Digital payments: A secure and efficient alternative to checks amid rising mail theft

At First Utah Bank, we’ve been serving the financial needs of our community for many years, continually striving to offer the best and most innovative banking solutions to our valued clients. In light of the increasing incidents of mail theft, we are urging you to consider more secure, efficient, and cost-effective alternatives to mailing checks for payments.

Mail theft incidents in the United States have been steadily rising, with a dramatic increase of 25,000 cases reported between October 2022 and March 2023. Alarmingly, even the diligent efforts of the U.S. Postal Service to curb these occurrences, such as introducing more secure collection boxes and electronic locks, seem to be insufficient.

A stolen check not only results in financial loss but can also open the door to identity theft. Criminals can manipulate stolen checks, changing payees and amounts, leading to significant financial consequences for unsuspecting victims. Sophisticated criminal operations can use this method to collect personal data and commit extensive fraud, including opening new lines of credit under false identities.

In this new reality, payment alternatives like merchant services and Automated Clearing House (ACH) origination offer an attractive alternative to traditional checks. Here are a few key benefits to consider:

• Security: Online payments provide secure encryption, minimizing the risk of your financial information falling into the wrong hands. With ACH payments, the information is sent directly from one bank to another without intermediaries, further increasing security.
• Efficiency: Digital payment methods can save you the time and effort of writing, mailing, and tracking checks. With ACH payments, you can set up recurring payments, ensuring your bills are paid on time without the need for reminders or late fees.
• Cost-Effective: While mailing checks can incur costs for postage and checkbooks, online payments and ACH transfers often come with minimal to no fees, saving you money in the long run.
• Speed: Transactions are processed faster with online payments and ACH transfers compared to traditional check clearing, which can take several days.
• Ease of Record Keeping: Online payments provide a clear digital footprint, making it easy to monitor your spending, maintain records, and manage your budget effectively.

As a community bank in Utah, we believe it’s our duty to ensure our customers are not only aware of these increasing risks but also equipped with the tools and knowledge to safeguard their financial well-being.

Additionally, digital payments can enhance the customer experience. Our merchant services offer robust payment solutions designed to accommodate your business model, whether you operate in-store, online, or on-the-go. Acceptance of credit and debit cards provides your customers with more payment options, enhancing their shopping experience and potentially increasing your sales.

Furthermore, the transition from paper checks to ACH Origination and merchant services can significantly reduce your carbon footprint. The reduction in paper usage aligns with global efforts towards sustainability and environmental consciousness, contributing to a healthier planet.

As a community, we must adapt to the ever-evolving financial landscape. While checks have served us for centuries, it’s apparent that digital payment methods offer considerable advantages in today’s digitized world. Embracing these technologies can not only protect us from rising mail-related crime but also drive our community toward a more secure, efficient, and eco-friendly future.

Adopting alternative payment methods like merchant services and ACH Origination can offer more security and convenience in the face of rising mail theft and fraud. At First Utah Bank, we are here to support and guide you through this transition. Let’s work together to keep your financial transactions safe and efficient.