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Cheques are a very useful and quite secure method of transaction (because all the security work and processing framework to prevent cheque fraud has been in pla
by nonrandomstring 4y ago
Cheques are a very useful and quite secure method of transaction
(because all the security work and processing framework to prevent
cheque fraud has been in place since the 1970s).
They are slow. That's the point.
They are essentially a two factor method of instruction to your
bank. Legally (in Britain at least) one can use any reasonable method
to give instructions to ones bank. Banks that want to "phase them out"
because they are "too expensive and slow" are derelict in their
function and should be hauled over the coals by trade and industry
legislators.
- guerrilla 4y agoI don't think you realize how easy and secure things are in Europe.
- TillE 4y agoYeah you just enter your recipient's IBAN in your 2FA banking app, and that's it. The transfer gets processed in about a business day. If you want the "check" experience, you can also fill out that information in a form and hand it to a bank teller.
- guerrilla 4y agoYeah and that's the "old" way. We can do it even faster here with local bank transfer, and then instantly with Swish. We barely have bank outlets let alone tellers here though. That's the downside. Trying to deposit cash or check is quite painful.