In an era of smartphones, online banking, Venmo and PayPal, the United States still can’t seem to wean itself off paper checks. In most countries, paper checks went the way of the fax machine and rotary telephones, but their demise isn’t coming to America any time soon. Americans still reach for their checkbooks more than anybody else. On average, Americans write 38 checks per year. Compare that with 18 in Canada, 8 in the UK, and almost none in Germany. The only country anywhere close to American numbers is France. There are, of course, faster and more efficient alternatives. Electronic transactions clear quickly — no stamp or envelope needed — and cost users about a tenth as much as a check to process. That’s not even taking into consideration that box of replacement checks, which can cost a consumer in the neighborhood of $25-$30. Banks are trying to push consumers toward cheaper, faster mobile banking and peer-to-peer services like Venmo, Zelle, CashApp, Apple Pay and PayPal, but older Americans still aren’t totally sold. While 62% of millennials use peer-to-peer services, only 20% of baby boomers and 10% of the silent generation do. Still, 71% of the survey respondents believe children under 10 will never have to learn how to write a check. Old habits die hard, and while paper checks are on the decline, don’t look for them to disappear altogether in the near future.
