We may read "checks" are dead on many online news publications, but that is far from the truth. In fact, the majority of B2B transactions are done via check transaction, at 80%.
But what about consumers? A survey of bank and credit union customers found that 21% still carry a checkbook daily. However, a FinanceBuzz study found that 60% of Gen Zs don't own a checkbook.
Even though they might not have a personal check, Gen Z'ers still might need a cashier's check. But why?
A cashier's check is a type of check that is issued and guaranteed by a bank. Unlike personal checks, which are drawn from an individual's account, a cashier's check is drawn against the bank's own funds. This not only enhances security but also assures the recipient of the check that the funds are guaranteed and readily available at the point of withdrawal. Cashier's checks are also readily available to print by a bank teller at most bank branches.
When choosing between cashier's checks and personal checks, understanding their core differences is crucial for making informed financial decisions. While both serve as payment methods, cashier's checks offer enhanced security, faster processing times, and guaranteed funds, distinguishing them from their personal check counterparts.
When it comes to other endeavors like real estate where transactions often involve significant sums, cashier's checks ensure that funds are secured and readily accessible, facilitating a smoother process for both buyers and sellers. Similarly, in legal contexts, when settling matters involving large financial agreements, cashier's checks offer a reliable and prompt method to transfer funds.
On the other hand, a Gen Z or Millennial without a checkbook may need to pay a large invoice for a car, house, or repair, or maybe even an engagement ring by check if the company requires one. Going down to the bank and asking for a cashier's check is the easiest way to solve that dilemma - but, it's still a dilemma. Why?
Well, the truth is that bank branches are becoming harder and harder to come by. In a post-pandemic world, most consumers are banking digitally with FinTech applications and digital wallets and don't think about the need for a cashier's checks until the day of. Even then, these consumers might find themselves in what's known as a "banking desert," a region or area that does not have financial services available for over 10 miles. With the recent surge in bank branch closures, 12 million people are living in one of these regions.
TellerCentral is the all new solution from TROY that bridges the gap between FinTech applications and brick & mortar branches. With the same look & feel as an ATM, TellerCentral takes self-service and turns it on its head. Instead of just dispensing cash and allowing customers to withdrawal and deposit cash, TellerCentral goes 10 steps further. TellerCentral takes services that you would typically only get in branch and implements them within one machine. Print cashier's checks with MICR, check sheets, deposit slips, loan coupons, bank cards & more - while still being able to deposit and withdraw cash like a traditional ATM.
By implementing a machine like TellerCentral, banks can expand their reach to customers in areas where financial resources are scarce - helping their customers while also saving big on the hefty real estate costs of maintaining a full physical branch. Not to mention, TellerCentral comes with custom brand wrapping from TROY so customers will recognize their brank no matter where they see a TellerCentral machine - whether it's in a branch lobby, grocery store, or train station.
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