4 ms·
That's not actually correct. By giving an external person a check, you give them the ABILITY to PULL funds from you. It looks like a push, but it's actually not
by loeber 7y ago
That's not actually correct. By giving an external person a check, you give them the ABILITY to PULL funds from you. It looks like a push, but it's actually not.
https://www.bankrate.com/financing/banking/writing-checks-increasingly-risky/ https://www.bankrate.com/financing/banking/writing-checks-in...
- mindslight 7y agoMore importantly you're giving them the authorization. Everyone already has the basic ability to pull funds from arbitrary checking accounts. heh.
- bsder 7y agoKnuth had to quit giving out real checks (which nobody actually ever cashed, anyway) for exactly this reason.
- emiliobumachar 7y agoThey probably meant a fire-and-forget method to pay untrusted parties without giving them the ability to charge more than agreed. Chargebacks are a thing, but they require constant vigilance and the occasional bureaucratic task.
- TylerE 7y agoChecks have substantially less security there. Not more - and even if/when it gets fixed the money comes out immediately.