Target stores will stop accepting personal checks after July 15, the retailer has announced. In a statement confirming its decision, Target cited “extremely low volumes” of customers who still write checks, and said it had “taken several measures to notify guests in advance” about the no-checks policy.
The retail giant also highlighted its commitment to creating an easy and convenient checkout experience for customers, with credit and debit cards, “buy now, pay later” services and the Target Circle membership program, which applies deals automatically at checkout.
Target, which has almost 2000 stores across the U.S., follows in the footsteps of Aldi and Whole Foods Market in officially ditching checks. And although they’re still accepted by retailers including Walmart, Macy’s and Kohl’s, it’s now increasingly unlikely you’ll see anyone pulling out their checkbook in store.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Who’s still writing personal checks?
According to data from YouGov Profiles, only 9% of Americans said they still use checks when making a purchase in-store. Cash is the most commonly used form of payment, with 67% of those surveyed saying they prefer handing over bills and coins.
Debit cards (42% using chip and 35% swipe) and credit cards (35% using chip and 26% swipe) are the next most popular methods, while contactless payments are closing in, with 17% usage.
However, a February 2024 survey from GOBankingRates found that while writing checks may be less popular than it used to be, 54% of Americans still wrote a check in the past year. According to the data, 15% of Americans wrote a few checks a month, 17% wrote less than six checks, 17% wrote a check once a month and 4% wrote more than 12 checks.
Unsurprisingly, the survey results highlighted the link between age and use of checks. Many Americans in the 55 and over age group said they still write a few checks a month — with 15% in the 55 to 64 age group and 22% in the 65+ age group reporting this.
In contrast, 46% of those ages 18 to 24 hadn’t written a check in the past year, along with 51% of those aged 25 to 34, 51% of those aged 35 to 44 and 50% of those 45 to 54.
Making the case for personal checks
According to Fifth Third Bank, “certain payments are likely to be better suited to checks over digital payment alternatives, especially for people with spotty internet access.”
The bank’s website states: “The most common transactions involving checks are for rent, utilities, taxes and other payments to the government, payments to contractors, gifts to charities, payments for healthcare, and education expenses such as tuition payments.”
“Many people also still use checks instead of cash to give monetary gifts,” it adds. “It’s a more secure form of payment, especially if mailing a card.”
That’s reassuring for kids. While grandparents may no longer be able to use their checkbooks in their local grocery store, at the very least, they’re still handy for sending birthday money in the mail.
Related Content
-
Cord Cutting Could Help You Save Over $10,000 in 10 YearsHow cutting the cord can save you money and how those savings can grow over time.
-
The '8-Year Rule of Social Security' — A Retirement RuleThe '8-Year Rule of Social Security' holds that it's best to be like Ike — Eisenhower, that is. The five-star General knew a thing or two about good timing.
-
Cord Cutting Could Help You Save Over $10,000 in 10 Years
How cutting the cord can save you money and how those savings can grow over time.
-
The Top Fourth of July Fireworks and Celebrations Across AmericaFrom Boston to San Diego, these iconic celebrations light up the sky — and the spirit of Independence Day.
-
Why Retirees Need a Budget, According to a New RetireeA new retiree explains why retirees need a budget.
-
My First $1 Million: Air Force Veteran, 68, Duluth, Ga.Ever wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
Your Home + Your IRA = Your Long-Term Care SolutionIf you're worried that long-term care costs will drain your retirement savings, consider a personalized retirement plan that could solve your problem.
-
How to Choose a Mortgage Lender in Five StepsNot all lenders are created equal — here’s how to compare offers, rates and terms with confidence.
-
A Meteorite May Have Hit a Home in Georgia. Would Insurance Cover the Damage?In a rare event, a meteorite may have crashed through the roof of a Georgia homeowner. Here’s what home insurance would cover.
-
My Car Was Stolen — Here’s What I Did and How You Can Protect YourselfDon’t wait until it happens to you. Learn how to prepare for auto theft, protect your vehicle and respond quickly if your car is stolen.
