Market Overview

Whole Foods Market Rejects Checks

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As many already know, paying with a check can be a time-consuming process.

It's the main reason Whole Foods Market (NASDAQ: WFM) is putting an end to check-writing in its stores.

Implementation & Expected Response

Dallas Morning News reported that on September 1, Whole Foods customers in Texas, Louisiana, Arkansas, and Oklahoma will no longer be able to write checks.

Whole Foods spokesperson Lindsay Robinson said, "Most of our regions no longer accept checks, but the southwest is not the last one to make the transition. By accepting electronic payments and cash, we will reduce wait times in line."

Some backlash is expected, but not from the majority of shoppers. According to a 2013 Federal Reserve Payments study, check payments have plummeted 50 percent since 2000; checks written declined 10 percent every year between 2009 and 2012.

Checking Out At Kroger

Whole Foods Market is putting an end to check-writing in its stores, but one of its competitors still embraces it.

Kroger (NYSE: KR) and its subsidiaries still accept checks. Only about five percent of Kroger customers pay by check, but many more of them cash checks at the customer-service counter. Kroger charges a fee for this service, which is why it's logical for Kroger to keep this service in place.

Posted-In: News Retail Sales


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