Checkless Society

ChecklessSociety

ChecklessSociety

Overhalf a decade ago, Dale Reistad, came up with a phrase “a checklesssociety.” A checkless society is a society that conducts all itsfinancial transactions electronically that is, via debit cards,credit cards, or other electronic funds transfers. This society doesnot use cash, money order, or checks. In the modern world, every bankand other financial institution are working hard to get into suchsocieties. The day is coming when United States will be a checklesssociety.

Theuse of electronic is making the life of banks and other financialseasier. The popularity of credit cards and ATM is growing daily, andtime will come when checks books will be just a history. Due totechnological advances, the use of electronic devices is soonbecoming a norm. Even today, there are young people with no ideasabout checkbooks and their uses, neither have they ever used them.They only use electronic card that are fast, convenient, and secure,and all they need is to remember the pin number (Roberts,2015).In addition, ATM machines are everywhere today especially in grocerystores, shopping centres, malls, and outside banks.

Further,the use of paperwork is not common unlike in the previous years.Interestingly, even the old people are no longer using theircheckbooks as they did before. Furthermore, department stores,grocery stores, credit card companies, major gas companies, and otherbusiness are now issuing ATM cards and credit cards, and most peoplehave at least one card. According to Roberts(2015),most companies have an electronic payment system whereby they sendemployees’ paycheck to their bank account directly. This is a greatindication that United States is soon becoming a checkless society.

References

Roberts,J. (2015, March 12). MoneyMatters101: The only place online to findBusiness and Finance news in a simple format. Retrieved March 12,2015, from http://www.moneymatters101.com/banking/ckless.asp