To ensure that your money is safe, it is advisable to use cheques instead of cash. Money sent through the mail may be lost or stolen but cheques are a safe way to send through mail.
Also unlike cash which cannot be traced, cheques are easier to trace.
Here are a few reasons to use cheques in Canada than cash for making payments.
1. Safe from thieves
Cheques cannot be cashed by anyone so thieves generally do not steal cheques. They prefer a more untraceable method and they mostly steal cash. This advantage works in favor of a cheque when compared with cash.
2. Proof of payment
It is difficult to keep a track of payment when paid with cash, as there are no records of it. When paid through cheque, a bank keeps a copy of every cheque used.
Also when you write a cheque, you are likely to mention the information in a cheque register. This help in knowing about your payments.
3. Timing
When you pay through cheques it takes about a day or two to clear. This means that you have at least two days’ time to ensure your account as sufficient balance in it so that the cheque clears. This flexibility is hard to find with the instant transaction that happens in case of cash.
To conclude
These are the three beneficial factors of using cheques over cash. They are safe and help in maintaining the record of your payments made.
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