sunsetting check deposit

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.”