Another test, conducted by electronic funds network Star Systems, is going on with some of the country's biggest retailers. Sometime this spring, when you write a check at Best Buy, CompUSA, Kmart, Office Max, Sears, Talbot's or ToysRUs, the money will be debited from your account, regardless of which bank you use. Right now those stores are testing the Star Chek system to verify accounts, but later they will use it to convert customers' checks into debits. Fraud and the float Companies in the payment industry, from retailers to banks and all the businesses in between, welcome the conversion of checks into electronic debits because they expect it to cut costs and fight fraud. Retailers will get their money quicker.
Merchants lose billions of dollars to fraud.
The fact of the matter is, the consumer pays for those losses in the cost of goods and services. Other benefits to consumers are less concrete. Some folks might find record-keeping easier. If you report your checkbook lost or stolen, the missing checks won't be usable. The main drawback for some people might be the loss of float.