The decline of checks and how it affects your church…
Do you use checks? Do you even know where your checkbook is? (I don’t) Studies suggest that check writing is in rapid decline as people have begun to use them only for large purchases. Mark Brooks shares these stats:
So how does this affect your church? If nothing else it needs to serve as a wake up call to those churches not engaged in electronic giving. How does YOUR church handle electronic giving?
- Paper check usage declined from 61% of all payments in 2000 to just 26% by 2010.
- In 2011, the number of checks processed by the Federal Reserve fell at its steepest rate yet, down 17, a third of the volume processed 20 years ago.
- The average check size has approximately doubled, rising from an average of $879 in 2001 to $1,460 in 2011, as many smaller-value payments are transacted with debit cards or have been automated.
- Reserve Banks estimate that check volumes will have declined another 14 percent in 2012, to about 5.5 billion items.