Target Stores to Stop Accepting Personal Checks Starting July 15
Are Personal Checks a Thing of the Past? Target Stores Say Yes
In a recent announcement, Target stores have declared that they will no longer be accepting personal checks as a form of payment after July 15. This decision comes as a result of the retailer noticing a significant decline in the number of customers who still write checks. Target has made efforts to inform their guests in advance about this change in policy, emphasizing their commitment to providing an easy and convenient checkout experience for all customers.
With the rise of credit and debit cards, as well as “buy now, pay later” services like Target Circle membership program, Target is adapting to the changing landscape of retail payments. This move follows in the footsteps of other retailers like Aldi and Whole Foods Market, who have also stopped accepting checks. While some major retailers like Walmart, Macy’s, and Kohl’s still accept checks, it is becoming increasingly rare to see anyone using a checkbook in stores.
According to data from YouGov Profiles, only 9% of Americans still use checks when making in-store purchases, with cash being the most preferred form of payment at 67%. Debit and credit cards are the next most popular methods, with contactless payments gaining traction as well. However, a recent survey from GOBankingRates found that 54% of Americans still wrote a check in the past year, with older age groups more likely to use checks than younger generations.
Despite the decline in check usage, there are still valid reasons for using personal checks. Fifth Third Bank points out that certain transactions, such as rent, utilities, taxes, and payments to contractors, are better suited for checks, especially for those with limited internet access. Checks are also commonly used for gifts, healthcare payments, and education expenses. Additionally, checks provide a secure way to send monetary gifts, making them a practical option for sending birthday money to loved ones.
While the era of personal checks may be coming to an end in retail stores like Target, they still serve a purpose for specific transactions. As technology continues to advance, it will be interesting to see how payment methods evolve and whether checks will continue to have a place in our digital world.
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