5 ms·
Still using checks is the problem here.
by orf 6y ago
Still using checks is the problem here.
- WalterBright 6y agoSee my other posts on this topic :-/ Also, the image of the bad check was what got my money refunded. An electronic trail is simply not as good as a paper one when there's a dispute. A cancelled check is gold in a dispute.
- orf 6y agoHow does the rest of the world manage disputes fine without using a paper slip as proof? The fact “bad checks” can exist is the problem, which necessitates the use of a literal paper trail.
- gallego2007 6y agoCan’t upvote this enough! Checks should have been done away with long ago, but I guess some landlords still like to cash them in-person...
- mcny 6y agoDid you know that accepting credit card payments could mean you have to pay three percent (maybe more?) in charges and fees? It is insane. Maybe FedNow will change things?
- Thorrez 6y agoAren't there other options besides checks and credit cards? Like Venmo?
- codeduck 6y agoEFT.
- Larrikin 6y agoI don't think Venmo permits high volume commercial transactions. They want you to use PayPal for that. The real answer is more prevalance of free ACH transfers. Some companies still like to charge the unneeded credit card fee for those too sadly.
- wasdfff 6y agoThere are services like zelle but the daily limit is often too low to make a rent payment in a high cost of living city.
- sizzle 6y agoCozy.co direct deposit for my tenants has been great for years absolutely no hiccups.
- jlgaddis 6y agoMeh, using paper checks -- and being able to pull up the scanned image online at any time -- has saved my butt at least twice in the last two years (to the tune of a few thousand dollars). There's only one thing I (typically) use them for nowadays but they do occasionally come in handy at times.
- m463 6y agoCan you explain to me why you're not making a "why is this gate here, let's take it down!" type comment? Checks are extremely useful to individuals. You can pay for something, it has no overhead, and you have your own audit trail. You can probably fake a fax machine or a certified letter too, but I think they are useful too.
- orf 6y agoThe rest of the world is doing fine without them and the associated levels of fraud that comes with a random slip of paper allowing you to transfer large quantities of money. I haven’t even seen a check in decades and even if they are technically legal in the UK for a few more years, nobody accepts them. Why would you? The US has a ridiculous level of bank/payment fraud compared to Europe (~15x in some areas, according to the fed), who invested in chip+pin, SEPA, IBAN, etc etc. This all lets me pay for something with no overhead and maintain my own audit trail in a way that doesn’t involve a trust-based system from the 1800s.
- m463 6y ago> The US has a ridiculous level of bank/payment fraud The US also has strong consumer protection laws. I remember a friend of mine had a father in mexico and someone misused his bank card and he was SOL. In the US, there are laws protecting credit card holders. The most that can be lost is $50 (or $500 in cases of extreme negligence). What is really happening is that with minimized repercussions a lot of things have almost been decriminalized.