I have no personal identifying information on my checks aside from my name. No address, city, state, etc.
And even my name that is printed on the check, I only give initials for my first and middle name.
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How do checks work again?
- Thread starter TheBama
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I have no personal identifying information on my checks aside from my name. No address, city, state, etc.
And even my name that is printed on the check, I only give initials for my first and middle name.
Very wise. Most people have far too much information on their checks.
Unfortunately, many times your check will be paired with a bill, which would have the rest of the information needed by a miscreant.
I just don't like having any information at all associated with my bank account number.
I opened my Chase checking when it was Bank One here about 15 years ago. I got a half book of checks.
Those transfer fees sound awful. I have four automatic savings accounts (Auto, Education, Wedding Savings, Emergency Savings), one through CapitalOne360 (formerly ING) and three through Ally. I think it's 6 free transfers per account, per month, for the online savings. That's more than enough for me, even after automated Roth IRA withdrawals. I've never seen a fee from Chase for my automatic transfers (3/week) or the manual transfers I initiate, solely between my other bank accounts. I just have a checking and credit card at Chase.
Couldn't resist posting this link for the unitiated:
http://www.mlive.com/lansing-news/i...ck_is_real_lawsuit_sett.html#incart_most-read
No electronic transfers involved. No credit/debit cards. Just payments via a common form of legal tender: checks.
http://www.mlive.com/lansing-news/i...ck_is_real_lawsuit_sett.html#incart_most-read
No electronic transfers involved. No credit/debit cards. Just payments via a common form of legal tender: checks.
I think nobody here in the Netherlands would know what to do with a check.
Checks started to die out in 1985 with the ATM, Pin Automat, the last check I personally wrote was in 1988.
Checks started to die out in 1985 with the ATM, Pin Automat, the last check I personally wrote was in 1988.
Until there are no longer businesses that do not do this, I will not be doing business with ones that do!
The majority of checks I write are to charity, mostly due to the fact that I physically show up at church and take a check.
I don't ever use checks at stores or anything, but I use them frequently for paying bills. A lot of places don't have an option to use a card.
Don't have to use credit cards here in small town America we have store accounts and counter checks don't even have to take my wallet shopping...
Really? I'm not the one using a 20th century method of payment. I'll keep my credit cards and all the benefits that come with them.
I was at a Publix (southern grocery store chain) today and got stuck waiting in line for fifteen minutes while the cashier called her manager CONVINCED the guy in front of me was trying to scam her because he hadn't written anything on the Memo line of his check and didn't see a need to do so when the cashier insisted the line couldn't be left blank.
Thought it was funny how this analog payment form, once universally understood is now able to confuse young people used to swiping and tapping.
But then... the dude could have just scribbled "food" on the "for" line and let us all get about the rest of our day
This is hilarious!
Granted, I've not used a check at a store in over a decade, but what you saying? Doesn't the cashier, just examine the check against ID, and then file it in her cash drawer to be submitted to the bank later?Are you saying there is some kind of cross check run on it by the cashier?
They run it into a machine. It's like using a paper debit card. They file it still of course, but that's just to have proof in case you do try and report it to your bank or whatever.
They still ID you too.
And the machine checks for funds in your account? Interesting.
No, it reads the numbers and just asks the bank to give it to them whether you have the funds or not, and then it processes the next day or within the day.
So it's really not so differnt other than they have the cashier doing what used to be done by bean counters in the back room.
I assume physical checks still make their way back to the parent bank.The universality with which Europeans stopped using checks and Americans didn't, tells me this isn't personal choice or decision making but rather technical, legal, or cultural differences. So there's either an advantage to check alternatives that doesn't exist in the states or this is another case of imperial vs metric.
For example, wire transfers states can have fees of $10-20 and are generally reserved for high values, like buying a house or car. Are you guys really paying $10 to wire money for a $25 payment?
For example, wire transfers states can have fees of $10-20 and are generally reserved for high values, like buying a house or car. Are you guys really paying $10 to wire money for a $25 payment?
I can only answer for the Netherlands, a major difference is to have an Account at a bank costs you a fixed amount per year. Average cost is 25.
But there are no costs for Chip and Pin transactions, Transfer of funds via E-Banking (to any other EURO country). Automatic debit is also free, Giro is also free.
If I transfer money via the E-Banking those funds are within seconds by the retailer.
Using your Pin Pass in the rest of EU is also free. Outside the EU charges are made.
using online banking i pay 0 for normal SEPA transfers
i have a yearly fee for my account (~80 bucks) but i have a few hundred free transfers,onlinebanking,debit card with NFC pay pass with which i can access multiple accounts and everything included.
i honestly tried to look up how much a cashing in a cheque does cost but they don't even have those fees listed on their homepage anymore.
i only know that cashing in a US dollar or UK pound cheque can be quite expensive (>20)
Chase charges you to use an ATM that isn't theirs, and a fee for not using your account, they don't charge you to deposit, or to write checks. The ones who do are the places you write one for, but that would be like doctor's/government office and not so much a grocery store or the mall.
Most of the checks my parents write are for my brother's school. Fundraising, school pictures, and the like are still check only.
Thanks for the info! It sounds like people in both places are incentivized to go with cheaper. In the EU, you buy an account and get free E transfers, like minutes on a cell plan (?). In the US, anything not cash or check has individual (per transaction) fees, unless buying from a store, where the store pays the fees. Our only option for feeless paying to people who don't have store fronts is with cash and checks.
When I pay vendors, they always prefer checks. When I pay bills for services (like electricity), I can pay buy check or pay extra to cover the fees to use a CC, so it's only done when in a hurry. Same goes for annual tax payments, state and federal both paid by check*. The only example I have of free person to person E transfer is my rent, and that's only because we have the same bank.
* monthly business taxes like payroll are electronic
When I pay vendors, they always prefer checks. When I pay bills for services (like electricity), I can pay buy check or pay extra to cover the fees to use a CC, so it's only done when in a hurry. Same goes for annual tax payments, state and federal both paid by check*. The only example I have of free person to person E transfer is my rent, and that's only because we have the same bank.
* monthly business taxes like payroll are electronic
Ironically, I pay most of my bills either online or via debit card - from my 'chequing' account (sorry, Canadian spelling of 'check').
Though I do go through a few cheques each month too. Mostly to pay local people who run their own businesses. Saves them the credit card fees, and since its local cheques are considered safe and convenient.
Though I do go through a few cheques each month too. Mostly to pay local people who run their own businesses. Saves them the credit card fees, and since its local cheques are considered safe and convenient.
As a business owner I'll agree with you only if YOU pay the merchant fees associated with credit/debit card transactions. Otherwise, I'll stick to cheques.
I'm a business owner. I gladly pay the merchant fees. There are business advantages to accepting Visa/Mastercard/Amex/Discover etc.