Episode Details

Americans still write nearly 9.2 billion paper checks annually—down from two millennia ago, but still averaging two checks per person per month—with each check now worth over $2,600. Despite federal efforts to phase them out under Trump and major retailers like Target and Aldi dropping check acceptance, checks remain vital for big-ticket expenses like funerals and for small businesses seeking to avoid credit card fees. Unlike most of the world, the U.S. hasn’t fully ditched checks—and professor Jay Zagorsky argues they still serve a real, necessary purpose in American finance.

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