Within the 17th century, cheques started to become a phenomenon. To put it simply, cheques small printed forms people use to make money and bank transactions. Though it was slowly growing in the 17th century many people and soon other countries began to use it as convenient methods to pay others. It should be noted that accounting cheques can be a task for many to handle. The cheques could easily bounce if the user does not have enough funds within their bank or some serious action within their account has occurred before the cheque could be properly used.
As centuries went on the use of cheque’ s began to increase in use and gain positive attention from several people worldwide. However, as useful as these devices can be to many, there is still the matter of one needing to have a bank account in order to use cheques, many people within the U.S fail to have their own bank account, over 17 million in fact. Within Canada, the matter of cheques are slightly different than in the U.S.
There, accounting cheques in Canada are slowly declining throughout the country. It should be noted that accounting cheques in Canada is quite an expensive route to take compared to simply doing a direct deposit. It is stated that it is 6 times more expensive to simply mail a cheque than to make a direct deposit. So, that being said, many choose to go the more inexpensive route in financing.
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