Personal checks have always been one of the most popular forms of payment whether as third party payments or for transactions involving point-of-sales. They are convenient, easy to use and producing one is quick and fast. However, with changes and improvements in technology, this method of paying is easier. Find out why.
What is a Check Anyway?
Generally speaking, a check is a depositor’s written order to his or her bank, directing it to make funds available to a person or entity who is either specified on the check or who physically bears it. A check is basically an order from a bank to pay a certain amount of money to a specified person or entity.
It is considered a negotiable instrument in that it can be used to pay an individual, a group or a legal entity. Only a depositor with a checking account may use checks as a means to purchase goods or services. It is variously spelled as check, cheque or cheque. The U.S. uses ‘check’ while Commonwealth countries and Britain uses ‘cheque’.
How personal checks are drawn?
A personal check is check drawn from the personal funds of a depositor or account holder. Each time an account holder writes a personal check, he guarantees that he has sufficient funds in his bank in order to pay the amount specified on his check. If the payee withdraws the amount from the drawer bank or deposits it in his own account and the depositor’s funds are insufficient, his check will bounce and he will be subject to certain penalties and fees, depending on his drawer bank.
An advantage of personal checks or any type of check for that matter is that they are convenient to use and protected the bearer against theft. They also function as receipts after they have been processed by the drawer banks and returned to the depositor or drawer.
What’s in a Personal Check?
Typically, a personal check will contain certain information such as: account number, check number, place of issue, date of issue, payee, and amount of currency (in words and figures) and also the signature of the drawer.
The Parties Involved
The drawer or maker is the depositor or person who is writing the check. The payee is the person or entity tos which the amount of money specified on the personal check is to be paid. The drawer is the financial institution or bank where the check can be handed over for payment.
What the Future Holds for Personal Checks
Personal checks as instruments of exchange are gradually losing their popularity as a means with which to pay for goods and services. The decline is merely a result of better and more convenient alternative means, such as debit or credit card payments, online and telephone payments and banking. ATMs are also the more preferred method of getting cash. Unlike checks, machines are more available and accessible regardless of day and time.
Another reason is that checks are simply costly to process for financial institutions and banks, since they entail transactions to be done with paper. Compared to other methods of payment or transactions such as electronic payments, checks are slower to process and use more resources (paper, ink, manpower).
Personal checks are also more likely to be used in fraud and even identity theft, since they often include personal information such as the depositor’s name, account number and signature. In some countries, personal checks even include the account holder’s address. It is good to have software to print checks like may out there. Online Check Writer, Versa Check, Chax are few among them. Online Check writer is a cloud based one and can be used on any computer anywhere.
The United States is one of the countries that still rely on checks and checking accounts. Even transactions using checks are processed as images between banks.
Personal checks convenience
Checks are a convenient way to pay for your purchases and pay your bills. It is also much safer to carry around than cash. Cash can be used immediately while a customized check requires the owner’s signature before it can be used. Buying checks from your bank can cost you a fortune. There are, however, establishments selling cheap personal checks.
These are custom-made checks that can also be used to pay for your bills and purchases. When issued, they will also be drawn against your personal funds with your bank. But you do not buy them from your bank. You buy them from other sources at a cheaper price. It is why they are called cheap personal checks.
Where to buy cheap personal checks
Buying directly from the manufacturer of customized checks issued by your bank will cost you as much as fifty percent less than what your bank charges. The reason for the price reduction is the removal of the middleman – your bank- from the pricing scheme.
Other sources of cheap personal checks are on-line companies. They have multiplied with the growth of technology. By their sheer number, they have brought the price of custom-made checks down to very competitive levels. This, of course, is very beneficial to users of customized checks.
Buying personalized checks from sources other than your bank gives you the opportunity to customize your customized checks. Companies selling cheap customized checks offer various designs and colors for you to choose from. They can also accommodate you if the design or theme you like printed in your customized check is not among those in their files. You can have the picture of your love ones or, even your dog, printed in your checks, if you so desire.
Some companies have even tied up with Walt Disney Production in order to be able to print Disney characters in their checks. If you are a Donald Duck fan, check out these establishments. Personal checking has never been this fun.These companies also sell accessories. They have check books and stationery to match the design of your custom-made check. If they do not have it yet, they will make it for you.
Safety features of personal checks
Naturally, even if these customized checks are cheap, you must look for safety features against theft and fraud. This is the reason why you are into personalized checking in the first place. Customized checks are safer to carry than cash.
Fortunately, manufacturers of these kind of custom-made checks did not forget to incorporate these safety features in their products. Some checks have micro prints in them while others have watermark seals.
There are so many advantages in buying these low-cost custom checks. One, it is cheap. Buying them will mean lots of savings. Second, it is customized. You can have a heyday choosing designs and colors. And thirdly, there are safety features that will protect the user from theft and fraud.
Check Printing Software
It is always recommended to use a check printing software and print your checks on blank check paper. It is a letter size paper used for printing checks and checks draft. You can purchase blank check paper from any local office supply store like Office Depot, OfficeMax, staple or online store like Amazon, Walmart and many many authorized sellers. Always buy good quality blank check paper. It has several security features. Since Blank check paper does not have your bank account and routing number pre- printed it is less likely to have a security issue of somebody stealing account number and creating fraud and fake checks. It is more convenient to create checks on demand and keep up a history of checks and Reporting System in that software.
Moreover blank check paper is way too cheaper than the checks you order from the bank or other third-party companies which already have your information on it. Creating, writing and processing of checks using software made so easy after the check 21 Act. There are many check printing software available in the market but it is good to have one cloud-based but secured which you give you the freedom to create and print check from any device anywhere.