Many people are on tight budgets. How can writing checks help them learn to stay within their budgets?
Writing checks helps consumers stay in control of their spending habits. Check writing encourages effective record keeping and strong personal financial management skills. Using duplicate checks helps even more, as consumers are able to keep a carbon copy of all of the checks they have written. Checks also give consumers more control over when to pay than pre-authorized ACH payments that automatically deduct amounts for checking accounts each month (Mester, Loretta, 2000 “The changing nature of the payments system: Should new players mean new rules?” Business Review, Federal Reserve Bank of Philadelphia, March/April, pp. 3-16).
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