Also here in 2025, the check – yes, that old-fashioned way of paying someone, where you write their name and a dollar amount on a piece of paper – still has plenty of life left in it, with an estimated 11 billion being written every year according to the most recent numbers from the Federal Reserve Bank.
Washington, DC – Big changes are coming! Starting September 30, 2025, the federal government will stop issuing paper checks for most federal payments. That means if you're still receiving federal check payments, it's time to switch to an electronic payment method.
According to PwC's 2025 Holiday Outlook, 48% of US consumers expect to use cash among their top three payment methods this season—marking a seven-point increase from the previous year. Gift cards are also on the rise, with 27% of shoppers placing them among their top-three payment options, compared to 14% in 2024.
Most major retailers no longer accept checks
In 2021, 11.2 billion checks were written in the United States—a stark decline from 18.1 billion in 2015. This downward trend is likely to continue, with major retailers such as Target discontinuing acceptance of personal checks as of 2024.
Also here in 2025, the check – yes, that old-fashioned way of paying someone, where you write their name and a dollar amount on a piece of paper – still has plenty of life left in it, with an estimated 11 billion being written every year according to the most recent numbers from the Federal Reserve Bank.
According to a recent study, 74% of Gen Z's members have never written a check.
While checks have long been a staple of financial transactions, modern alternatives offer faster, safer, and more convenient ways to pay. Debit and credit cards, digital wallets, online payment processors, and ACH transfers each provide unique advantages that can simplify personal and business finances.
Depositing $2,000 in cash isn't inherently suspicious and is well below the $10,000 reporting threshold for banks, but it can raise flags if it's part of a pattern (structuring), inconsistent with your normal income, or involves other red flags like frequent large cash deposits from others, leading to a potential Suspicious Activity Report (SAR). To avoid issues, have clear records for the cash's source, like invoices or sales receipts, especially if you deal in cash often.
Sweden has officially become the first country in the world to go completely cashless. Almost every shop, café, and public transport system in Sweden now accepts only digital payments like cards or mobile apps. The popular app “Swish,” launched in 2012, is used by millions of Swedes to send and receive money instantly.
The Bottom Line
So, is your money safe in the bank in 2025? For most people, yes. The failures of Pulaski Savings Bank and The Santa Anna National Bank was unfortunate, but they weren't signs of a bigger problem. The U.S. banking system is pretty resilient, and the FDIC is there to protect your deposits.
The "$10,000 bank rule" refers to federal laws requiring financial institutions and businesses to report large cash transactions (deposits, withdrawals, payments) of over $10,000 in currency to the government to combat money laundering and financial crimes. Banks file Currency Transaction Reports (CTRs) for cash activity over $10,000, while businesses file Form 8300 for similar payments, both sending info to FinCEN and the IRS to track illicit funds.
In 2025, Social Security saw a 2.5% Cost-of-Living Adjustment (COLA), increasing average benefits, alongside ongoing discussions about long-term solvency, with the trust fund still projected to deplete by 2033, potentially leading to benefit cuts, while new legislation, the Social Security Fairness Act, began adjusting payments for some affected by WEP/GPO. Key changes for 2025 included higher SSI rates, increased taxable maximums for Social Security, and continued pushes for better online services and electronic payments from the SSA.
Quick Answer. Although you can pay from your checking account without paper checks, they can be useful in situations such as gifting money, paying companies that don't accept card or digital payments, or making a purchase without your debit card.
Paying online is faster and cheaper than writing a check. Businesses and utilities encourage online and automatic payments, which increase the availability and use of such options. Banks like electronic checking because there is a lower risk of fraud.
Here are the best low-risk investments in 2025:
High-yield savings accounts. Money market funds. Short-term certificates of deposit. Cash management accounts.
While predictions vary and no one knows for sure, many financial experts in late 2025 anticipated a slowdown or correction rather than a full-blown crash in 2025, though risks like AI-driven tech valuations, inflation, and tariffs loomed, with some analysts reducing recession probabilities while others warned of sub-par growth or market concentration issues, suggesting a period of volatility. A significant market downturn did occur in April 2025, triggered by new U.S. tariffs, leading to global panic selling, but some analysts saw this as a correction within a larger growth trend, not the start of a sustained crash, noting continued AI innovation driving the U.S. economy.
To avoid the 22% tax bracket (or any higher bracket), focus on reducing your taxable income through strategies like maxing out 401(k)s and HSAs, deferring bonuses, tax-loss harvesting, smart charitable giving, and strategic asset location, understanding that higher rates only apply to income within that bracket, not your entire income.
The "20k rule" refers to the traditional IRS threshold for reporting income from payment apps and online marketplaces on Form 1099-K: over $20,000 in gross payments AND more than 200 transactions in a calendar year. While a law (the American Rescue Plan) temporarily lowered the threshold to $600, recent legislation, the One Big Beautiful Bill Act (OBBBA) (OBBBA), has reinstated the $20,000/200-transaction rule for tax years starting in 2025, providing relief for casual sellers and gig workers.
Reporting cash payments
A person must file Form 8300 if they receive cash of more than $10,000 from the same payer or agent: In one lump sum. In two or more related payments within 24 hours. For example, a 24-hour period is 11 a.m. Tuesday to 11 a.m. Wednesday.