History of Check Writing and Checking

Table of Contents

Legendary Check Writing

Role of Cashiers and Checks

Problems With Checks

Modern Banking

Banking and Checking

MiniFacts About Checks

Check Verification

Writing Checks Today

E-Banking and Checks

Tips For Selecting The Best Checks For You...

Security Features To Look For When Buying Checks

Have you ever sat down and wondered when the first checks appeared on earth? Perhaps not. Believe it or not many people ponder such things. There is much confusion and speculation about the first checks. Why not ponder such things? Like the modern sandwich the first checks appeared in history many years ago.

Let's take a moment to understand where checks originated from, so you can better appreciate check writing for its contributions to society, including money tracking and transferring.

"Legendary Check Writing"

There are many fun stories that exist about check writing. Truth is no one knows for certain where the first checks came form. Some believe the first checks originated in Rome, whereas others believe the first originated in Italy or Greece, or even in ancient Mesopotamia.

Undoubtedly, the idea of transferring money or deposits from one place to another came about early on in history. However, the process of check writing did not become popular for many years. Since the beginning of time however, civilization have transferred money or goods from one person to another. Eventually a need surfaced to keep track of goods and services. That's likely part of the reason check writing came about.

Many believe the Romans invented the first "check" sometime around 352 B.C. Obviously check writing didn't become popular however, or there would likely be more records of check writing during this time. The fellow that used the first check must have been way ahead of his time.

Other experts suggest the first real check came about in Holland during the early 1500s. The Dutch are in fact credited with taking advantage of the idea of check writing and banking before many others. For all intents and purposes, we'll consider the second date, that's the 1500s, as the official "birth day" of check writing.

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Role of Cashiers and Checks

"Cashiers" processed the first checks. During the sixteenth century people living in Amsterdam began depositing large sums of cash with primitive "banks" a.k.a. cashiers for a small fee. At the time Dutch entrepreneurs felt that depositing their cash with a cashier might be safer than keeping cash at home. Go figure. With few security systems available in the early 1500s keeping cash under the mat probably wasn't the safest way to build a life savings.

Dutch cashiers willingly accepted depositor's money for a small fee. At some point the cashiers responsible for overseeing these funds paid the depositors financial debts using the money set aside in the account. The did this by a written order or note from the depositor. This "note" may officially constitute the first check.

Obviously the first debt payment notes were handwritten. The idea however of depositing one's money and writing notes to pay debts soon took hold in other areas of the globe. While many people felt reluctant to leave their money with someone other than a family members, check writing did eventually catch on.

In the United States check writing did not catch on until the late 1600s. During this time Boston landowners mortgaged their property to get "checks" they could draw money from.

Printed checks took some time to surface. British banker Lawrence Childs is responsible for printing the first checks in the mid 1700s. During this time English officials started placing serial numbers on top of pieces of paper to keep track of an individual's "checks".

Problems With Checks

Check writing did not come as a natural process however. The more people used checks the more problems surfaced. Bankers first started noting problems when they tried to collect money that was due from other bankers. Usually a bank sent a messenger to another bank to ask for collection. However this process proved time-consuming and often resulted in much travel.

However, according to some this problem resolved itself in of all places, a British coffeehouse. Legend has it that a London bank collector stopped for a hot drink and bumped into another collector. After chatting the two men realized they had checks drawn from one another's banks, thus exchanged them to save traveling to the bank.

This process became a system of sorts, where networks of banks began exchanging checks with one another. There are also modern problems with check writing. Perhaps the biggest problem with check writing is the possibility that a check will "bounce" because the drawer's bank does not contain enough funds to process the check. Thanks to modern technology however, many retailers are working around his snafu. We'll talk more about this in the check verification section. Of course the best way to prevent this problem is to balance your checkbook. But everyone balances their checkbook... right?

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Modern Banking

Today's modern banks follow the same system as the clearinghouses developed in the early 1700s. Bankers now use clearinghouses, or networks of banks to exchange checks among one another.

Banks today also use more modern methods of exchanging checks. U.S. banks can for example, present checks to private networks for collection or to a Federal Reserve System.

For checks to clear, they go through an elaborate process. Usually sorting equipment reads the magnetic characters on the bottom of checks, referred to as MICR. Checks reading machines then sort all checks into groups. The MICR code found on the bottom of a check contains information including the check routing number, the depositor information, the bank the money is coming from, the amount of the check and even the customers account number.

The MICR allows payment automation, a big boon for banks and other modern "cashiers". The use of MICR has contributed to the rapid growth of check writing and processing in modern societies.

Banking and Checking

Banking evolved much as check writing evolved in history. In ancient times of course people did not use paper money to exchange goods and services. Rather, most people traded goods, precious metals, gold and silver. Wouldn't it be nice if we had a little silver to exchange nowadays?

Over time people discovered the hassles of carrying around large bags of gold and silver, none the least of which was the added pocket weight such processes lent themselves to. Though many people were at first reluctant to trust strangers with their hard earned money, gradually people started realizing the benefits of depositing money somewhere other than underneath their mattress.

In the early days of operation in the U.S., banks ran in much the same way today. The principle of banking is quite simple. People deposit funds in the forms of investments and deposits. Banks put these funds to use by lending people money.

