Let’s Scrap Paper Checks

His Life Savings Were Mailed to Him by Paper Check. Now, It’s Gone.

Q: Last year, I lost my entire 401(k) — $114,000 — after Paychex mailed me physical rollover checks instead of doing a secure transfer. The checks were intercepted and fraudulently cashed. I’m now in federal court trying to hold Paychex accountable, but this experience has made it painfully clear how little protection exists for consumers in situations like mine. For some reason, this outdated and insecure method remains standard practice in the…

Let’s scrap paper checks

If the federal government can ditch paper checks, so can the private sector, one industry CEO contends.

Treasury to Phase Out Most Paper Checks for Payments

Paper checks from the U.S. government may soon be a thing of the past. In an effort to fight rising check fraud and mail theft, the U.S. Treasury Department is planning to stop using paper checks for most government payments, including tax refunds and Social Security. Instead of sending checks through the mail, the Treasury will use safer and faster methods like direct deposit, debit and credit cards, and digital wallets. Continue reading Treasu…