Money

AARP -  In yet another sign the personal check is on its way out, Target recently announced it’s no longer accepting this form of payment, joining a growing list of retailers that have banned checks.   Retailers like Target have their reasons for banishing checks. Usage is a big one: Checks represent only 3 percent of transactions, according to Bankrate data. Fraud is another: In recent years there’s been a resurgence of check fraud, with merchants a common target. And in an era when speed is of the essence, nobody wants to wait behind a shopper paying by check. 

“The juice isn’t worth the squeeze for retailers,” Greg McBride, chief financial analyst for personal finance at Bankrate, says of merchants accepting personal checks at the cash register. “Check writing didn’t fall off the table in the last five years,” he adds. “It’s been steadily declining for the last 30 years.” 

That doesn’t mean there aren’t holdouts, particularly among older adults who appreciate the familiarity of paying by check. Of American adults who still write checks, a 2023 GOBankingRates survey found many were 55 and older. “Check writing is still going to persist, but it’s going to be more for one-off transactions," McBride says, such as “the repairman who comes to the house and doesn’t accept credit cards or the school function or event.”