You might think of the check-writing as a thing of the past now that there are payment options that can be made digitally such as Venmo, Zelle, and Apple Pay, but there remain some scenarios where it’s better to utilize them. There are times when it’s more secure or beneficial to use a personal check, how to utilize sports checks with care, and when you can skip them.
You may want to write your check in one of the following situations:
- Shopping at a small-scale business
- The money you give away
- Tracing important payments
- Security of your identity
Shopping at a Small Business
Due to their size and credit card processing costs, some small businesses don’t accept credit cards. In fact, one study revealed that only 27% of small-scale businesses prefer digital payments (think ApplePay or credit card) ApplePay) instead of non-digital transactions (cash or checks, as well as money orders). If you’re hiring someone to mow your lawn, buy items from a local retailer (or flea markets vendor) or even have a dog walker, you might be able to keep a checkbook in your wallet to pay the bill.
If you’re in a hurry and are headed to a wedding, birthday party, or another special event in your family it’s likely that you’ll need to put money into a card. If you’re planning to give money as a gift to a loved one, checks might be better than cash. Although both checks and cash are likely to be lost in the excitement of unwrapping presents, one of them is addressed specifically to the recipient, while the other is not.
This helps the recipient to remember who gifted them the money. If they put the cash to the side and come back to it later, they won’t remember who gifted the money to them. The gift of money through checks could help the recipient put the money away rather than spend them right away. They’ll have to visit a bank or use an app for mobile devices to deposit the money or cash it, which might take a little more effort.
Tracing Important Payments
In the event of a large-scale amount of money for something such as the down payment of a new house, a college tuition fee or a deposit to a reception venue, or the payment of a government agency, such as the IRS It is recommended to use a paper check. This will help you ensure that your payments were received as you’ll be able to see what the recipient of the check does when it deposits or cashes the check on your bank’s next statement or through your bank’s online platform.
Some banks can even provide the image of the check that was cashed to verify that it’s correct. It could also prevent you from having to pay penalties for late payment since the transactions will be all dated. In addition, if your check gets stolen or lost You can ask to change the date of your payment using your bank’s customer service phone line, or online through the website of your bank. If you wish to stop payment on an unpaid check, you’ll need to click the “stop payment” option via the online portal of your bank. However, you must do it before the check has been cashed.
You may also need to enter your account number and check number along with the amount for the cheque. Keep in mind that it is likely that you’ll have to pay a cost to stop a check. These charges vary from one bank to bank, but you could be charged approximately thirty dollars for stopping the cheque, and some banks could have to charge more.
If You’ve Been the Victim of Fraud
Do you have sensitive financial information that has been compromised or stolen? You’re not alone. One study showed that in 2018, 14.4 million people in the U.S. were victims of identity fraud amounting to $3.4 billion of losses. In addition, that study showed that more victims were required to pay from their pocket to pay for the costs of this fraud. Given these numbers is logical that you’d prefer to keep your details safe if you’ve dealt with something similar.
Many customers return to cash or paper checks in lieu of swiping the debit or credit card at local retailers. They might also choose not to provide their payment information through retail websites, or opt for online or digital payment methods. While writing a check on paper isn’t a foolproof method protecting your confidential information in a secure location and using your credit cards less can reduce the risk in which identity theft is committed, as well as fraud and other financial criminals.