That number plummeted about 2 billion a year, but it has slowed since 2016. But old habits die hard.Ĭonsumers wrote about 40 billion checks in 2000, according to the Federal Reserve’s Cash Products Office. This revolution in consumer behavior wouldn’t happen if the payment system wasn’t safe. Now online shopping sales topped $4 billion on Thanksgiving Day alone in 2019. Nobody had heard of Amazon Prime 15 years ago. The growth of online shopping has been a major catalyst. Perhaps for emergencies, like when you’re out of cash and your neighbor wants payback on the $20 he loaned you.īut just about every business now utilizes electronic banking. It’s hard to think of a good reason to keep using paper checks to pay your bills. That’s all an unscrupulous someone needs to raid your bank account. “What you’re doing is handing someone a piece of paper with your name, address and bank account information,” Steve Kenneally, senior vice president of payments and cybersecurity policy for the American Bankers Association, told. More importantly, it’s also safer to use electronic bill payments than old-fashioned checks, which basically broadcast sensitive financial information to the world. It’s easier to communicate, be entertained, get informed and handle your finances online. Some people cling to their checkbooks, but the traditional checkbook is going the way of phone booths, VCRs and newspapers – all victims of the Digital Age. If you want to keep your money safe, use electronic bill payments instead of personal checks. That represents billions of chances people will get ripped off. Billions of paper checks are written every year.
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