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A Man Walks into a Bank

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Re: A Man Walks into a Bank

#171

Post by SilasX »

jarek wrote: post #125
Splines wrote: post #113

Earlier quoted context omitted.

It's too bad there isn't some sort of reconfigurable QR code stamp thing that you can use to sign something. Say, for example, you enter in the payee, amount and date, it digitally signs it with your private key from your bank, creates a QR code with the data and moves tiny little stamp pins up/down and you press it onto the paper.

If you're going through that much technological effort, why still use paper cheques ?

I think that's kind of the problem: making it easy enough for people to use modern cryptography to electronically send money to someone quickly.

Re: A Man Walks into a Bank

#172

Post by duaneb »

jarek wrote: post #156
duaneb wrote: post #151

Earlier quoted context omitted.

> I don't personally, but there's lots of accounts in these comments about systems in other countries that have free or nearly free near-instant wire transfers provided bank account number and name. Charities soliciting donations include their account number in ads. This is currently expensive with american banks because use of checks is so wide spread - that might work. > If you don't have a bank account you can mak…

You don't trust your bank's online systems, but you trust them to properly verify that cheques drawn against your account are valid?

Yes, I do. Checks are a more tried and true technology, for one, and check verification is a relatively open technology; we know it's weaknesses. On the other hand, there is no guarantee passwords are even hashed, that backend communication is encrypted, that the horrendous security questions allow easy access to anyone who knows my mother's maiden name (which is a matter of public record). Finally, I can chargeback/cancel/reverse checks, which require a physical item, but though the web interface I can initialize a on-reversable wire transfer.

So I do trust cheques more, and I have more options if a bad check is charged.

Re: A Man Walks into a Bank

#173

Post by josteink »

derda wrote: post #45

It amazes me everytime, that in the US day-to-day banking still consists mostly of writing, sending and cashing cheques. In germany (I dont know about the rest of Europe, but I guess the situation is similar), cheques are virtually non existent. You can still get and cash them, but you will get weird looks from the person behind the bank counter, most of the time there will be a hefty fee associated with it(I once ca…

I remember asking my bank about "travel checks" because I read online that this was the best way to pay when abroad.

They just looked at me like I was mad and said "nobody uses those any more. Just use your bank card and withdraw cash in ATMs as needed".

They literally told me that nobody (as in "no banks", locally) did checks anymore and that they could not be issued even if I wanted them. This was 10 years ago.

So yeah. US banking is stone age.

And at the same time the US is the world leader in electronic, financial trading with millisecond-trading (microsecond-trading?) being the norm among the big trading companies.

It really doesn't make much sense.

Re: A Man Walks into a Bank

#174

Post by jeza »

stephen_g wrote: post #167
veyron wrote: post #49

Earlier quoted context omitted.

Checks are still useful because most online transfer mechanisms cost money. For example, my bank recently started charging for ACH transfers, and wires are always expensive.

That's interesting, because it's the opposite in Australia. I would have to pay a fee to get a chequebook (I'm not sure if it's per-annum or per book, probably depends on banks) but on my accounts I have unlimited free transfers to any bank in Australia. Pretty much all personal accounts here get that - some business accounts still have to pay a few cents per transfer, but free online transfers are becoming a lot mor…

The Commonwealth Bank tried charging for online transfers about six years ago. It caused such a public uproar that they made them free again.

I suspect that it was a bait and switch attempt to phase out branch banking. I.e. make it free until everyone switches over then start charging fees. But it backfired.

Re: A Man Walks into a Bank

#175

Post by grey-area »

duaneb wrote: post #145
jarek wrote: post #139

Earlier quoted context omitted.

The multiple-day clearing process? The need to transfer a physical item to transfer a couple of numbers?

Do you have a better solution? Also, many banks now allow cashing photos of checks.

Yes, other countries do have better solutions at present.

