Checkless Society


DEFINITION of 'Checkless Society'

A hypothetical term that embraces the notion of a world that processes all financial transactions electronically. This would eliminate the need for any kind of paper transaction, as everything would be done via computer. A checkless society is the ultimate goal of many major banks and lending institutions.

BREAKING DOWN 'Checkless Society'

The current transition to a checkless society has not been as fast and easy as many had anticipated. It has taken decades for many older customers to warm up to current automated services, such as ATMs and debit cards. Some even view a checkless society with apprehension, as this type of society is described in biblical prophecy in the book of Revelation.

  1. Currency

    Currency is a generally accepted form of money, including coins ...
  2. Check

    A written, dated and signed instrument that contains an unconditional ...
  3. Cashier's Check

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  4. Bankable Funds

    Forms of payment that are accepted at financial institutions. ...
  5. Bank

    A financial institution licensed as a receiver of deposits. There ...
  6. Remittance

    The term most commonly refers to money being sent via mail or ...
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