“We welcome President Trump’s executive order mandating that the federal government cease issuing paper checks for all disbursements, including government benefits and tax refunds. Despite a continued decline in business and consumer use of checks, check fraud has continued to rise. That is why ABA and banks across the country launched the #PracticeSafeChecks campaign last October to educate consumers, including encouraging them to use digital banking options to send money whenever possible. The bottom line: Electronic payments are a much faster, cheaper and safer choice for consumers and the federal government.
“We look forward to working with the administration to make sure consumers are ready for this transition, which will also provide another important opportunity to further reduce the number of unbanked in the country from the current record low of 4%.”