Water Cooler Talk

Is it time to kill the paper check?

Checks are still commonly used for high-value transactions due to their ease of use and lack of fees. However, they remain an insecure and expensive payment method, with check fraud on the rise. While the check-clearing process has become more efficient, the cost of fraud makes it less cost-effective.

Jenn Day
May 8, 2024

Read the ABA Banking Journal article here.

Here is a brief summary:

  • Checks are still used for high-value transactions due to ease of use and lack of fees
  • However, checks are an insecure and expensive payment method
  • Check fraud has increased, leaving financial institutions to bear the cost of fraud loss
  • While the check-clearing process has become more efficient, the cost of fraud makes it less cost-effective
Water Cooler Talk

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