Check-Writing is Getting Rare
Do you still write checks each month? It seems that fewer Americans are these days, according to a new study.
GOBankingRates said that its recent survey data suggests that 38% of Americans have given up on writing checks entirely, while others are down to writing checks just “a few times a year” (20.5%) or “once a month” (16.1%).
Only 25.6% of the survey respondents said they wrote checks, “several times a month.”
All of this is bad news for check-printing companies, and good news for financial institutions. Check processing is still a relatively expensive undertaking for banks and credit unions, so this trend can only help their bottom lines.
If you’re a credit union member, this means that fewer checks processed can eventually help your bottom line, too.
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