The use of personal checks is rapidly declining as major retailers like Target, Aldi, and Whole Foods stop accepting them, reflecting a broader trend in consumer payment preferences. According to a recent report, only 15% of adults wrote checks regularly in 2023, with nearly half not writing any checks at all. The rise in check fraud, particularly through mail theft, has prompted many to reconsider the safety and practicality of using checks. In addition to the risk of fraud, checks can incur extra bank fees, take longer to clear, and create burdensome record-keeping responsibilities for the sender. Fortunately, there are numerous alternatives to checks for transferring money. Wire transfers offer a quick way to send large amounts, while peer-to-peer payment apps like PayPal and Venmo allow for instant transactions. For those who prefer a paper option, money orders provide a secure method to send funds without a checking account.
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