Paying by Check: Discover 8 compelling reasons to continue using checks in the digital era.
1. The check is 100% free
And, certainly, one of the few free banking services is the check. We can all get a free chequebook from our bank and utilise the checks. It still has a significant edge over other payment options. Because, although transfers and bank cards are useful, keep in mind that they are properly paid for! However, take a little precaution. To prevent the banking restriction, make sure you have the equal amount in your account when you write a check. Otherwise, you’ll have to pay exorbitant bank fees…
2. The check is very easy to use
It is really easy to use a check. For starters, you don’t need to know their bank account number. Two, there is no requirement to have the RIB of the person to whom you are making the payment. All you have to do is fill out all of the information to prevent fraud, sign, and you’re done! Furthermore, unlike a bank card, you do not need to memorise a code. Please keep in mind that if you pay by check, you may be asked to produce confirmation of identification. Apart from that, no more formalities are necessary; as you can see, it is not difficult to use. Finally, never hand over a signed but unfilled check to anybody. Why is this so? Because he can then simply put his name on the cheque and cash it.
3. The check allows you to keep a trace of payment
When you pay by check, you may preserve a record of your transaction. All you have to do is write the date, the amount, and the beneficiary’s name on the check stub. As someone who does their accounts on a regular basis, I can attest to the value of highlighting the payments. Oh, and here’s some sound advice: Manage your account carefully since you don’t know when your check is deducted. So, keep a watch on your accounts to see when the check has been cleared. On this matter, keep in mind that a check cannot be debited after 1 year and 8 days from the day it was issued. For example, if I write a check on September 1, 2021, it will be ineligible for debit after September 9, 2022.
4. In case of theft, this means of payment is secure
When you go shopping with cash, you put yourself at danger of being assaulted. Paying a check protects your money since you can still stop it if it is stolen. Whereas with cash, nothing is refunded and we are left with just our eyes to grieve! As a result, the funds in your account are safe. Listen to our alumni: checks are their favourite method of payment! It’s worth noting that cash payments in excess of 1,000 euros are prohibited.
5. The check is essential to pay certain bills
Doctors and dentists often refuse to accept bank cards. It’s similar to paying for the school cafeteria or the rent. Some businesses or professions exclusively accept cash. There are plenty such cases like this. Then, when the sum is large, it might be difficult to pay by credit card. In these conditions, this method of payment is both necessary and practical! But be cautious. Some businesses or craftspeople have the right to reject payment via check. They may even demand a certain sum. They only have a responsibility to warn you by posting a notice in the shop.
6. The check allows cash flow flexibility
When you write a check, it is not instantly deducted. There is usually a few days’ delay between the time the recipient deposits it and the time the bank registers it. This interval might so enable you to juggle your monetary inflows and outflows. As an example, I have nothing left on my account, but I know I’ll be paid in two days. So, I’ll still be able to go shopping since I know my check isn’t deducted immediately. But be cautious! It is not necessary to “pull on the rope” excessively. Never issue a check if your account is empty and no cash flow is forecast within two days. Do you, by the way, know how to postpone the cashing of a check? It adds one extra day to your life. Very useful for the stressful end of the month…
7. The check makes it possible to stagger the payments
Disaster! Your boiler is faulty and must be fixed. The surgery will cost 1,000 euros! As a trustworthy craftsman who understands the hardship, your repairer gives you the option of paying in instalments. How is this even possible? Using many checks, bingo. This payment mechanism, as you can see, is not going away anytime soon. When it comes to paying for large and unexpected bills in instalments, the check is quite useful.
8. Stronger than the check: the bank check
Okay, that’s OK; most banks charge cashier’s checks. But it’s not for nothing. This “enhanced” check has many benefits, the most important of which is that it guarantees payment to the recipient. How does it work? Nothing is simpler. Assume you want to purchase a secondhand automobile for 5,000 euros……and you have the money. So you go to your bank and request a 5,000 euro cashier’s check. The bank debits you immediately and issues you this well-known check in exchange.