5 Reasons Everyone Should Know How to Write a Check

Many older Americans may find it amazing that the majority of younger Americans have never written a paper check to pay a bill or make a purchase.

Statistics show that just 38% of Millennials own a checkbook, and that figure shrinks to 21% for Gen Z. But almost 70% of Baby Boomers still maintain traditional checking accounts that use “paper-and-ink” checks.

However, all those youthful digital natives, tech-savvy Gen Zers, and others should reconsider. That’s because traditional checks bring a number of very significant advantages. Here are the top 5 reasons everyone should know how to write a check.

1. Leaves a Paper Trail

Yes, electronic transactions offer an array of tracking and documenting modalities to maintain records of payments. But checks provide a rock-solid paper trail for the kinds of disbursements that are of critical importance. That includes such items as a downpayment for a home, a retirement account, or an investment fund.

2. Ideal for Making a Large Purchase

Just about all electronic payment systems come with a daily size limit. It’s unlikely most people will be able to make a downpayment on a car or a home with a single electronic transfer of funds.

3. Provide a Delayed Time Advantage

Electronic payments are instantaneous, but when you issue a paper check, there will be several days of delay before the transaction “goes through.” This can help in many situations. For example, when you need a few extra days to reach payday, you can still issue a check if you know it will clear on time and when your account has the proper funds.

4. Avoid the Extra Cost of Credit Card Fees

When you pay rent or taxes with a credit card, most financial organizations will pass the fee on to the payer. You won’t have that problem if you pay by check. This may be even more important for small business owners who make many payments in the course of running their business. Some small businesses don’t accept credit cards – the reason is fees.

5. A More Secure Financial Option

One of the biggest forms of crime in the world is cybercrime. It comes in many forms, from stealing one’s identity to having one’s electronic account hacked and drained of all funds. This is where a traditional checking account holds a significant advantage over modern fintech or financial transactions. They can’t be hacked by online predators. Best of all, you are able to keep your private information private in terms of that for which you are exchanging cash.

It’s important to note that so-called “paper-and-ink” jets have not stagnated in form. Today, specialty companies that supply checks offer an array of innovations that make paper checks even safer than before and with added value functions.

For example, some checks can be imprinted with holograms to increase their security.

A variety of different configurations are also available that make issuing checks in specific situations for specific business types and individuals more secure, more efficient, better for tracking, and allow air-tight record keeping.