Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Credit Card Signatures Are About to Become Extinct in the U.S

nytimes.com

Post reply on HN
Print view View original

471–480 of 541 posts

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#471

Post by jandrese »

arghwhat wrote: post #353
lucozade wrote: post #305

Earlier quoted context omitted.

> It benefits only consumers, while costing the banks and payment providers Hogwash. Yes I know all bankers live in extinct volcanoes but one thing they know a lot about is money. It is ridiculously expensive to support the US's conservatism when it comes to finance. The lack of chip and pin pales into insignificance compared to their addiction to paper checks, for example. It would be completely in the banks' intere…

> The lack of chip and pin pales into insignificance compared to their addiction to paper checks, for example. Paper checks are indeed a silly cost, but NFC provides banks no gain over chip. Chip provides gain over magnet stripe by basically rendering skimmers ineffective, but only basically in that credit card fraud is still a big business. Instead of skimmers, you use trojans or data leaks. Physical credit cards al…

Seems like NFC benefits banks just as much as chips then. That's not nothing.

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#472

Post by jandrese »

smelendez wrote: post #72
anitil wrote: post #19

Earlier quoted context omitted.

It's especially a mystery because even developments in payments from the US (eg Apple Pay) seem more widely adopted where I am (Aus) than in the US. Anyone with some insight as to why want to chip in?

In the US, the biggest adopters of Apple Pay have been big chain grocery, drug, convenience, etc. stores. For decades, there has been a (somewhat class-based) stigma about holding up the line in these kinds of places by paying with check, government benefits, coins, coupons, or anything else besides cash and credit. There's also a separate, arguably more deserved stigma about entitled people causing trouble by using…

Apple pay is way faster than the stupid chip on the card.

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#473

Post by undersuit »

sokoloff wrote: post #343
thomasahle wrote: post #297

Earlier quoted context omitted.

It's actually somewhat infantilizing to tip someone, unless they need it to be paid. You would never give a lawyer, consultant or someone else "respected" in society "2 dollars to buy something nice". Tipping is a very in the face sign of inequality and really needs to die (as soon as the inequality is gone of course).

It must be considered in relation to the size of the transaction; I have given gifts of bottles of wine or Scotch (and in one case, an Echo) to professional service providers who have done a notably good job. I don’t tip a lawyer $2 on a $2000 matter, but a $75 bottle of Scotch is proportionally similar (in fact, a bit smaller) and not at all inappropriate.

So why not tip your waitstaff with a bottle of beer? That sounds appropriate right?

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#474

Post by sokoloff »

undersuit wrote: post #473
sokoloff wrote: post #343

Earlier quoted context omitted.

It must be considered in relation to the size of the transaction; I have given gifts of bottles of wine or Scotch (and in one case, an Echo) to professional service providers who have done a notably good job. I don’t tip a lawyer $2 on a $2000 matter, but a $75 bottle of Scotch is proportionally similar (in fact, a bit smaller) and not at all inappropriate.

So why not tip your waitstaff with a bottle of beer? That sounds appropriate right?

It is not uncommon IME to tip a bartender by offering to buy them a beer or shot.

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#475

Post by jandrese »

RHSeeger wrote: post #334
patmcc wrote: post #194

Earlier quoted context omitted.

>>The only things that are checked are the digits of the amount, and the account number. Ha! Not even that. In the cheque clearing process, about the only thing that ever gets checked (even by automated processes) is the MICR line (account/transit and institution number). Everything else (EVERYTHING ELSE) is just assumed to match whatever the person entered at the ATM/image capture app/teller window. The bank conside…

Came here to say this. The "spelled out" amount takes priority if there's a conflict in the two values. Also worth noting, it doesn't need to be in cursive. I spent all my life struggling with writing in cursive on checks (because it's pretty much the only place I ever do it). One day, someone told me I could print it (it just never occurred to me that this was acceptable) and I've been much happier ever since (durin…

I'm down to 4 checks per year now. City and County taxes, twice per year. For some reason the local government still uses a credit card processor that adds 3% on top of whatever you pay, and when you're talking about property tax that's painful. The stamp is much cheaper.

