Target has announced plans to stop accepting the traditional payment method starting next week.
Target will stop accepting personal checks from customers after July 15th.
To justify the decision, the major national retailer cited the fact that shoppers rarely use traditional payment methods.
“Due to extremely low transaction volume, we will no longer accept personal checks starting July 15th,” a company representative said in a statement. KTLA“We have taken several measures to notify guests in advance to make check-out easy and efficient.”
A Target spokesman tried to ease check users’ concerns by pointing out all the payment methods the Minnesota-based retailer accepts.
“Target is committed to providing an easy and convenient checkout experience and offers customers a variety of payment methods, including the new Target Circle Card (formerly the Target Red Card), cash, digital wallet, SNAP/EBT, buy now, pay later and credit and debit cards,” the spokesperson said.
Target Website The company says its stores do not accept the following payment methods:
- Foreign checks and currency: Target does not accept foreign currency or coins. However, some Target store locations may accept Canadian dollars and Mexican pesos. Target stores update their exchange rates weekly.
- Mall Certificate and Chamber of Commerce Cards: Exception – Some stores accept payment using Mall Certificate or Chamber of Commerce cards. Please check with your local store to see if they accept these cards.
- Money orders and cashier’s checks: accepted only as payment on credit accounts
- Business checks will not be accepted.
- Merchant gift cards (e.g. Disney) except Starbucks gift cards (can be used at any cash register in a Starbucks store)
The Federal Reserve has noticed a significant decline in the use of personal checks in recent years. study The study, which collected data for the 2021 calendar year, found that checks used for payments have fallen at an annual rate of 7.2% since 2018, with sales dropping to $11.2 billion.
Despite the decline in the number of checks being used, the value of a check increased from $1,908 in 2018 to $2,430 in 2021. The increase is due to fewer checks being written, but checks are still being used for big-ticket transactions such as rent payments and car purchases.
The COVID-19 pandemic has accelerated the decline of personal checks as more customers and businesses adopt contactless and digital payment methods.
Experts believe the use of personal checks will continue to decline as more people turn to digital payments in general and emerging cryptocurrencies.
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