In the UK for example, they've just introduced FPS for all small transfers (around £0-£100000, varies with the bank) - this transfers money almost instantaneously between two bank accounts, is low risk as it uses the existing electronic transfer systems, and is free to use. This suits the customers as it is free and very quick (usually within seconds), and suits the banks as they don't have to keep all of that pointless paper around, process cheques, verify signatures etc etc.

There's talk of getting rid of cheques sometime in the next decade in the UK, because hardly anyone uses them any more, I think the first date proposed was 2018 though they've now put it off for a bit.

Re: A Man Walks into a Bank

#176

Post by yitchelle »

mathmoi wrote: post #67
dalore wrote: post #26

Earlier quoted context omitted.

What about signatures? Surely the signature has the match the one on file or the cheque bounces?

They definitely don't check the signature. About a year ago, I altered the way I sign cheques. I used to sign my full name, now I just initials them. I got not problem, no cheque bounced.

Same thing with credit cards. Most vendors don't event check if you signature matches the signature that is on the back of the card. (not that it proves ownership.)

Re: A Man Walks into a Bank

#177

Post by dasil003 »

redwood wrote: post #95
portman wrote: post #32

I remember this story flooding the Internet in 1995. I'm confused why the author is doing a "one-man comedic show" 17 years later.

Has it been 17 years since 1995? OH MY

Argh, 20-year high school reunion coming up. 10-year didn't seem so bad, 20-year means OLD.

Re: A Man Walks into a Bank

#178

Post by MengYuanLong »

PakG1 wrote: post #101
mbateman wrote: post #93

Earlier quoted context omitted.

ATMs don't scan a deposited check or cash. They wait for someone in the bank to open it and determine whether it is legit, then the account is credited. But after a while your account becomes "trustworthy" and any deposits are credited to the account before it is checked.

Living in China, I can say that when you deposit, you deposit bills that go through a counter and counterfeit scanner. If any bills don't pass the test, they're separated out and given back to you. You can try to submit again if you wish. It's amazingly efficient and works well. I'm surprised we don't have similar machines in Canada from where I originally hail, especially after the currency revamps. edit: I have no…

This is true outside the banks as well. If you make any purchase exceeding 250 USD (approximating a purchase requiring 10+ 100RMB bills), chances are the store will have one of these machines.

China is also the only country I've found myself in possession of counterfeit currency. Sigh, I guess I should just take the loss of 100 RMB but I keep thinking a little luck in a taxi could keep the system flowing...

Re: A Man Walks into a Bank

#179

Post by goostavos »

derda wrote: post #45

It amazes me everytime, that in the US day-to-day banking still consists mostly of writing, sending and cashing cheques. In germany (I dont know about the rest of Europe, but I guess the situation is similar), cheques are virtually non existent. You can still get and cash them, but you will get weird looks from the person behind the bank counter, most of the time there will be a hefty fee associated with it(I once ca…

Many places in the US charge ridiculous "Convenience" charges to pay with a credit card. I pay my rent with a check. Why? Because they charge me almost $40 for the "convenience" of using my MasterCard. Same thing when I had my car loan. $15 convenience charge to pay online with a credit card.

It's complete crap, and a total racket. Unless I want to pay >$50 month for the luxury of paying my bills in any modern way, I'm back to writing checks.

Re: A Man Walks into a Bank

#180

Post by PakG1 »

MengYuanLong wrote: post #178
PakG1 wrote: post #101

Earlier quoted context omitted.

Living in China, I can say that when you deposit, you deposit bills that go through a counter and counterfeit scanner. If any bills don't pass the test, they're separated out and given back to you. You can try to submit again if you wish. It's amazingly efficient and works well. I'm surprised we don't have similar machines in Canada from where I originally hail, especially after the currency revamps. edit: I have no…

This is true outside the banks as well. If you make any purchase exceeding 250 USD (approximating a purchase requiring 10+ 100RMB bills), chances are the store will have one of these machines. China is also the only country I've found myself in possession of counterfeit currency. Sigh, I guess I should just take the loss of 100 RMB but I keep thinking a little luck in a taxi could keep the system flowing...

Heck, I get scanned in some restaurants these days for 30RMB meals. :)
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