Cutting the Loss to Bad Checks by Richard L. Holcomb, 1973

(1973) Cutting the Loss to Bad Checks by Richard L. Holcomb, 1973. University of Iowa

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Abstract

There are, for example, a considerable number of "insufficient funds" checks. Many of these are made good with no problem at all and others are never collected . Even in the case of the insufficient funds check that is picked up immediately, there is still a loss because of the extra time and effort involved. In any case, the loss because of bad checks runs into the millions, and very probably into the billions. This is the most frequent loss to business. The business that has several check losses a week may have a burglary only once every several years and may never suffer a hold-up. Some sorts of retail business do lose a great deal to shoplifters, while other businesses, because of the nature of the merchandise or because they do not handle merchandise, do not have this sort of a loss. But the still get bad checks. We depend more and more upon checks in the conduct of our business. Not too many years ago it was unusual to see a small purchase paid for by check.