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That wasn't the question. A lot of people have posted reasons for writing checks. They are still necessary for some things.
They are still necessary from time to time, but the question is do you keep a register, and if you don't write checks often, there's no need to have an accounting system in place to deal with a problem unique to checks.
If you use a CC, you don't need a register.
If you use cash, you don't need a register.
If you use online bill pay, you don't need a register.
If you use ACH transactions, you don't need a register.
If you use checks... well then it depends.
Yes, there are times when you need a check, but if they're rare and infrequent, it's not necessary to create an entire system to keep track of them. If I write a check, I'm aware of it because there's probably only one that's outstanding at any time. I don't keep a register because similar to ukrkoz, it's very rare for me to write a check.
If you have a bunch of checks you write, then it's probably necessary. That's why ukrkoz's comment is relevant.
Many people here saying they don't write checks, so they don't keep a register. Just can't understand that point of view. A register is a record of your transactions - not just checks.
My transactions are 95% ETF's of credits and debits. Of course I want to keep track of them. Banks can make mistakes.
And if I have a service person who doesn't take CC's, I'm not paying cash - I write them a check.
Even if I owned a debit card, I'd sure as hell want to keep a written record of where my money went.
Agreed. I even take a step farther and keep track of my expenses and budget in excel. Sure it is more work, but I am very conscious of my finances and spending.
The one exception is the gas station I go to. They show only $1 at first and by the next day the correct amount will be there. I still don't understand that $1 thing.
They batch their card transactions rather than running them through individually. So when you use the card, they run it through for an approval which shows up as $1 charge on your account. At the end of the day - usually, although some don't run their batches less frequently for some reason - the $1 will be replaced with the actual amount.
Many people here saying they don't write checks, so they don't keep a register. Just can't understand that point of view. A register is a record of your transactions - not just checks.
My transactions are 95% ETF's of credits and debits. Of course I want to keep track of them. Banks can make mistakes.
And if I have a service person who doesn't take CC's, I'm not paying cash - I write them a check.
Even if I owned a debit card, I'd sure as hell want to keep a written record of where my money went.
I haven't read though everything, but I was thinking this too... how do they track everything (since it's not just checks you are tracking... you also track e-payments, deposits, etc).
I don't use the paper check register though, I use Quicken and I track everything and categorize it. It's a great tool because I can check quickly to see where money is going, how spending has changed, and budgeting. It's also handy for taxes (double checking charitable gifts, medical expenses, etc). It's all right there at my fingertips. And I still balance each month too. Only takes about 5 minutes though... but it's a great way to check and see if anything is still outstanding.
I still write checks for a few things and a few places take nothing but checks (like schools, Girl Scouts for activities, anything from the county like dog tags or car tax, etc). I'd say half of things I pay for can't be e-payments or credit cards. But there is a lot I can do online that I don't. I tried online banking a few years ago and ran into a few issues where bills were paid late and I went back to check writing. But my guess is things are better now (I really should give it another shot).
Last edited by jillabean; 01-27-2015 at 08:56 AM..
They batch their card transactions rather than running them through individually. So when you use the card, they run it through for an approval which shows up as $1 charge on your account. At the end of the day - usually, although some don't run their batches less frequently for some reason - the $1 will be replaced with the actual amount.
I still write checks but I haven't kept a check register for years. I check out my online bank statement fairly frequently in lieu of a written register and I have the checks that make an imprint on a copy underneath when you write them. I just find I don't need to fill in a check register because it's redundant.
I used to used online banking exclusively but I switched back to paper checks because I ran into some problems. I just prefer check writing now.
I haven't read though everything, but I was thinking this too... how do they track everything (since it's not just checks you are tracking... you also track e-payments, deposits, etc).
I don't use the paper check register though, I use Quicken and I track everything and categorize it. It's a great tool because I can check quickly to see where money is going, how spending has changed, and budgeting. It's also handy for taxes (double checking charitable gifts, medical expenses, etc). It's all right there at my fingertips. And I still balance each month too. Only takes about 5 minutes though... but it's a great way to check and see if anything is still outstanding.
I still write checks for a few things and a few places take nothing but checks (like schools, Girl Scouts for activities, anything from the county like dog tags or car tax, etc). I'd say half of things I pay for can't be e-payments or credit cards. But there is a lot I can do online that I don't. I tried online banking a few yearsago and ran into a few issues where bills were paid late and I went back to check writing. But my guess is things are better now (I really should give it another shot).
That's the only thing that sometimes bothers me about bill pay. I haven't been late yet but it concerns me. Last month I had a bill due on the 22nd. I set it up for payment on the 16th, which they did, but it took five days to show as a credit on my bill account. It barely made it. I wondered what they'd do if it was late, considering it was paid five days early. Maybe "the check got lost".
I do not use a check register anymore. I don't write many checks on that account, 2-3 per month but I do use if for electronic bill payment. I know how much money I usually spend each month and have balance triggers set to warn me if it ever goes below a certain amount. When I occasionally write a big check, say for my property taxes, I immediately move money from savings into that checking account to cover it.
Most of my daily transactions are done via a debit card on a checking account that pays me 1.5% interest each month on my balance, if I have at least 12 debit card transactions every month. I also have balance triggers on that account set to warn me if it ever drops below a certain amount. I rarely even use cash anymore. If I go through $200 in cash a month it was a big month.
I monitor those account balances several times each month, so I no longer need to keep a register balance. After 30 plus years of keeping a register balance, I realized that the bank had never made a mistake and when there was a discrepancy it was mine. So not much reason to keep a separate register.
That's the only thing that sometimes bothers me about bill pay. I haven't been late yet but it concerns me. Last month I had a bill due on the 22nd. I set it up for payment on the 16th, which they did, but it took five days to show as a credit on my bill account. It barely made it. I wondered what they'd do if it was late, considering it was paid five days early. Maybe "the check got lost".
In 20 some years of using electronic bill payment, I have had only two instances where someone claimed a payment was late, when the bank records showed they were paid on time. I contacted Bank of America about the transaction, they contacted the receiver and the problem went away.
That's the only thing that sometimes bothers me about bill pay. I haven't been late yet but it concerns me. Last month I had a bill due on the 22nd. I set it up for payment on the 16th, which they did, but it took five days to show as a credit on my bill account. It barely made it. I wondered what they'd do if it was late, considering it was paid five days early. Maybe "the check got lost".
Most bill pay recipients are still being mailed a check. Your bank wrote the check and send it out, but it still takes 3-5 days for the check to be shipped and then the recipient needs to process it.
Most banks will reduce the balance on your account when the check is written to help you avoid overdrawing your account due to outstanding checks that haven't been cashed yet. On the other side, you won't be given credit for the payment until they process it.
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