For many people today, it seems checks are becoming more and more a thing of the past. In fact, there are many people who don’t know how to write one.
With the changing tools in banking and newer tech like digital payment and transfer capabilities, is there any real need for checks anymore?
Links:
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal Podcast.
Contrary to popular belief, check use is not dead. Believe it or not, people are still writing and issuing checks.
According to data from the Federal Reserve Board, roughly 11.2 billion checks were used in 2021.
This stat might leave you wondering who even uses checks and why?
Most of us use digital payment services that process payments for anything from groceries to paying back a friend for last night’s dinner.
Services like Cash app, Venmo, PayPal and others are great for their convenience and swift transfer capabilities. You don’t have to wait long for the money to show up in your account so there’s no mystery why these apps are rapidly making check usage a thing of the past.
But, even with the growing usage of those popular payment tools, checks are still being used.
In fact, studies have shown that when people do use checks they’re using them mainly for larger purchases, particularly for rent payments, sometimes utilities or things like a car downpayment.
The good thing is that even though checks aren’t as popular as they used to be banking tech has continued to update the process of how we interact with and deposit checks to keep up with the times.
Originally checks would be written out to the receiver, physically brought to a teller at the bank and deposited in-person. But now, with tools like remote check deposit, you don’t even have to get off the couch to deposit your check, if you ever do receive one.
This will save your not only time by avoiding a trip to the bank but also money by saving yourself on gas or other transport costs.
Remote Deposit doesn’t cost anything at all. All you need is a mobile phone or computer, Internet connection and an online/mobile banking account.
To access it, log into the account and select Remote Deposit.
Follow the prompts to sign your check, take pics, or if you’re using a home computer, scan the check, then upload it all within a few seconds.
If you’d like to see an example of how it’s done, watch our tutorial video on YouTube for a step-by-step demonstration. The link will be in the show notes.
In summary, checks haven’t disappeared entirely just yet and even though you all in on digital payment tools, you may still wind up receiving a paper check. If do, skip the trip to the bank and deposit it from home, or on the go with remote check deposit.
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday and make sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
Tips to Avoid Doom Spending and Safeguard Your Wallet - Money Tip Tuesday
Drive Confidently with MRC and GAP Vehicle Coverage - Money Tip Tuesday
Episode 68: Money Matters: Embracing Financial Education for Any Age
Navigating Car Purchases: The Role of Down Payments - Money Tip Tuesday
5 Financial Resources for Teens - Money Tip Tuesday
Library Cards: Your Free Pass to Entertainment and Education - Money Tip Tuesday
Embrace the Season: Strategies for Financial Renewal - Money Tip Tuesday
Strategies to Beat Surge Pricing and Save Money - Money Tip Tuesday
Episode 67: Strategies to Improve Financial Communication as a Couple
Check Your Financial Health with an Assessment - Money Tip Tuesday
Simple Ways to Save on Healthcare Costs - Money Tip Tuesday
How to Know it’s Time to Buy a New Car – Money Tip Tuesday
Tips to Keeping Connected Devices Secure - Money Tip Tuesday
Try This Five Point Debt Payoff Plan - Money Tip Tuesday
Episode 66: Support a Local Nonprofit with Share 'Cuz You Care
Financial Topics Couples Should Discuss - Money Tip Tuesday
Follow This Simple Money Rule to Start Building Wealth - Money Tip Tuesday
Maximize February Car Deals with a Pre-Approval - Money Tip Tuesday
Banking in a Box: Advantages of an ITM - Money Tip Tuesday
Episode 65: Take Charge of Your Credit Score in 2024
Create your
podcast in
minutes
It is Free
The Meaningful Life with Andrew G. Marshall
The No-Frills Teacher Podcast
Heal, Survive & Thrive!
The Jordan B. Peterson Podcast
The Mel Robbins Podcast