Banking services provided by The Bancorp Bank, N.A. Here’s what you need to know about writing a check in 2021 - and how to minimize your risk.Ĭhime® is a financial technology company, not a bank. (As COVID-19 spread through the country, he says, people avoided in-person banking by swapping checks for virtual payments). Derik Farrar, head of personal deposits at Truist Bank, says that in 2020, 83% more Truist customers used Zelle-which the bank taps for peer to peer transfers-than they did in 2019. Checks can be forged, and identity thieves could lift your personal and banking details straight from a paper check.Įven payment apps like Venmo and Zelle have a leg up over paper checks these days. Indeed, experts say, paying by debit or credit card tends to be the safer bet. In an era of identity theft and bank fraud, American’s long-standing relationship with their checkbooks begs the question: How safe is this 20th-century payment method?Īfter all, when you pay by check, you’re handing a slip of paper with your bank account number, and other personal details like your name and address, to another person (often a complete stranger). And while that number has decreased by about 7% every year since 2015, debit and credit cards payments aren’t as ubiquitous as many of us think. More than 14.5 billion checks, totaling $25.8 trillion, were written in 2018, according to the Federal Reserve’s latest payments study. Writing checks may seem like an outdated way to pay for things, but plenty of people still use them.
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