Nordstrom Stops Accepting Checks as a Form of Payment
New Check Policy Not Reflected on Website
As of Thursday, the new check policy was not reflected on Nordstrom’s website. Under a payment method FAQ, Nordstrom stated that cash, COD, checks, money orders and gift cards were not accepted for online purchases. No information about in-store purchases was provided.
Background on Nordstrom’s Acquisition
The change comes two months after the century-old department store agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal. As part of the deal, Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, or about $4 billion in all, representing a 42% premium on the company’s stock as of March 18, 2024, when reports of a potential transaction were reported by the media.
The acquiring group will also pick up more than $2 billion in Nordstrom debt. The deal is expected to close in the first half of 2025, at which time the company’s shares will no longer trade publicly.
Closing Canadian Operations
In 2023, Nordstrom announced it was closing all of its Canadian stores and cutting 2,500 jobs as it winds down operations in the country. Nordstrom first announced plans to expand to Canada in 2012 and opened its first store in Calgary at CF Chinook Centre in September 2014.
Other Retailers that No Longer Accept Checks
Other big retailers have also moved to stop accepting checks as a form of payment. In 2024, Target announced it would no longer accept personal checks, citing “extremely low volumes.” According to a recent survey from GoBanking Rates, 46% of Americans did not write a single check in 2024.
Some large stores still do accept checks as a form of in-store payment, including Costco, Walmart, Sam’s Club, and Jewel-Osco, according to their website.
Conclusion
Nordstrom’s decision to stop accepting checks as a form of payment is part of a larger trend in the retail industry. As technology continues to evolve and payment methods become more digital, it is likely that more retailers will follow suit.
FAQs
Q: Why is Nordstrom no longer accepting checks?
A: Nordstrom has not publicly stated the reason for the change, but it is likely due to low volumes and the increasing popularity of digital payment methods.
Q: Which retailers still accept checks?
A: According to their websites, Costco, Walmart, Sam’s Club, and Jewel-Osco still accept checks as a form of in-store payment.
Q: Is this a trend in the retail industry?
A: Yes, many retailers are moving away from accepting checks and towards more digital payment methods.
