Paper checks are dying — and fast
Americans wrote 17.3 billion checks in 2015, down from 41.9 billion in 2000, according to the Federal Reserve. For comparison, Americans made 69.5 billion debit card transactions last year. For retailers, the shift in purchase method is good news: It typically takes about 67 seconds to pay with a check at checkout, The Wall Street Journal reports, compared with 25 seconds for cash, 24 seconds for credit cards, and 20 seconds for debit cards.
Shoppers who still use checks to pay at the register cite the ability to track their finances better and a belief that physical checks are more secure than other popular methods, although there isn't much proof: "Those who track the way people pay for purchases say there is no real evidence that paying with a check is that much safer than other forms of payment, especially because the routing number of the account is printed on the check," The Journal reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
The drive behind Germany's pro-Israel political consensus
Under the Radar Belief that Israel's security is a 'raison d'etre for the German republic' is under growing pressure
By The Week UK Published
-
'The House under GOP rule has become a hostile workplace'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
The Shohei Ohtani gambling scandal is about more than bad bets
In The Spotlight The firestorm surrounding one of baseball's biggest stars threatens to upend a generational legacy and professional sports at large
By Rafi Schwartz, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published
-
New York may seize Trump's assets for $450M penalty
Speed Read The former president likely owes $600 million from two civil judgments in New York
By Peter Weber, The Week US Published