3 ms·

We Can't Give Up Paper Checks, and That's a Gold Mine for Scammers

4 points by impish9208 2y ago

impish9208 2y ago
Gift link: https://www.wsj.com/finance/banking/paper-checks-fraud-scam-banks-9e4fb940?st=xevFTr https://www.wsj.com/finance/banking/paper-checks-fraud-scam-...
deleted 2y ago
[deleted]
082349872349872 2y ago
My wife was amazed that not only do I have some paper checks, every now and then I actually have to use them to do business in the Old Country. According to her, they're like something out of the Wild West.
- deleted 2y ago
  [deleted]
- gsf_emergency 2y ago
  Raise her the WWE https://en.wikipedia.org/wiki/Jiaochao https://en.wikipedia.org/wiki/Jiaochao
  - 082349872349872 2y ago
    Our largest paper notes get us regular grief from the Lords (& Ladies*) of the Instrumentality because they allow carrying USD ~11M in a single Halliburton (or paying monkish grad students their minimal stipends with 2 bills); even locally these days I'm running across more and more small shops that don't take them anymore. Lagiappe: https://www.youtube.com/watch?v=IelqEON75fs https://www.youtube.com/watch?v=IelqEON75fs * for however long yet?
  - 082349872349872 2y ago
    If central bankers were carnies instead of economists, instead of talking about taking away the punch bowl once the party gets started, they'd be talking about how to have the currency do a heel turn without breaking kayfabe?
    - gsf_emergency 2y ago
      They'd be drinking, I'd wager, Schrodinger's KoolAid (safely partitioned in the bowl at n-atoms per N moles of punch) while honoring FbK
      - 082349872349872 2y ago
        some non-associativity for you: https://assets.uni-augsburg.de/media/filer_public/1f/84/1f84cbfa-08a2-48a0-8c00-19306f4dacd2/ctlnewfinalversion.pdf https://assets.uni-augsburg.de/media/filer_public/1f/84/1f84...
sgerenser 2y ago
It's worth noting that the issue generally isn't that people "like" using paper checks, but the banks themselves make the non-paper-check version of payments more expensive or less convenient. For example, my wife runs a business that requires her to regularly pay other small businesses. Her business checking account includes free "Bill Pay" that lets her send paper check payments at no cost. But if she wants to send electronic payments, there's a charge for every payment. Even though, obviously, the electronic payments actually cost the bank less.

4 points by impish9208 2y ago

Gift link: https://www.wsj.com/finance/banking/paper-checks-fraud-scam-banks-9e4fb940?st=xevFTr https://www.wsj.com/finance/banking/paper-checks-fraud-scam-...

deleted 2y ago

[deleted]

082349872349872 2y ago

My wife was amazed that not only do I have some paper checks, every now and then I actually have to use them to do business in the Old Country. According to her, they're like something out of the Wild West.

deleted 2y ago
[deleted]
gsf_emergency 2y ago
Raise her the WWE https://en.wikipedia.org/wiki/Jiaochao https://en.wikipedia.org/wiki/Jiaochao
- 082349872349872 2y ago
  Our largest paper notes get us regular grief from the Lords (& Ladies*) of the Instrumentality because they allow carrying USD ~11M in a single Halliburton (or paying monkish grad students their minimal stipends with 2 bills); even locally these days I'm running across more and more small shops that don't take them anymore. Lagiappe: https://www.youtube.com/watch?v=IelqEON75fs https://www.youtube.com/watch?v=IelqEON75fs * for however long yet?
- 082349872349872 2y ago
  If central bankers were carnies instead of economists, instead of talking about taking away the punch bowl once the party gets started, they'd be talking about how to have the currency do a heel turn without breaking kayfabe?
  - gsf_emergency 2y ago
    They'd be drinking, I'd wager, Schrodinger's KoolAid (safely partitioned in the bowl at n-atoms per N moles of punch) while honoring FbK
    - 082349872349872 2y ago
      some non-associativity for you: https://assets.uni-augsburg.de/media/filer_public/1f/84/1f84cbfa-08a2-48a0-8c00-19306f4dacd2/ctlnewfinalversion.pdf https://assets.uni-augsburg.de/media/filer_public/1f/84/1f84...

sgerenser 2y ago

It's worth noting that the issue generally isn't that people "like" using paper checks, but the banks themselves make the non-paper-check version of payments more expensive or less convenient. For example, my wife runs a business that requires her to regularly pay other small businesses. Her business checking account includes free "Bill Pay" that lets her send paper check payments at no cost. But if she wants to send electronic payments, there's a charge for every payment. Even though, obviously, the electronic payments actually cost the bank less.