Target confirmed the discontinuation of personal check acceptance due to 'extremely low volumes', emphasizing a focus on credit/debit cards, 'buy now, pay later' services, and Target Circle membership for easier checkout.
Check writing has significantly decreased since the 1990s, with Americans shifting towards electronic payment methods. Federal Reserve data shows a decline from nearly 19 billion checks in 1990 to 3.4 billion in 2022.
The Federal Reserve drastically reduced its national check processing infrastructure due to the decline in check writing, operating only one location since 2010 compared to 45 locations in 2003.
The decline in check writing is also attributed to rising check fraud incidents, impacting small businesses. Organized crime is a key contributor to check fraud, driving people away from using checks.
Collection
[
|
...
]