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Your examples seem like cases that can easily be handled by a checking account. > Fundamentally, I should not have to explain why I would desire immediate acce
by cstoner 7y ago
Your examples seem like cases that can easily be handled by a checking account.
> Fundamentally, I should not have to explain why I would desire immediate access to my own cash reserves at a moment's notice to excuse broken financial infrastructure.
Yes, if you are investing in less-liquid assets to get a better RoI then you absolutely do. If you don't like the terms then you are free to keep your cash in your checking account.
- tlb 7y agoMost people are reluctant to accept large personal checks for one-shot transactions. Most people selling cars on Craigslist won't just take a personal check, for instance. It depends a bit on how reputable you look. You can't write one as bail, or to get your car out of the impound lot.
- perl4ever 7y agoMost people are reluctant to accept large certified checks or money orders, going back to at least the 90s, because of counterfeits.
- toomuchtodo 7y agoPersonal and certified checks aren’t immediate or same day settlement, only wires or Zelle transfers are (Zelle transfers can take more than a day depending on the sending and receiving bank). If the settlement isn’t rapid, you can’t guarantee the funds will actually settle (checks). Lots of situations where someone wants the same guarantee as cash or a wire.
- IggleSniggle 7y agoJust bought a brand new car this week from a dealership (US) and the seller refused to accept a check.
- ceejayoz 7y agoThey’ll generally accept a cashier’s check. Ours would also accept a personal one as long as you didn’t mind them delaying mailing the title for a few weeks.
- deleted 7y ago[deleted]
- perl4ever 7y agoI made a down payment on a car with a money order and the dealer yelled at me that the agreement said they weren't allowed. Eventually they relented, because they wanted to complete the deal. Back in the 90s, I tried to pay for a computer with a certified check and CompUSA treated it as a likely counterfeit.
- kube-system 7y agoThat’s crazy. I’ve never had that problem, even when buying cars out of state. Were you paying the full amount by check or something?
- IggleSniggle 7y agoYes, was attempting to pay full amount. Couldn't remember my PIN to unfreeze my credit, and just seemed like it would be easier since I was in a position to pay in full.
- kube-system 7y agoThat makes somewhat more sense. Trading a signed title without a lien for a check places a lot of risk on the dealer. Although there are ways to mitigate this, maybe the dealer in your case didn’t feel like bothering or it didn’t occur to them.