Are personal checks a thing of the past? In today’s fast-paced and digitally based economy, many would argue yes, they are. The fast processing that occurs when using a debit card or cash is unequivocal. However, there are some real advantages to having personal checks. They can be used the same as cash. They can serve as a receipt. They can safely be mailed. Checks can not be used by thieves. They can be used as I.O.Us, and they can be accepted in places where debit cards are not.
1- Convenience
Personal checks are convenient. Not only are they convenient for the owner of the check; they are also convenient for the payee. They are used the same as cash in most places(excluding restaurants). They can be written to anyone or any other business establishment. They are ideal for mailing in payments for mortgages, utilities, car notes, and countless other bills. Imagine the ridiculousness of having to send in a debit card to pay a bill. Additionally, many small shops and businesses do not have access to credit card swipers and prefer checks. The fees associated with card readers are just too costly for a lot of small businesses. Those that do have card swipers have to pass the fees on to customers in the form of higher prices.
2- Emergencies
Because checks are slower to process than debit cards, they can be written before the money is actually in your account provided the money will be there in the next day or two. This is an ill-advised practice but it can be done in dire emergencies.
3- I.O.U
Personal checks can also be dated for a future date. This informs the payee that although you don’t have the money at the present moment, the money will be there on the day for which the check is dated. In this manner, the check is used as sort of an I.O.U or promissory note.
4- Safety
Checks are also safe. They can be tracked so you know whether or not it has been cashed. Because they can be tracked, checks can be sent in the mail more safely than money.
5- Theft Proof
Checks can not be cashed by a thief. If someone grabs your pocketbook or checkbook, they can not steal your money if all you have are checks. In the unfortunate event that your checks are stolen, simply contact your financial institution to have them replaced or go to an online site to have more printed.
6- Carry Less Cash
Checks are also preferable to carrying around large sums of cash. If your money is tucked away safely in a bank, you can write a check for the amount you need. This is a safe plan in the event you are unfortunately robbed.
So no, personal checks are not a thing of the past. Although we live in a fast-paced and digital society, there are still many advantages to having checks. They are safer than cash and just as convenient as debit or credit cards. They can be used for everyday life, I.O.Us, and emergencies. Checks are also theftproof. They can be stolen, however, they are no good to the thief once they are stolen.
