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From a European point of view, checks are just a thing of the past. The solution to expensive bank transfers is not using checks (which has its own issues) but
by patd 8y ago
From a European point of view, checks are just a thing of the past. The solution to expensive bank transfers is not using checks (which has its own issues) but just make it cheaper (free) and real-time like in the rest of the world.
- tokyodude 8y agoSorry I should have been clearer. My point was not that checks are amazing. My point is checks have been free my parents times in the 60s and 70s. Checks switched to electronic checks in the early 90s. My father hasn't sent a paper check since 1991 when billpay first started and quicken started supporting it. Free since at least the 70s is in contrast to Japan today which is still $3 to $8 per transaction.
- wodenokoto 8y agoArguing about whether checks should be free or not is silly. In many parts of the world, checks are outdated, and can be difficult and expensive to use. That is not a mark of being backwards. The question is, what services exist to pay business and private citizen in lieu of having cash on hand. In Denmark you have mobile pay, free bank transfers from your free online banking account. Business can setup monthly payment plans via your debit/credit card. In such a society, who needs a check, digital or paper?
- tokyodude 8y agoI'm not arguing checks should be free. I'm arguing sending money should be free. It's been free in the USA longer than my entire life. It's not free in Japan, in fact it's very expensive. Sorry if that wasn't clear. I only brought up checks because they were an example of one way to send money for free and they've been around a long time. That other countries have other ways is great. So has the USA. Japan still has no ways to do it so as I pointed out at the top there's an opportunity.