Target stores to stop accepting personal checks this month

TAMPA, Fla. - Target stores will stop accepting personal checks later this month, joining the growing list of companies taking another step into the age of digital finances.

A Target spokesperson told FOX Television Stations that the decision was made "due to extremely low volumes" of personal check use.

"We have taken several measures to notify guests in advance to aid an easy and efficient checkout experience," the spokesperson added.

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The change will go into effect July 15.

The retail giant noted other ways consumers can pay, including credit, debit or Target Circle Cards, digital wallets and cash.

"Some of it is really just kind of a sign of the times that really the technology is now in place that checks are really just no longer necessary," said University of South Florida economist Michael Snipes, adding more businesses may soon follow suit. "From the business's perspective, what it's going to do is it's going to make transaction costs lower. So we no longer have to deal with the time of actually going and depositing these checks physically. We don't have to keep track of them. It's a way to speed up the checkout process, which means more transactions for the business."

The number of people using personal checks has declined dramatically over the years. According to Federal Reserve Financial Services, the use of personal checks declined to 3% of all payments in 2023.

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"I think the days of the check are, are numbered," Snipes explained.

The move comes after Target announced earlier this year it was cutting prices on thousands of consumer basics this summer, including goods ranging from diapers to milk.

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