while it is rare to see an individual writing out a check in a supermarket or retail store, checks are seldom banned outright.
Most people receive a utility bill in the mail, pay rent, or have some kind of outstanding loan.
In all of these cases, checks may be one of two acceptable payment methods, with the other being money orders.
Although online payments by credit or debit cards or electronic checks are increasingly common, not all electric companies, landlords, or banks accept these.
Instead of withdrawing funds and putting together a money order, have a set of personal checks available.
When the check is received and cashed, you will see the funds drawn from your account - not worry if the money order arrived.
Although checks can bounce, cards can get stolen and used by a criminal.
Similarly, electronic checks, including those done over the telephone or online, are not fool-proof.
Instead, a hacker or other online criminal can obtain your information and start using your checking account.
Both cards and personal checks should be in your possession.
Cards are easy to use and limit the amount of actual cash you carry, but if your whole wallet is stolen, you will have neither cash nor cards.
And the thief could start using your card immediately.
Personal checks, in this case, are backup, and while your card may not be used, particularly if you cancel it right away, you will still need to wait a few weeks for a replacement to arrive in the mail.
Some countries in Europe, however, no longer use them for financial transactions, while others are phasing them out.
Even though plastic in the form of a debit or credit card is convenient, relying on these methods may not be sound financially.
Businesses in the United States continue to accept checks for payment, and while it is rare to see an individual writing out a check in a supermarket or retail store, checks are seldom banned outright.
Most people receive a utility bill in the mail, pay rent, or have some kind of outstanding loan.
In all of these cases, checks may be one of two acceptable payment methods, with the other being money orders.
Although online payments by credit or debit cards or electronic checks are increasingly common, not all electric companies, landlords, or banks accept these.
Instead of withdrawing funds and putting together a money order, have a set of personal checks available.
When the check is received and cashed, you will see the funds drawn from your account - not worry if the money order arrived.
Although checks can bounce, cards can get stolen and used by a criminal.
Similarly, electronic checks, including those done over the telephone or online, are not fool-proof.
Instead, a hacker or other online criminal can obtain your information and start using your checking account.
Both cards and personal checks should be in your possession.
Cards are easy to use and limit the amount of actual cash you carry, but if your whole wallet is stolen, you will have neither cash nor cards.
And the thief could start using your card immediately.
Personal checks, in this case, are backup, and while your card may not be used, particularly if you cancel it right away, you will still need to wait a few weeks for a replacement to arrive in the mail.