Demise of the Paper Check?

THEY CallMe Mr Wilkes · ‎06-29-2016

This has been discussed here several times, but I recently saw a news report about a Federal Reserve Board notice. The Federal Reserve Board is undertaking a study to possibly eliminate its check processing system which is in need of costly infrastructure upgrading should paper checks continue, announced in a bulletin several weeks ago.

The possible change will be open to public comment, but The Board notes that only 7% of all bills are currently paid with paper check, down from 19% only a few years ago.

Rather than upgrade the existing system infrastructure, it may make more sense economically to eliminate it completely.

Personally, I write, at most on average, maybe 1 paper check per year; some years none.

I strongly suspect that the paper check will disappear within a few years.

lynnie61 · ‎04-28-2010

I don't write many, but I still will write a check, if they charge me to process a payment. I paid a dermatology bill online and it was a 6.50 processing fee. What? They now get a check. At least let me do a bank payment online for free!

AngelPuppy1 · ‎03-13-2010

I have heard this discussed for a while. I know a lot of people have said to me -- I can't believe you still write checks to pay bills. Well --- why isn't it my right to do this if I want to??? I am so tired of everything being dictated to me as to what I can and can't do. Pretty soon we will not have any actual money at all because this will be taken away from us also.

"A day without sunshine is like, you know, night." - Steve Martin

Group 5 minus 1 · ‎03-11-2010

We were in a store the other day and saw a women write a paper check. Very surprised.

Biftu · ‎02-05-2011

The elimination of paper checks would make me very sad. I pay all my bills by check, pay repairmen when they come to my house by check, and send gift checks through the mail. Some people I deal with like my landscaper can only be paid by check and not sure who else falls into this category. I write a lot of checks.

Yes, I'm old school and stuck in my ways and feel more comfortable mailing a check on the day I want. Still not comfortable paying bills on line, but I'm sure at some point I'll have to adjust my ways.

Caaareful Shopper · ‎10-09-2012

It's been about five years since I wrote a check. My last check was because my gas company was upgrading their system and kept having problems. They kept apologizing and asked customers to please pay by check until they got their payment system up & running.

AngelPuppy1 · ‎03-13-2010

@Biftu wrote:
The elimination of paper checks would make me very sad. I pay all my bills by check, pay repairmen when they come to my house by check, and send gift checks through the mail. Some people I deal with like my landscaper can only be paid by check and not sure who else falls into this category. I write a lot of checks.

Yes, I'm old school and stuck in my ways and feel more comfortable mailing a check on the day I want. Still not comfortable paying bills on line, but I'm sure at some point I'll have to adjust my ways.

@Biftu

I am not comfortable having all my banking info on line. Everything gets hacked these days. You get told -- this is so secure, that is so secure. It's a bunch of bs. Nothing is secure these days. Why do we have to have everyone in our business forcing us to do whar they want us to do?

"A day without sunshine is like, you know, night." - Steve Martin

AngelPuppy1 · ‎03-13-2010

@Group 5 minus 1 wrote:
We were in a store the other day and saw a women write a paper check. Very surprised.

@Group 5 minus 1

I pay my bills at home with checks but I don't stand in line at stores doing this. I either pay with cash or a card. I think it holds everything up for others when people do this.

"A day without sunshine is like, you know, night." - Steve Martin

Biftu · ‎02-05-2011

@AngelPuppy1 wrote:
@Biftu wrote:
The elimination of paper checks would make me very sad. I pay all my bills by check, pay repairmen when they come to my house by check, and send gift checks through the mail. Some people I deal with like my landscaper can only be paid by check and not sure who else falls into this category. I write a lot of checks.

Yes, I'm old school and stuck in my ways and feel more comfortable mailing a check on the day I want. Still not comfortable paying bills on line, but I'm sure at some point I'll have to adjust my ways.
@Biftu

I am not comfortable having all my banking info on line. Everything gets hacked these days. You get told -- this is so secure, that is so secure. It's a bunch of bs. Nothing is secure these days. Why do we have to have everyone in our business forcing us to do whar they want us to do?

@AngelPuppy1 Totally agree. Secure? No such thing.

THEY CallMe Mr Wilkes · ‎06-29-2016

If someone isn't paying bills digitally, maybe start with one small payment, set up an account and see how it works. You can make online payments anytime you like and don't need to wait for "a due date."

I suspect that The Fed may monitor the decline in paper check use, from 7% to maybe 5% or even 2% to make its decision. Investing billions to satisfy 5% usage makes no sense (to me.)

I pay my credit card bills almost immediately after the charge posts; no need to wait for a paper bill or notice.

It's made things enormously easier. Change isn't easy, but you may end up liking it.