Personal and business checks are very important for financial dealings in the everyday lives of human beings. Business checks are usually drawn from business accounts, and they have enhanced security features in comparison to personal checks. Unlike business checks, personal checks are associated with the personal accounts of human beings, and these can be implemented to pay personal or household expenses like paying rent on a house or settling grocery bills.
Why is a personal check needed?
This is a very secure mode of payment since the owner instructs the bank to transfer funds into the required account. Some transactions still require the use of checks. Landlords prefer their monthly rents to be paid by personal checks. If a person wants to mail money to someone abroad, they can also use personal checks. This is because there is a risk of such funds being stolen or lost on the way.
Advantages of personal checks
- Convenience fees can be avoided: Some businesses, such as property managers, charge convenience fees when ordered through an online payment. With the help of personal checks, convenience fees can usually be avoided.
- Provides old-school security: If sometimes a person’s funds or purse get stolen or lost, some cash also gets lost. However, specific merchants, as well as banks, require the signature of the authority on every check. Also, cashiers are required to properly check the IDs of the customers for verification that they are legitimate.
- Personal checks are offline options: Research has revealed that around 7% of US adults do not use the Internet for transactions or other purposes. For such consumers, paying bills using personal checks can be more accessible than cash.
- Personal checks are traceable: This is a very safe method of payment since this method can be traced easily. Every personal check has its tracking number beneath the receipt below it.
- These checks are deposited immediately: These checks usually require two to three working days to cashify. It signifies that the check’s owner has sufficient money to cover the bill.
- Budgeting becomes convenient with personal checks: Every time a person writes a personal statement, they write their receipt to move along with their purchase. These checks are slips of paper that make the process of budgeting super easy, as they can be kept in checkbooks while overviewing the spending in a particularly convenient place.
- Personal checks are customizable: When a person is trying to order online checks or is at the bank, they can choose photo checks, floral checks, scenic checks, and Disney checks. These designs can come with extra security features such as fraud protection or address labels.
Thus, it can be concluded that these are useful financial products for both business and personal usage due to their unique attributes. These checks have their own security features. Therefore, this critical tool can be utilized to its fullest extent for different financial transactions.