321–330 of 381 posts
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CHip and PIN will be required in the US as of Oct 2015.
I believe it is Chip and signature that will be required, not PIN.
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Not all collections agencies are so sloppy and unscrupulous. If you do owe the money and they do have the documentation to support it, you may well have a judgement against you and that definitely will hurt your credit score. Some companies (like say gym membership) have internal collections departments that can be quite aggressive. They would certainly be able to back up any lawsuit. In general, you really want to t…
It's not a sloppiness on the part of the agency. Often the companies selling their debt to the agency provide no other information besides the information about who the person is and how much they owe. The agency often can't produce verification of a debt because the sellers of the debt don't provide it.
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I believe it is Chip and signature that will be required, not PIN.
Canada already has chips on all our CCs - only ever place I ever need to sign a receipt is down here in the US. Chip and PIN not Chip and signature.
[1]: http://www.quora.com/Why-is-the-USA-adopting-chip-signature-...
[2]: https://www.americanexpress.com/us/content/chip/signature.ht...
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>Some of the better products out there exist for customers outside of the US. Would appreciate if you could give some examples for non-US customers, at least for another point of comparison.
Portugal has MBnet, with a web interface and an Android app, as I recall. It works as advertised.
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Isn't your account number on the check?
Yes. My concern is not of security for my account number. But if I have to supply someone with my account number before they can give me money, then that is not the most ideal thing, IMO. They should just be able to give me the money without knowing my account number.
That may be true but most people seem to have decided that the convenience of not needing to transfer a physical item outweighs those problems.
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The US banking system is frankly, ridiculous In Europe anyone can send money online to any other account in the EU , given the account number, usually for free. The fact that the US doesn't have that as commonplace as in Europe is ridiculous Canada is slightly better, they already are ditching the magnetic stripes off cards.
But I shouldn't have to give you my account number for you to send me money. I don't really want to maintain a mental list of who has my account number and who to update if I change banks or something. I'm not saying checks are the best solution for all situations but they have enough use cases to make them somewhere better than ridiculous . Every time my cleaning lady comes, I just leave a check for her on the count…
Even so, I have used virtual credit cards for several years already as my bank provides a service for it. It works really neatly tbh even if the UI isn't as nice as in the video promotion.
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I was recently in the U.S. and saw a person use a paper cheque. I'm not joking.
Cost to do a wire transfer with my bank: $20 and I need their account # and bank routing # Cost to go online and have my bank mail someone a paper cheque: $0 and I need their name and address. Guess how I send people money?
Here, transfers are free and any "paper" business such as check cashing/bill payment has steep fees.
How can your banks provide you with the labor intensive service for free and charge for what is cheaper to provide? Aren't they creating a customer behavior they don't want?
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Isn't your account number on the check?
Yes. My concern is not of security for my account number. But if I have to supply someone with my account number before they can give me money, then that is not the most ideal thing, IMO. They should just be able to give me the money without knowing my account number.
You already give your acc number for your job.
I do that (sending and receiving money) and guess what, most of the people never changed bank acc numbers (including me). If it changes it's a non-issue.
Especially because payments either happens frequently (paying rent, for example) or it's a one-off thing.
I don't get why should I have to write a check to a landlord when they could give me they account number and let me set up a recurring payment (that's exactly what happens in Europe)