It is true that with debit cards we see less and less checks being written in the marketplace and for purchases at the retail level. Debit cards – which take the funds directly out a person’s bank account and cost the retailer a lot less than charge card bank service fees and percentages are a lot more popular, prevalent and seem to be taking over what were the credit card method and payment by personal check methods. However in some rural areas , where “everyone knows everybody ” and in special situations where either the seller knows the check writer personally or perhaps wishes to forgo risks inherent in a NSF returned check due to the case or situation where he really want to sell the item some sellers and retail outlets will still take checks as payment.

In addition with either debit card payment forms or charge / credit / convenience cards there is not the risks , costs or time involved with chasing down payments that are returned by the financial institutions.

Yet it’s still important for people and kids to know and understand what payment by check involves even though debit cards are taking over in the banking and retail marketplace. At some point they may have a checking account and wish to make payment, they may have a job or perhaps set up a small business where payments are issued by check or payments received in these forms. As a parent you don’t want to be caught in a situation where your young adult is in trouble for writing NSF checks and quite credibly honestly says “But there were more checks still in my check book”. The assumption somehow is , belying a lack of comprehension of the simple concepts of negotiable instruments are , that because there was still a number of blank checks in the checkbook , that valid payments could be still be made and was perfectly fine and legal.

All of this again belies the points of due diligence and outright financial obligations of payments to vendors , retail outlets and various other people and companies for which payment is well due for goods or services provided. After all we are not dealing with the “biker school of management”. On top of that as a parent you may well have cosigned financial papers for the small business or loan and are on the hook for payment.

Thus it’s a good idea for people still to be familiar with checks as a form of payment – what they are , the definitions of negotiable instruments , and how to write a check as a document of payment properly. On top of that they should also know what is acceptable format and procedure if a check needs to be corrected or revised. This is important even if they do not have a checking account at their bank or credit union presently and at this point make payments solely by debit cards.

Thus either for the general public and for the instruction of your children and young adults under your charge it’s still a good idea to provide basic instruction regarding checking accounts & how to make payment by checks even if they do not have a checking account presently.

Toni I. Williams Western Canada Canadian Custom Credit provides auto financing for Alberta Northern Alberta & Eastern British Columbia vehicles – cars trucks and crossover SUVs http://canadiancustomcredit.com Fill Out a Credit App Online today Edmonton Fort McMcMurray Auto Financing Calculator http://westernautocreditedmonton.com

Toni I. Williams Western Canada Canadian Custom Credit provides auto financing for Alberta Northern Alberta & Eastern British Columbia vehicles – cars trucks and crossover SUVs http://canadiancustomcredit.com Fill Out a Credit App Online today Edmonton McMurray http://westernautocreditedmonton.com

Author Bio: Toni I. Williams Western Canada Canadian Custom Credit provides auto financing for Alberta Northern Alberta & Eastern British Columbia vehicles – cars trucks and crossover SUVs http://canadiancustomcredit.com Fill Out a Credit App Online today Edmonton Fort McMcMurray Auto Financing Calculator http://westernautocreditedmonton.com

Category: Finances
Keywords: home finances,teaching kids about money,teaching home finances , writing checks