While debit cards may be increasing in usage by consumers on a daily basis, the two most basic forms of payment are still cash and bank checks.  Cash, including paper bills and change, are used by those who want a convenient and quick way to pay for their purchases without worrying about checks.  Bank checks, either for personal use or drawing upon business funds, provide a more effective means of accounting for consumers who can total their available funds and subtract the amount of a check.  Depending upon the situation, there are several pros and cons for both cash and bank checks.

Cash transactions are still most common for purchases at smaller businesses and kiosks that may not have the ability to take and certify checks.  For those who go to farmer’s markets or family-owned stores, it is best to bring enough money for goods to make sure that a transaction is possible.  Using cash to purchase goods is beneficial, because there is no waiting period for a bank check to clear and it is good to have some money in case of an emergency, like using a pay phone or paying a tow truck service.

Bank checks are often used for bigger purchases and mail orders because many companies won’t accept cash for big-ticket items and the mail service discourages sending cash through the mail.  In addition, bank checks typically come with a ledger or tracking sheet that allows a consumer to keep track of their funds in a way that can’t be done effectively with cash.  Essentially, bank checks are better for those who make a lot of big transactions or purchases for business purposes, while cash is good for those making many smaller consumer purchases like groceries.