Checks haven’t checked out. They’ve evolved

When debit cards hit the streets in the ’90s, the mighty check saw its role in financial transactions diminish. Fewer and fewer retail outlets take checks these days, but they haven’t completely checked out, not by a long shot. They’ve just evolved and the latest data from the Federal Reserve might have some surprising results about the payment ecosystem.

Earlier this year, we asked Glen Sarvady of 154 Advisors to share his thoughts on why we are seeing a flattening of the check decline, changes to check writing habits, and what we should expect to see in the future. His webinar, “What’s Next for Checks” is available on demand in our resource center.

Business checks

Business checks continue to be highly relevant. A few fast facts about the way businesses are using checks:

• Checks are the top primary bill payment method.
• 85 percent of businesses report that they’re likely to continue to use checks in the future.

 

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