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> But many of those people are blocked because they wrote bad checks. What would you suggest to do with them? Allow only direct transfer of money already in ac
by matkoniecz 5y ago
> But many of those people are blocked because they wrote bad checks. What would you suggest to do with them?
Allow only direct transfer of money already in account, do not accept checks?
From stories about fraud - ones that require bad checks are especially unusual to me. Because in Europe checks seem to be basically gone, at least I have never accepted or made one.
In theory bank transfer may be reversed, but I have not heard about popular frauds centered around it, so it is likely harder to achieve.
I can make a bank transfer, but only if I have enough money in my account.
Is it solving the problem, or is having ability to produce checks absolutely necessary in USA and not replaceable by bank transfers for some reason?
- toomuchtodo 5y agoThose in the EU have IBAN and instant transfers (both in country and between other countries in the EU; I believe the max SLA for payments to settle is no more than 20 seconds). The US does not yet have such a system, but it’s being built (domestic instant transfers).
- Xylakant 5y ago> In theory bank transfer may be reversed, but I have not heard about popular frauds centered around it, so it is likely harder to achieve. AFAIK, the initiating party cannot revert a completed transfer. What can be reversed is a SEPA withdrawal, up to 6(?) weeks after it has completed.
- matkoniecz 5y agoWhat in case of transfer from illegal sources or mistaken ones? Maybe it requires manual bank action, and cannot be done by sender. But there is still risk that money appeared in your account and then disappeared. But vastly lower than with checks.