The True Cost of a Check: Why It’s Time to Rethink Paper Payments
At Rosedale Bank, we’re proud to be a community-first institution rooted in tradition, but always looking ahead. And while checks may feel familiar, the truth is: they’re costing all of us more than we realize.
Let’s talk numbers. According to the latest Federal Reserve data, every day, Americans write about 11 million checks totaling $34 billion. But here’s the kicker: check fraud costs banks, businesses, and households over $21 billion annually. That’s nearly $4.79 per check lost to fraud before we even talk about recovery costs.
And it’s not just fraud. Processing a single check costs a business around $4, and for community banks like Rosedale, it can be $3.68 or more… sometimes up to $10 for smaller institutions. That’s money that could be reinvested in better technology, stronger security, or more personalized service for you.
Why Are Checks Still Around?
Checks are a bit like flip phones – nostalgic but not built for today’s world. They expose sensitive information, take days to clear, and are surprisingly easy to forge or manipulate. Criminals can intercept them, wash the ink, or even deposit them remotely using fake identities.
Yet many businesses and municipalities still rely on them. Why? Habit. Familiarity. And sometimes, a lack of awareness about safer, faster alternatives.
A Safer, Smarter Way to Pay
At Rosedale Bank, we believe in empowering our customers with better options. Instant payments and ACH (Automated Clearing House) transfers are encrypted, secure, and fast. They are closed-loop systems meaning they happen between verified parties, reducing the risk of fraud dramatically.
With features like biometric authentication, device verification, and anomaly detection, these digital channels can prevent up to 95% of account takeover attempts. That’s not just safer, it’s smarter.
What You Can Do Today
Whether you’re a household managing monthly bills or a business handling payroll, here’s how you can start making the shift:
- Explore ACH and instant payment options through your Rosedale Bank account.
- Set payment dates and settle instantly. No more waiting for checks to clear.
- Attach invoices and receipts electronically, keeping all your records in one place.
- Request payments instantly, making it easier for customers to pay on time.
We’re here to help you make the transition. No judgment, no pressure, just guidance and support from your trusted community bank.
The Bottom Line
Checks are on their way out. The U.S. government is phasing them out. Businesses are following suit. And at Rosedale Bank, we’re ready to lead the way.
Let’s stop subsidizing fraud and inefficiency. Let’s invest in safer, faster, and more cost-effective ways to move money. Because your security and your success deserve better.
Ready to make the switch? Talk to your Rosedale banker today. We’ll walk you through every step.
For Personal Banking Customers: Safer, Smarter Ways to Pay
Still writing checks for rent, utilities, or gifts? You’re not alone, but there’s a better way. Checks expose your account number, routing number, and even your signature to the world. And unfortunately, they’re a favorite target for fraudsters.
Here’s what you can do instead:
- Use Rosedale Bank’s instant payment options to send money securely and immediately.
- Set payment dates so bills are paid on time. No more late fees or waiting for checks to clear.
- Keep your financial info private with encrypted digital channels.
- Track your payments easily with digital receipts and confirmations.
We’re here to help you make the switch. Whether you’re paying bills, sending money to family, or managing your monthly budget, Rosedale Bank offers safer, faster, and more convenient ways to bank.
For Our Business Clients: Time to Rethink the Cost of Checks
If you’re running a business, nonprofit, or municipality, this is your wake-up call. Checks aren’t just outdated – they’re expensive. Between managing check stock, reconciling uncashed payments, and dealing with fraud risk, each check costs your organization.
At Rosedale Bank, we’re here to help you streamline operations and protect your bottom line. Switching to ACH and instant payments means:
- Faster cash flow: Payments settle instantly, improving liquidity.
- Better recordkeeping: Attach invoices and receipts electronically.
- Reduced fraud risk: Encrypted channels and identity verification keep your business safe.
- Improved customer experience: Request payments instantly and make it easier for clients to pay on time.
We’ll work with you to modernize your payment systems, reduce overhead, and make your financial operations more secure and efficient. Let’s talk about how we can help your business grow without the drag of paper checks.