As of July 15, Target will no longer accept personal checks. (GV Wire Composite/Paul Marshall)
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Major retailer Target says it will no longer accept personal checks starting July 15, joining the growing ranks of stores not accepting the payment method.
Because of “extremely low volume,” Target made the decision to stop accepting personal checks. Aldi and Whole Foods already opted not to take checks.
“Due to extremely low volumes, we’ll no longer accept personal checks starting July 15,” a Target spokesperson said. “We have taken several measures to notify guests in advance to aid an easy and efficient checkout experience.”
Number of Checks Written Declines Nationwide, Value Increase
Every three years, the Federal Reserve analyzes noncash payments made. It may come as no surprise that since 2015, the number of checks has declined drastically. From 18 billion checks written that year, the number dropped to 11.2 billion in 2021, according to Federal Reserve data.
The value of checks written increased in that same time period. Where the average check totaled $1,609 in 2015, in 2021 that value averaged $2,430.
Similar to checks, ATM withdrawals have also declined. In 2015, 5.2 billion withdrawals were made, averaging $146 a transaction. By 2021, only 3.7 billion were made, with people pulling out an average $198.
Conversely, credit card and debit card payments have filled the gap left by checks and cash. From 101.5 billion card transactions in 2015, people used cards to pay for things 157 billion times in 2021.
The average payment rose from $54 to $60.
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