In the early stages of banking anyone wanting to organize a bank in the U.S. had to get permission from their state government first. The first central bank in the U.S. was founded in 1791 at the prompting of Alexander Hamilton. A second central bank was opened in 1816 but closed its doors in 1832.

When banking first surfaced, most bankers used great caution when lending money to people. Many needed to be sure they had enough cash to meet depositors needs, thus most banks only made short-term loans.

State governments started overseeing banking transactions and institutions in the mid 1800s. Usually banks offered loans to consumers during this time banking their own money. Thus banknotes converted easily to gold and sliver.

More than 10,000 notes and checks began circulating about the same time. Counterfeiting became a huge problem as many bankers found themselves without enough cash to redeem currency that was circulating.

Today most banks are financially insured for a certain amount of money. Thus even if robbers attack your bank, the bank should be able to guarantee you access to your funds, or at least a good portion of them. Most people don't hide their money under the mattress today, though you never know with some people.

MiniFacts About Checks

Here are some fun facts about check writing you may not know:

• The first "official" check originated during the 1650s in Europe.
• There is evidence the idea of check writing may have originated in Ancient Rome.
• Check writing did not become popular in the United States as a payment choice until the mid 1800s.
• People write more than 42.5 billion checks every year for personal and business reasons.
• People write roughly 450 million "bad checks" or checks that bounce every year.
• Counterfeiting money and checks used to be a treasonous crime. Officials could sentence someone to death for it.
• 1/3 of all money currency circulating during the Civil War was fake

Check Verification

Check bouncing has become a problem for many retailers. Fortunately modern technology has provided the same retailers with avenues for avoiding similar problems in the future.

Go to many retail or restaurant businesses nowadays and you may find check verification machines in place. These machines provide retailers with information about the viability of your check. Thus, if you have bounced checks in the past, it is likely the check verification machine will reject your payment.

Fortunately if one of these machines rejects your check you can contact the check verification company to find out what negative information the company uses to screen you out. You can also correct information that may be wrong. The most common check verification companies include:

• SCAN
• TeleCheck
• CheckRite
• Equifax
• ChexSystems

The good news is most people don't habitually write bad checks or checks they know will bounce. Sometimes this happens if someone loses their checkbook and a thief gets hold of it. That is where check verification comes in handy.

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Writing Checks Today

Fortunately for the check writing enthusiast the list of possibilities is endless for check writing. No longer must you rely on stone tables to record your financial dividends. On the contrary, today you can select from many check varieties including cheap checks, Disney™ checks, personal checks, Quickbooks™ and Quicken™, top stub, carbon copy... the possibilities are endless.

If the idea of having many check choices causes you to salivate you are not alone. There are top stub fanatics and side tear fans. If you aren't convinced start asking friends and family what checks they use. Then ask them why they prefer a certain brand or style of check. Undoubtedly you will find they go on and on about why a certain style of check is or is not the best when it comes to check writing.

Quicken™ and Quickbooks™ are especially useful for home business or small business owners who want a printed check that looks professional. These checks correlate with the matching accounting software to help you manage your finances.

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e-Banking and Checks

Think checks will become obsolete? Think again. Even in e-commerce check writing is common. Many vendors now accept checks online. Have you called your credit card company to pay your bills lately? Perhaps you have ordered something online? Regardless you may find that many retailers and consumer agencies now offer consumers the alternative of processing checks over the phone.

There are even machines that process your checks the moment you hand them over. The money is automatically withdrawn from your account and your check is stamped signaling payment is received. The vendor then returns the check to you! How's that for modern technology?

Tips For Selecting The Best Checks For You

There are many categories of checks available today. Now that check writing is so popular, people can't get enough of check writing. How do you decide the best check for your needs? Most personal checks come in two standard formats:

• Single Checks - These are standard checks that are one-part.   Usually they come bound in sets of 150.
• Duplicate Checks - Duplicates come with a carbonless copy so you can keep a record of the checks you right without transferring information immediately to your check register.

If you are meticulous about entering transactions into your check register you will do fine with single checks. Many people prefer duplicates however because most at some point or another find they forget to enter something into their check register.

Apart from single and duplicate checks, you may also choose from side tear or top stop checks, business or personal checks. Regardless of the style of check you need you can find everything online. Many people need distinct checks to coincide with their accounting software. Disney™ Checks are one of the more popular brands of personal and business checks that offer several security features and designs to accommodate your check printing needs.

Quickbooks and Quicken checks are much better suited for individuals that use the related software accounting program. These checks typically come with matching check envelopes and designs, security features and user-friendly compatibility with your accounting software package.

Security Features To Look For When Buying Checks

Whether you write checks for business or pleasure undoubtedly you have security concerns. Fraudulent check use is common and can result in unnecessary damage to ones reputation and bank account.

Whether buying cheap checks or Disney Business Checks it is important you look for security features including:

• Foil and embossing. This can make checks difficult to copy.
• Small print or micro printing. This also makes it difficult for fraudulent photocopying.
• Complex designs. The more design features you have the more difficult for someone to copy your check.

Remember the more intricate your check the more difficult for someone to copy your design. Fortunately most checks today are built with certain security features making them difficult to copy. Keeping track of your checks and check registry will alert you to any problems with your checks long before they arise. There you have it. The wonderful world of checking in a nutshell.

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