It is not uncommon to hear statements like: “Paper checks will likely be extinct by 2026.” Or “The remaining lifetime of the check is directly related to the death rate among citizens over age 65.”
However, checks are still with us even though they have been declining since the 1990’s. The number of checks being written is dropping by 1.8 billion a year, and at that rate, it is safe to assume that checks will be gone sooner than later.
Whether we really reach zero checks is questionable. We can question two factors that affect the use of checks.
From rent checks to the check that comes in your birthday or graduation card, there are still plenty of instances where paper checks are preferred. However, when it comes to saving time, money, and resources, electronic payments continue to reign. Will we see the demise of the paper check? Time will tell. There have been surveys and statistics over the past decade that have predicted paper checks will be gone. One thing is for sure, with 84% of all U.S. households owning a computer and close to 100% of small businesses using computers, we’re no longer fumbling to find an envelope and stamp. Paying online is faster and cheaper than writing a check.
One last item that may or may not affect the decline of checks. Schools no longer teach cursive, they teach keyboard. Very few schools, if any teach manual bookkeeping, it is all done on computers with software doing the thinking for them. As our children and grandchildren move into the working world, it is a world of software automation and digitization. The process of “writing” a check and balancing a checkbook is foreign to them. They will and do opt for online banking, ACH transfers, and debit cards. As we proceed down this path, what happens to “cash” not just checks? Something to think about.
Checks can come in many forms, pre-printed, blank shells, personal, business and official. Are you still using checks?
Alexander Clark Printing is helping change business printing one ink spot at a time.
Printed documents run business. Words on a page communicate with your staff and customers.
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