Do you use Checks?

How often do you use your checkbook? The answer might depend on your age, your financial situation or even your upbringing. Even though it may seem easier to use electronic forms of payment such as credit and debit cards, there are still many reasons to keep personal checks in your purse or pocketbook.

Since 2001, every three years The Federal Reserve has conducted a study on the use of electronic payments and personal checks in the United States. The most recent study is underway and preliminary results will be released in late 2010. It is obvious that personal check usage is declining in the U.S. However, while the Federal Reserve studies show check usage diminishing, they also prove that checks are still the most popular type of payment option.

2003 was the first year recorded in which check usage was less than electronic payments. That trend continued in the 2007 study. Yet even the most recent study indicates that checks are still used more than any single type of electronic payment.

Checks accounted for 33% of payments in 2006 and electronic payments made up 67%. However, this comparison is with all types of electronic payments lumped into one group. Checks still outnumbered debit cards (27%) and credit cards (23%) in the most recent study.

The bottom line is that there are still around 30 billion checks written every year 🙂

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