Featured Personal Cheques in Canada
The Importance of Personal Cheques in Your Life
Personal cheques are a wonderful way to stay in control of your finances, pay bills and make purchases. They’re so convenient too. You can deposit money directly into your account or use a service like a payday loan that allows you to put money into your account for a specific amount of time each week. Personal cheques are also useful as they provide you with some degree of privacy when making financial transactions. You can’t go to the bank and pull out every single bill you’ve received over the day to deposit it into your account. Instead, you need to make multiple trips so that you don’t end up exposing more than you intended. It’s a lot more inconvenient than it sounds but gives you much more peace of mind as well. In this article, we will discuss
Personalize Your Payments with Cheques
The first and most important thing to understand about personal cheques is that they are specifically designed to help you personalize your payments. They’re not a tool to replace the cash in your bank account. Instead, they’re meant to act as a replacement for your actual checkbook. When you write a cheque, you’re just writing a promise to pay some money to the person or company who receives it. However, when you write a cheque on paper, it’s a physical symbol that you’ll be paying that person or organization. With a digital cheque, you can take all the same advantages. You can customize the cheque itself so that it specifies exactly who the money is for and when exactly the payment is coming out of your account. Then, you can schedule the payment for a future date based on your schedule. You can also make the payment automatically from your account so that you don’t have to worry about forgetting.
Investigating the Future of Personal Cheques in Canada
Canada is certainly a nation that still heavily relies on the concept of the physical cheque. The Canadian Bankers Association estimates that Canadians will deposit nearly $22 billion worth of physical cheques in 2018. That number has been steadily decreasing since 2010 though and there’s no reason to expect that trend to reverse. The number of transactions that are conducted entirely by cheque is also significantly low compared to the overall amount of money moving around the system. Just under half of all cash transactions are done by cheque. The result is that a significant number of Canadians are still using a method that will become less relevant as the years go by. As customers and businesses become more comfortable with digital methods, physical cheques will become less and less relevant.
The Security Benefits of Canadian Business Cheques
Even though physical cheques are starting to become less relevant in many parts of the world, they aren’t going anywhere entirely. Many people will argue that they make for a particularly secure way of moving money around. That’s because they’re physical copies of your signature. If someone were to go into your home or office and steal your checkbook, they could easily copy all the cheques inside of it. They could even take the checkbook to another office, replace the cheques with their own and then deposit the cheques that they wrote. In this way, they’ve still got full control of the cash in your account and could end up spending it in several different ways.
Find Out How to Get the Cheapest Business Account in Canada
You’re going to want to start using cheques as soon as you become more comfortable with the idea. As soon as you feel like you can handle using your checkbook, have a budget and get a more affordable and convenient business account, do it. Allowing yourself to get started using cheques will give you a few extra advantages. Cheques work best when you use a service like PayPal or a similar payment platform to deposit the cheques into your account. That way, you can set up recurring payments that you can schedule to be deposited into your account automatically. That’s an incredibly useful feature that you can’t get with a cheque account that is just handled through your normal bank account.
Comments
Post a Comment