I've been printing the amount for years now, as my cursive was never terribly legible to begin with and has decayed from lack of use. The whole point of that field is to make it so someone can't just add some zeros to the end of the value. Just write the value out and draw a line through the rest of the field.

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#476

Post by jandrese »

xyzzyz wrote: post #255
function_seven wrote: post #203

Earlier quoted context omitted.

In a savings or share* account. Checks can't be written against this as far as I know. * A share account is what they call it at a credit union.

You can still use ACH to pull money from savings account, but you’d need to get the number first.

Yeah, but given a checking account number you can often guess an associated saving account number, especially if you're familiar with the bank.

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#477

Post by stordoff »

grkvlt wrote: post #415
beedogs wrote: post #148

Earlier quoted context omitted.

The American banking system is still basically at the level of the horse and buggy. Inter-bank transfers are next to impossible. Here in Australia, I can just give out my bank account number freely -- the worst you can do to me with that information is send me money.

I _think_ you could set up a direct debit, for example: http://news.bbc.co.uk/1/hi/entertainment/7174760.stm although this was almost ten years ago, i think the protections are still the same.

FWIW, that's mostly a non-issue because of the Direct Debit guarantee:

> If an error is made in the payment of your Direct Debit, by the organisation or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society

https://www.directdebit.co.uk/DirectDebitExplained/pages/dir...

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#478

Post by jandrese »

spacehome wrote: post #117
crazygringo wrote: post #47

Earlier quoted context omitted.

Over the past 6 years, literally the only thing I've used my checkbook for was security deposit and first month's rent. But my last two apartments required cashier's checks for both... so honestly, I don't expect to write another check my whole life.

Landlords only want cashier's checks if they don't trust you. If they don't trust you, they're less likely to rent to you. So requiring cashier's checks is uncommon, barring some extenuating circumstance like you've previously written a bad check or been late.

I was always asked for the deposit in cashier's check form, and I had a credit rating over 800 and a steady high paying job. It's a real hassle when you're new to the area and don't have the bank account moved over. Luckily convenience stores will write them for you but they charge for it.

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#479

Post by jandrese »

beedogs wrote: post #148
sleet wrote: post #42

Earlier quoted context omitted.

It amazes me that cheques are still used. I'm 36 and I've never issued a cheque, I think I was issued a cheque book with my first account but never used it.

The American banking system is still basically at the level of the horse and buggy. Inter-bank transfers are next to impossible. Here in Australia, I can just give out my bank account number freely -- the worst you can do to me with that information is send me money.

Inter-bank (wire) transfers aren't that hard. You just need to ask your bank to do it. Sometimes you have to come in person to do it, sometimes a faxed signature is all you need. I've always been slightly nervous about how easy it is in fact, since anybody can forge a signature and send a fax.

The big caveat is that the Fed likes to sit on the transfer for a day or two, or sometimes more. Very annoying if you are on a deadline for the money.

Re: Credit Card Signatures Are About to Become Extinct in the U.S

#480

Post by jandrese »

Apocryphon wrote: post #183
yodon wrote: post #110

Earlier quoted context omitted.

Most banks now have clauses allowing them to reject non-standard checks. Too many people writing “pay to the order of” on coconuts and pigs and other non-machine-readable items

Where are these people, in Ripley's Believe It or Not?

Probably people who believe that the payment they are making is unjust. Former scum landlord is charging you to repaint the walls because you "ruined them" when they were in fact pristine when you left, just because he doesn't want to foot the bill for finally getting rid of that 70s era mustard yellow color. You could fight it, but he has a lot more time for small claims court than you do, and you now live halfway across the country.
Post reply on HN