Comments on: Why Checks Will Disappear

By: Betsy Ross

Betsy Ross — Sat, 05 Feb 2011 19:53:44 +0000

And it isn’t simply “the elderly” that feel this way either, paper checks are safer and more secure than electronic banking anyday.

By: Betsy Ross

Betsy Ross — Sat, 05 Feb 2011 19:50:44 +0000

Sorry, there is more fraud and identity theft with electronic banking than with paper. And we shouldn’t be concerned with the rest of the world and what they do, since it is clear the world is currently a mess. Paper checks require a signature, and also a picture ID whereas electronic banking does not and that says a lot about the potential for fraud.

And this is in order to make us a currency less economy, and is breaking the backs of Americans with all the profiteers now in those electronic transactions which cost far more than checks and check processing ever did – and provided more jobs.

By: Johanna

Johanna — Wed, 23 Dec 2009 02:01:08 +0000

I do most of my weekly food shopping at my local co-op. They accept debit and credit cards, but they charge a $0.25 and $0.50 fee respectively to help offset the fees the banks charge them. As of now, the banks don’t charge them for paper checks, and so they don’t pass any such fees on to us co-op member shoppers. For that reason, I still use a paper check at least once or twice a week.

By: Susan

Susan — Sun, 20 Dec 2009 23:45:09 +0000

These are the reasons I write the occasional check as well–the monthly rent, avoiding the extra fees to pay electronically (utility company), and avoiding fees for external bank transfers.

By: Mordechai Grinhute

Mordechai Grinhute — Sat, 19 Dec 2009 15:27:15 +0000

Paper check is not only costly, it’s also not safe to use

your personal information, account ID with your signature can be use by con artist

Electronic checking accounts has similar problems

According to Nilson Report In 2003 check fraud exceeded $20 billion per year in US, up from $12 billion in 1996 and $5 billion in 1993.

some estimated in 2008 check fraud exceeded $50 billion per year in US alone

I submitted a Patent application to USPTO regarding such issue

my patent pending features a new secure bank account, process electronically and eliminates paper and electronic check account frauds.

Should anyone be interested, I can send a copy of the patent application and detail how Banks can implement and benefit from the invention.

Apropos.. Landlords can use such secure bank account to receive rent payments

By: Nick

Nick — Fri, 18 Dec 2009 02:46:48 +0000

Try telling that to the business community. I work for a billing company that receives thousands of payments from individuals and hundreds of different insurance companies every month. I write the electronic interfaces used by some of our payers for sending payments. However, setting up electronic payment for thousands of random companies would be a horrendous undertaking!

This probably doesn’t apply to individuals as much, but for businesses, the fact is that it is simply easier to just mail a check to the address on the bill than it is to find out account and routing info.

Until electronic transfer standards become easier (they are NOT for me!) checks will still be here.

Electronic transfers are just fine to establish when you have regular, set payments between entities. But when you are dealing with tons of irregular payments from a lot of different sources, electronic payments become very difficult to manage.

By: Edwin

Edwin — Thu, 17 Dec 2009 23:04:47 +0000

My checks are always handy, but not to actually fill out and pay for things. I keep them around because I need to check my bank account information for paying bills online.

The last time I had to actually write a check was to the repairman who came and fixed our treadmill, and I’m sure if I pressed it they would take a debit or credit card.

By: me in millions

me in millions — Thu, 17 Dec 2009 20:14:55 +0000

I pay my rent using a paper check, but that is it! I rent from the owner and I don’t know how it would work to pay her electronically.

By: wrc1000

wrc1000 — Thu, 17 Dec 2009 19:28:28 +0000

Dan is spot on: my county property taxes and Federal/state income taxes are the only thing for which I write checks.

By: Wojciech Kulicki

Wojciech Kulicki — Thu, 17 Dec 2009 17:28:32 +0000

We still use checks to pay rent every month, and to pay certain bills because companies are still charging extra fees to pay online (I know!! Come on!).

When it comes to money transfers between banks, I still like to use checks because Wachovia continues to charge $3.00 to send money out electronically.

All of that might change, I’m sure, but for now, checks still have a place in my life and many of the people I know still use them too.

Some businesses we patronize only take cash or check as well.

Curious to see how the U.S. follows up to this news…