Are Cheques Passé ?

Undead Bank Service?

That is the discussion that arose after my odd rant about the cost of cheques from my bank. I had a few comments from folks who were astounded that I wrote that many cheques (150) in a year, but I can assure you it is not that hard to do.

  • Somewhere close to 50 cheques are used up with offerings to my Church. Yes, I could use the direct withdrawal capability that the Church has, but it’s not quite set up the way I wish just yet (it only works once a month, I’d prefer to pay what I can every week).
  • Every school activity asks for money these days, and teachers do not want children showing up at school with cash in hand, this adds at least another 25 cheques to the count.
  • My sons school also has fundraising and book sales, again another 20 or so cheques written.
  • The remainder of the cheques are taken up with paying for various sporting team things, some charities that I give to, and miscellaneous.

That is about 150 cheques a year or so, which is astounding.

Is the Cheque Dead?

In my house the resounding answer to that query is absolutely not, however, in other houses maybe not as much.

My bank certainly is pricing cheques such that they don’t want me to use them, if possible. I also got some excellent comments that pointed out many banks give their customers free cheques (PC Financial was mentioned by name), so I do feel like quite the dunderhead not getting free cheques. I vow here that next time I will ask for free cheques, because as we know at the Bank Everything is Negotiable.

It should be possible to not write another cheque, but is it practical for all of us?

Certainly many transactions still need a bank draft or certified cheque, like purchasing a home, or paying for a large price item (like a car). It is interesting that you can’t seem to do this as a bank transfer, however, I am willing to hear otherwise (i.e. you can buy a house without having to have a certified cheque written to a lawyer or such).

Do you live without cheques?

{ 3 comments }

{ 3 comments… add one }

  • Credit Cards Canada November 7, 2010, 11:43 AM

    I have used cheques only twice in the past two years. Of course, I know many people who use cheques on a daily basis especially in the situations that you stated.

    I don’t see us going entirely chequeless yet but I am sure a day would come when transferring money in real-time via phones and other devices will become common and secure.

    Reply
  • Financial Cents November 4, 2010, 8:23 PM

    I can count on one hand how many times I use cheques in a year. Typically, just for DRIPs with transfer agents.

    That said, I know others that use them all the time;
    almost like Post-it notes. Everyone has their ways :)

    Reply
  • Echo November 4, 2010, 8:47 AM

    I don’t use cheques at all…in fact the last time I even looked at my old book of cheques was to locate the transit number so I could set up a direct deposit EFT.

    That being said, I can certainly see your need for cheques. Perhaps if you explain to your bank the amount of cheques you actually use they can at least set you up on a cheaper plan (not unlike cheaper trading fees for frequest stock traders)?

    Reply

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