Can I Use the Paper Check Used for an Echeck Again
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Until about 5 years ago, I used to carry my checkbook everywhere. In fact, some of my purses even had a special compartment that provided like shooting fish in a barrel access to my oft-used pad of checks. Present, however, I exit my checkbook at home. In fact, I can't remember the last time I wrote a newspaper check.
This change in consumer behavior is the outcome of several factors, including the introduction of more convenient payment methods, the growth in online shopping, concerns about fraud and identity theft, and a want to avoid bounced check fees. For many people, it is faster and simpler to swipe a debit or credit bill of fare than it is to write out a bank check while shopping at brick and mortar establishments. Many online merchants only have credit and debit cards. Online bill payment services make sending payments easier by automating the process.
Security is another reason for the decline in employ of paper checks. If a checkbook is lost or stolen, victims might face a nightmare of trying to undo the impairment. Additionally, personal checks often contain a wealth of personal and banking information for identity thieves and other scammers. Since money is not withdrawn immediately from a bank account when someone writes a newspaper check, bouncing checks (and paying high fees) becomes more of a business.
However, in spite of all this, there are a few compelling reasons not to ditch your checkbook entirely.
Why You Still Need Paper Checks
Sometimes it makes more than sense (or is your only selection) to use a paper check instead of another ways of payment. Here are several ways checks tin can be more convenient, relieve you money, or protect your finances:
- Some Businesses Charge Extra Fees for Credit Card Payments. Utility companies and government agencies may have credit or debit cards, but only through third-party processors. These payment processors charge a fee every time you employ a credit card to make a payment.
- You Can Pay During Utility Outages. Stores rely on electronic equipment to procedure debit and credit card transactions. If the ability or phone systems are downward in your expanse, checks and cash are probable to be the only way you'll be able to brand a buy. Since the ATMs are also likely to be out of service, a paper check may exist the only way that you tin buy food and other necessary supplies for you and your family.
- Some Businesses Prefer Paper Checks or Coin Orders. As strange every bit it may seem, some businesses don't accept credit or debit card payments. These businesses include insurance agents and companies, some government offices, tradespeople, organizations (such as churches, fraternal lodges, and community groups) that charge dues or take donations, and landlords. Yous may also occasionally encounter an old-fashioned retail business owner who abhors plastic only who is happy to take your check.
- Some Retail Shops Enforce a Minimum Credit Carte du jour Buy. Credit card processors and banks accuse businesses a fee when customers pay with a credit menu. This fee can take a big bite out of pocket-size purchases, and so many businesses fix a minimum amount for credit card purchases. If you don't accept another form of payment, this could result in you wasting money on an item you lot don't need in order to meet the minimum. In that location's no fee to deposit a check, then in that location's by and large no minimum buy required.
- Checks are Traceable. If traceability is important to you and the payee doesn't have debit or credit cards, paper checks offer a level of traceability that you tin't become from money orders, cashier's checks, automatic neb pay systems, or cash. When y'all mail someone a paper check, y'all can select the type of post service that you want to apply, forth with a tracking method. (Beingness able to certificate the mailing date of a payment can be of import with some types of payments, such every bit insurance premiums or taxes.) Once your check clears, you lot'll have access to a copy of the canceled check through your bank. If there is any dispute over your payment, you can easily produce your mailing receipt and provide the business organisation or creditor with a copy of your canceled bank check. If you paid with a money gild, specially a not-bank coin order, tracing the payment tin can exist plush and time-consuming.
- Gift Giving. Gift recipients tin can eolith your check into their bank accounts and spend the cash however they like, unlike gift cards, which may be restricted to a merchant, tin can only exist used at merchants that accept a particular credit card make, or charge fees for maintenance or cash withdrawals at an ATM.
- Checks Are Less Costly Than Money Orders. My bank charges five dollars for a money club. Even postal coin orders price over a dollar each, more if issued in international currency. Non-banking company money orders often cost less, simply their issuers may accuse high tracing or replacement fees if the coin order is lost or destroyed. Of grade, at that place are circumstances where money orders are more appropriate, such as when a payee asks for guaranteed funds or you lot need to complete a financial transaction speedily without waiting for a check to clear.
Protecting Yourself When Using Paper Checks
If you do apply paper checks, it's important to guard against financial and identity theft. Here are some tips:
- Guard Your Checks. Proceed your paper checks in a safe place at home. While it's understandable that you lot'd want to keep your checkbook handy for paying bills, you should still keep it in a rubber space, such as a locked desk drawer. Ditto for boxes of extra checks. Information technology's as well a skilful idea to write downwards the lowest and highest check numbers on the supply of checks that yous accept at home. Go on this information in a safe identify: If your home is robbed, y'all'll want to cheque your check supply to make sure that the thieves didn't brand off with your checks.
- Tape Your Check Utilize. Record every check you write in your checkbook register. Some check printers provide indistinguishable check pads that leave you with a carbon copy of each cheque you write.
- Only Use Checks When Necessary. When possible, use greenbacks, plastic or electronic payment systems to pay bills or for purchases. Fifty-fifty if a business organization possessor is completely honorable, an employee or thief may get a hold of your bank check and use it to steal your identity or money.
- Deeply Mail Your Checks. If yous make bank check payments by mail, never leave them for your mailman in an unlocked mailbox or in your office'due south "outgoing postal service" basket. Identify the envelope containing your check in a mail mailbox, or bring it directly to the postal service part.
- Exist Cautious About What You Print or Write on Your Checks. Don't write your life story on your checks. Your check should contain your proper noun, address, and cipher more. Only write your phone number or driver'south license number on your bank check if a merchant asks for this information. More than information makes it easier for identity thieves to impersonate and harm y'all.
- Protect Checking Business relationship Information. Be careful about giving out checking account data. If you aren't well acquainted with a business – particularly if it operates primarily online – be wary about making payments through electronic checking account debit.
- Check Your Account Transactions Daily. Just looking at your bank balance isn't plenty. Cheque your transactions daily. If y'all don't recognize a transaction, no matter how small, contact your banking concern.
- Don't Write a Check if You Don't Have the Funds. Last simply not to the lowest degree, don't forget what you lot learned when you opened your first checking business relationship. Never write a check if y'all don't have the funds for it in your account. Non merely are you opening yourself upward to bounced cheque fees, simply writing a bad check is illegal in many states.
Final Word
Paper checks still have a function in personal finance management, so don't forget how to utilize them properly. Protect your personal information by restricting the information that you include on a check. Finally, evaluate your payment options before paying a bill or making a purchase and so that you can choose the payment method that makes the almost sense.
Do you lot still deport a checkbook? Do you lot write checks often?
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Source: https://www.moneycrashers.com/why-need-paper-checks-use-safely/
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