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- Target will soon stop accepting personal checks from customers (newsbreak.com)
Amazon, Walmart, and Target have announced major sales events set for July, according to a statement. In related news, Target is updating its payment methods, moving away from accepting personal checks. Starting July 15, the retailer will no longer accept this form of payment, a decision that follows its “Red Circle” sales event ending on July 13.
This shift corresponds with a broader decrease in check usage, once a staple payment method. In 2009, 90% of consumers reportedly used checks at least once annually, based on studies by the Federal Reserve Bank of Atlanta. However, current data indicates that only about half of Americans use checks once a year now, with many opting for digital payment options like Venmo, Zelle, or PayPal, according to GoBankingRates.
Target attributes its decision to the dwindling volume of check transactions and has advised customers of the change well in advance to ensure a smooth transition at checkout. The store will continue to accept various forms of payment including cash, credit and debit cards, digital wallets, SNAP/EBT cards, and buy now, pay later services.
Other retailers, such as Aldi and Whole Foods, have also stopped accepting personal checks, citing reasons such as speeding up the checkout process. Despite the decline in general check usage, they remain relatively popular among older consumers, with one in five individuals over 66 still writing several checks each month, contrasted with about half of those under 55 who do not use checks at all throughout the year.
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- Target will soon stop accepting personal checks from customers (newsbreak.com)