By Steve Jacobs and Greg Thomas
More and more people are opting to manage payments digitally rather than using paper checks — and with good reason. Online and mobile banking tools make transfers and other transactions quicker, easier and, in some instances, more secure. If you’re looking to move away from paper checks, read on.
In recent years, USAA Bank has seen the number of checking accounts rise significantly, but reorders of paper checks have declined, says Jonathan Cannon, digital product manager at USAA.
“Checks are on a steady decline, and will continue to decline, as long as fintechs (financial technology companies) and mobile app developers continue to make it easier for customers to send money person-to-person,” Jonathan says.
The result is that people just don’t need paper checks for a great deal of personal banking. They’re finding that you can get much better visibility and control using online banking tools – like automated bill pay and budgeting assistance – that can map out what’s owed and coming due.
In fact, many people who begin using digital tools never go back to relying on paper checks for the bulk of their banking activity. Here’s why:
Of course, there are times when you may actually need to use a check, such as running a small business with a personal checking account or paying a contractor for a home improvement project.
The bottom line is that keeping and using a checkbook is perfectly fine, but online payments really are much more manageable, fast and efficient.
Looking for more financial options suited to your lifestyle and needs? Find out more about USAA Bank checking accounts, credit cards, auto loans and home mortgages.
Jonathan Cannon is digital product manager for the DXD Bank Services team at USAA.
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