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INFORMATION <br />City of <br />Elk -.-~ <br />River <br />MEMORANDUM <br />T ay~r and ~y ®unci~ <br />ave ®an, ~u®r tyre ana er <br />January M ~ ~ ~ <br />° heck ccepance <br />As you knour, accepting checl~s has been risky at best. We currently have X2,523 in bad <br />checks that may ox may not be retrieved Exam our collection agency. Furthermore, our banl~ <br />charges us X3.00 per NSF checl~. I believe this is an expense that we can easily eli~niriate. <br />Checks as a percentage of our payments have been declining far years and now male up <br />only $% of oux total receipts. dux customers have switched over to debit ox credit cards and <br />most people who currently write checks have access to a debit card. <br />Although there is expense involved in accepting cards, it is an expense that can be budgeted <br />more closely than guessing how much to write off i.n bad checks. There would also be an <br />indirect savings in finance department time and expense in dealing with bad checks. <br />I would like to stop accepting checks at both stores beginning April ~, 20I0. '~Ie will give <br />plenty of notice to customers with signage. Informational cards will also be included with the <br />receipt of all customers who pay with checks up until April I, 20I0. ~1e will closely monitor <br />the feedback from the customers that write checks. <br />If you would like to discuss further, please feel free to give me a call at 7~3.635.~337. <br />