Can you remember the last time you deposited a check? For many people, especially young adults, the answer is “no.”

Mobile Banking Is Here to Stay

Our world is becoming increasingly digital, and the world of finance is no exception. Many people no longer carry physical cards with them and rely solely on contactless NFC payments using phones or wearables like smart watches. Most people receive payments from employers, the government, or other entities via direct deposit. Even more commonly, people order things over the internet using their credit or debit card rather than a check. Friends, families, and landlords exchange money through payment apps.

With that in mind, Marygold & Co. has decided to discontinue our check deposit feature. In a world where billing and payments have mostly gone paperless, the feature was one of our least used and was targeted specifically by fraudsters unsuccessfully trying to cheat the system.

What Digital Banking Services Matter Most?

Marygold & Co.’s decision to discontinue the check-depositing feature allows us to refocus our efforts on what clients need and use most: the debiting, Money Pool, and PayAnyone® services that our app is prided on. With this change, we’ll be able to continue providing the excellent services you come to us for, and we’ll be able to continue developing highly requested in-app features and services.

“Checks suck. Who uses them for anything but theft these days!?”
Timothy Rooney
Marygold and Co., President

“Checks suck. Who uses them for anything but theft these days!?” Marygold & Co. President Timothy Rooney asked when the subject of check depositing came up in discussion. Responses from most people revealed that they no longer received physical checks for anything; those that did still receive physical checks said that they were few and far between, usually from older parents or grandparents.

“Tell Grandma to stop sending checks. Her love is enough.”
Nicholas Gerber
Marygold and Co., CEO

Those that did still receive physical checks didn’t see an issue with sunsetting the feature, saying that it didn’t deter them from using the app and that the feature cost a lot of resources to maintain when it saw so little use from verified, engaged users. Marygold & Co. CEO Nicholas Gerber saw it as a way to increase the app’s focus on the mobile-first, digital only banking and investing that Marygold & Co is known for: “Paper is our enemy,” he said when asked how he felt about checks.

“Banking apps in UK don’t even offer the ability to deposit checks.” This also aligns with Marygold & Co.’s goal to become an international app, as decline in the use of cash and cards has declined not just in the US, but globally too.

Checks Are No Longer Popular

Reporting from the US Federal Reserve showed that as of 2022, checks are by and large the least popular way for Americans to make and receive payments and have been for quite some time. Paying with a debit or credit card is by far the most popular way people make payments for most products and services in the US, and the trend only seems to be continuing upward. This also correlates with the average age of check users: those who regularly use checks are generally older, while those who rarely or never use checks skew younger. Checks are also mainly used for large payments or purchases like vehicles and are rarely used for day-to-day or routine transactions.

What can I use instead of a check?

So, what should you do if you’re expecting a payment now that the feature is no more? Marygold & Co. offers a variety of solutions for those incoming payments:

  • Switch incoming payments to direct deposit
  • Request payments from anyone using an email or mobile phone number
  • Link your Marygold & Co. account to PayPal or Venmo

And those birthday checks from Grandma that you might be waiting on? CEO Nicholas Gerber offers clients some cheeky advice: “Tell Grandma to stop sending checks. Her love is enough.”

Invest For Independence: The Key to a Brighter Financial Future for Beginners

Invest For Independence: The Key to a Brighter Financial Future for Beginners

Investing can be an essential and incredibly important stepping stone to long-term financial security. Investing often has an advantage over saving because, generally, stock market performance produces greater long-term returns than traditional savings accounts. Learning the basics of investing can help those interested in learning not only the risks associated with investing but also the long-term benefits of investing in stocks and bonds. When starting out in the investing world, researching various investments, deciding how much you want to invest and setting time-bound goals is important.

The Keys to Financial Independence Investing

Research, Awareness and Due Diligence

Research is an essential component of any investment strategy. As a beginner, a better understanding of the various types of investment accounts and techniques used in investing can help build the framework for future success. There are many social media investment hawkers spreading their “advice” across the internet. Many of these investment “gurus” might try to convince people to invest significant amounts of money into a quick turnaround investment solution. These types of investment strategies likely play to your emotions in an attempt to have you make a quick decision. This is speculation, not investing. By taking your time with investment decisions and ensuring you understand the risks, you can choose whether an opportunity is appropriate to help you meet your goals.

Embracing a Long-Term Strategy

While some investments can certainly deliver immediate returns, portfolio development requires understanding the risks. Being a long-term investor first can provide you with a secure foundation to build on and let you test the waters of the investing space. Investing is a long game, providing the perfect opportunity to look at the various types of investment funds, accounts and online tools — like the Marygold & Co. digital banking and financial services app — to begin your investment journey.

Regular Investing Fuels Growth

Good money management habits help inform a successful long-term investment strategy. Consistently investing with each paycheck can help foster a healthy attitude toward money use and can significantly grow your potential outcome. There is no right or wrong answer for how much money you should invest regularly, as everyone’s financial goals look different. However, regular contributions to your investment account can pay positive dividends well into the future and can even make a difference in hitting your investment goals. For many people, a good starting point is to understand if their employer provides a retirement plan. Some retirement plans offer an employer “match”, but the employee needs to be contributing to receive that “match”. If you are unfamiliar, ask your employer what retirement plan they offer, if any.

Goal-Oriented Investment Management

Goal setting is an essential aspect of investment management. Getting distracted by the high-risk, high-reward opportunities in the investment space is very easy. The fear of missing out on a potentially big payout can be overwhelming, but remember, diversification is an important part of a long-term investment strategy. Creating goals and organizing a structure for your investment process can eliminate stress while simultaneously setting you up for future success. Setting specific goals for your investments is important after identifying what your financial goals are. Whether you want to set up a retirement plan or purchase a house, investing toward an end goal helps motivate you for the long term and helps to provide insight on what you need to do to achieve your goals.

Many of us assume that investing to achieve our long-term goals is complicated, but it does not need to be! The key is to get started by figuring out our short-term and long-term financial goals. Once we have determined what our financial goals are, we now have digital tools available to us that utilize advanced technology to make the process of saving and investing easier than it has ever been. With a vast array of digital tools at their fingertips, beginner investors can now unlock unprecedented insights, effortlessly track asset performance and take control of their money like never before.