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Why Personal Cheques Are Still Being Used

Why Personal Cheques Are Still Being Used

Credit and debit cards may be the most popular modes of payment in the present times, but this is no indication that people are forgetting about cheques. Unknown to many people, there is a horde of benefits that comes with using cheques compared to other modes of payment.

Currently, the majority think that cheques are actually becoming obsolete, but what you don’t know is that according to the Federal Trade Commission, over three billion cheques are drawn every year. This is a humongous number for anyone to think that cheques are indeed becoming obsolete.

If you are still wondering if there are people who are still using cheques, then you should learn about the incredible benefit that comes with personal cheques and you will understand why cheques are not going anywhere anytime soon. To clear the air on this, below is a brief look at some of the benefits of using personal cheques, and why you too should consider adopting them as a means of making payments or getting paid.

Personal cheques will help you stay within your spending limits

Easy access funds as is the case with the use of debit and credit cards is one of the leading reasons why millions of people are in great debt in the world today. With debit and credit cards, there are always very high chances of overshooting your expenditure or willingly allowing yourself to get indebted. With personal cheques, however, this is never the case.

Cheques will always ensure that you stick to your budget. Every time you write a check, you will be spending only the money that you have. And since you can only spend what you have with cheques, it will help put your lifestyle in balance so that you don’t get into unnecessary debts.

Personal cheques allow for easy tracking of your expenses

With personal cheques, there will always be duplicate cheques or check registers. Either of these can be used to track all the payments that you have made on a monthly or over a given period within the year. With debit or credit cards, however, you will have to wait for your monthly statement to see how you have a clear picture of your expenses.

Cheques allow for quick and easy direct payment

Imagine a friend asking you to return the money that you borrowed, or your landlord calling you for the rent money. Still, imagine making a payment to your babysitter or sending a loved one a gift in the form of money. In all these scenarios, you can’t use a debit or a credit card to make such payments. A check will be handy since it will provide you with a safe, quick, and direct means to make such payments.

It is safe to mail cheques

You can safely and efficiently send a check by mail compared to sending money by mail. With the former, you will be assured that your money will be safe all time, but with the latter, you will be very lucky if the cash ever gets to its intended destination. With a check inside an envelope, it will not be easy for anyone to figure out the nature of the document contained therein. You can’t say the same for cash in an envelope.

It is difficult for thieves to use cheques

Cash and credit cards are more appealing to thieves because they can easily use them for their own benefits. With cash or a card, all you have to do is walk into a store and make a purchase with no questions asked. A check, on the other hand, can’t just be cashed by anyone.

To cash a check, you will have to give details which most thieves find to be much of a hassle for them. They will be safer and okay working with cards and cash instead of trying to cash a stolen personal cheque.

It is easy to trace cheques

One of the benefits of using printed cheques compared to other forms of payment is the fact that they can be easily traced. Every time you cash a check, the bank will remain with a copy and this makes it easy for you to prove the payments that you have made. Also, all the information you may need about the payment will be present on the cheque as well as on the copy made by the bank.

As such, every check payment you make will have information on the amount of payment made, the recipient of the payment, the date that the payment was made, and in some cases, the reason for the payment.

Cheques don’t get deposited immediately

The timing of cheques is another attractive feature of them. With cheques, before it can mature, you will be required to wait for one or two business days. This implies that you will have an extra day or two to ensure that you have the money in your account to cover the check if you were making some payment.

This may sometimes work against you since the last thing you want is for your cheque to bounce, but with proper planning, this is a feature that you can always take advantage of for your own good.

Using personal cheques make the budgeting process easier

Whenever you make payments using printed cheques, you will, at the same time, write a personal receipt to accompany the purchase. With these slips, you will find the overall budgeting process to be relatively easier since they will present you with a clear overview of your expenses at the end of every week or month.

Cheques appear to be more professional

Most people and businesses view cheques as a professional form of payment. Making payments through personalized cheques come with a certain degree of trust that may not be apparent with other forms of payments. It also enhances your reputation or that of your business.

15th Dec 2021

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