Current:Home > BackTarget says it will soon stop accepting personal checks from customers. Here's why.-LoTradeCoin
Target says it will soon stop accepting personal checks from customers. Here's why.
View Date:2024-12-23 20:18:38
Target tells its customers to expect more while paying less — but soon, its shoppers won't be able to purchase anything at all with a once-popular form of payment.
The retail giant said in a statement that it will stop accepting personal checks as payment starting July 15. The change, which was earlier reported by Minneapolis TV station KARE, will take place after Target's Red Circle week, a sales event that ends on July 13.
The change comes amid waning use of personal checks, a form of payment that 9 in 10 consumers used at least once a year as recently as 2009, according to research from the Federal Reserve Bank of Atlanta. But today, only about half of Americans write checks at least once a year, with many shifting to digital payments such as Venmo, Zelle or PayPal, GoBankingRates found.
Target pointed to the shift in consumer preferences as its reason to stop accepting personal checks as payment.
"Due to extremely low volumes, we'll no longer accept personal checks starting July 15," a Target spokesperson said in an email. "We have taken several measures to notify guests in advance to aid an easy and efficient checkout experience."
Target will continue to accept cash; digital wallets; buy now, pay later services; and credit and debit cards as well as SNAP/EBT cards, it said.
A few other retailers don't accept personal checks, including Aldi's and Whole Foods, with the latter saying it doesn't allow checks in order to speed up the checkout process.
Even though fewer Americans are writing checks today, they remain popular with older consumers, GoBankingRates found in its survey. About 1 in 5 people over 66 write several checks each month, while about half of people under 55 don't write a single check the entire year.
- In:
- Target
Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.
TwitterveryGood! (4)
Related
- Veterans Day restaurant deals 2024: More than 80 discounts, including free meals
- Liam Payne Death Investigation: 3 People of Interest Detained in Connection to Case
- SEC tiebreaker chaos scenario: Potential seven-team logjam atop standings
- Attention Upper East-Siders: Gossip Girl Fans Spot Continuity Errors in Series
- Taylor Swift's Dad Scott Swift Photobombs Couples Pic With Travis Kelce
- Jennifer Lopez appears 'Unstoppable' in glam press tour looks: See the photos
- Roland Quisenberry: The Visionary Architect Leading WH Alliance into the Future
- Barstool Sports’ Dave Portnoy Slams Zach Bryan in Diss Track After Brianna LaPaglia Split
- Halle Berry Rocks Sheer Dress She Wore to 2002 Oscars 22 Years Later
- Starbucks holiday menu 2024 returns with new refreshers, food items: See the full menu
Ranking
- Louisville officials mourn victims of 'unthinkable' plant explosion amid investigation
- YouTuber known for drag race videos crashes speeding BMW and dies
- Mississippi man dies after being 'buried under hot asphalt' while repairing dump truck
- From Innovation to Ascendancy: Roland Quisenberry and WH Alliance Propel the Future of Finance
- Arkansas governor unveils $102 million plan to update state employee pay plan
- Roland Quisenberry: The Incubator for Future Financial Leaders
- Rachael 'Raygun' Gunn, viral Olympic breaker, retires from competition after backlash
- Federal Reserve is set to cut interest rates again as post-election uncertainty grows
Recommendation
-
Bill on school bathroom use by transgender students clears Ohio Legislature, heads to governor
-
West Virginia Gov. Jim Justice appoints wife Cathy to state education board after U.S. Senate win
-
Can legislation combat the surge of non-consensual deepfake porn? | The Excerpt
-
Man arrested at JFK Airport in plot to join ISIS in Syria
-
Ranked voting will decide a pivotal congressional race. How does that work?
-
Inside BYU football's Big 12 rise, from hotel pitches to campfire tales to CFP contention
-
West Virginia Gov. Jim Justice appoints wife Cathy to state education board after U.S. Senate win
-
Christina Applegate's fiery response to Trump supporters and where we go from here