Where checks are weakest to contactless, mobile payments
If a checking account doesn’t come with checks anymore, can it still be called a checking account? It’s a valid question that the financial services industry should be asking itself.
Today it’s common to open a new checking account that comes with only a debit card — no paper checks — especially for teen accounts and starter or budget checking. In some cases, banks will pre-print a handful of starter checks and then ask customers to order and pay for a box of personal checks.
But don't take these trends as a sign of the check's demise. There are many factors weighing against the future of checks, but also many keeping it afloat.