Author Topic: Cheques / Checks!  (Read 7389 times)

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Outdoor Girl

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Re: Cheques / Checks!
« Reply #30 on: December 03, 2011, 02:04:34 PM »
In Canada, last time I checked, you can no longer deposit money into someone else's account - I used to do that in person at the bank. Now if I want to pay back a buddy or a relative, I have to give it to them and they deposit it. It is a pain in the behind if the person lives far away from me.

Some banks also require ID or an account for *any* service they give. I can't change a five for laundry money anymore unless I have a driver's license or a credit card. Even my own bank asked for ID the last time I was there! Maybe I look like a criminal? :P

This hasn't been my experience in Ontario.  I have one person in my lottery pool who transfers money to my account electronically all the time.  My Dad has physically gone into his bank and transferred money to my brother's account in another city.
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blue2000

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Re: Cheques / Checks!
« Reply #31 on: December 03, 2011, 02:11:10 PM »
In Canada, last time I checked, you can no longer deposit money into someone else's account - I used to do that in person at the bank. Now if I want to pay back a buddy or a relative, I have to give it to them and they deposit it. It is a pain in the behind if the person lives far away from me.

Some banks also require ID or an account for *any* service they give. I can't change a five for laundry money anymore unless I have a driver's license or a credit card. Even my own bank asked for ID the last time I was there! Maybe I look like a criminal? :P

This hasn't been my experience in Ontario.  I have one person in my lottery pool who transfers money to my account electronically all the time.  My Dad has physically gone into his bank and transferred money to my brother's account in another city.

If you don't mind my asking, which bank do you use? I would love to find one that does this!
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Where's the Quiet?

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Re: Cheques / Checks!
« Reply #32 on: December 03, 2011, 02:22:50 PM »
US here. We pay almost everything through our bank's online bill pay. The only things that have to be paid by check are the sports leagues and fund raising stuff, and that's only because the registration/order forms need to be included with the payment.

Our bank sends out physical checks for us when needed but doesn't use our account number...the account number on the checks is for the clearing house. That saved us a major headache once when a company applied our payment to someone else's account (for some reason they wrote the other account number right next to ours, which was printed on the check lol) and then tried to clean out our account since we "didn't pay" our bill. I love that when I set a payment to go out, it's automatically deducted from our account from the date of payment rather than having to wait for the payment to be accepted or cashed.

But anyway, I hate using checks because I'm not nearly as good about sending them out as I am at setting it up online. Stores around here will accept them but they are put through like a debit transaction. All you have to do is sign the check and the cashier and computer do the rest of the work.

Outdoor Girl

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Re: Cheques / Checks!
« Reply #33 on: December 03, 2011, 02:23:42 PM »
Quote from: blue2000 link=topic=110858.msg2588504#msg2588504

If you don't mind my asking, which bank do you use? I would love to find one that does this!

Sent you a PM.
After cleaning out my Dad's house, I have this advice:  If you haven't used it in a year, throw it out!!!!.
Ontario

blue2000

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Re: Cheques / Checks!
« Reply #34 on: December 03, 2011, 03:15:29 PM »
Quote from: blue2000 link=topic=110858.msg2588504#msg2588504

If you don't mind my asking, which bank do you use? I would love to find one that does this!

Sent you a PM.

Thanks! :)
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veryfluffy

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Re: Cheques / Checks!
« Reply #35 on: December 03, 2011, 05:59:57 PM »
UK here -- I run a small business, and I get most of my payments by cheque. For some people, it is the only cheques they ever write! The problem is that for a small business, it is relatively expensive to accept card payments. The transaction cost for debit cards is only about 30p, but something like 1.50 for credit cards, plus the little card-reader machine is around 25 per month to rent. Our bank account specifically for small businesses costs us nothing to operate. All deposits and cheques we write are free, as is all the online banking we do. We can't actually deposit cash, as we don't have branch access -- all deposits are done by post.

The other thing that is worth noting is that for the last 20 or 30 years, ordinary personal banking has been free for UK customers, as long as they are in credit. I don't pay anything to write cheques or do online banking or to use my debit card or withdraw cash from ATMs. And if I deposit at least 1000 in my account in a month, my bank pays me 5.00.
   

Venus193

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Re: Cheques / Checks!
« Reply #36 on: December 03, 2011, 07:44:42 PM »
One more thing:  My bank will not allow you to access your account from more than two computers.  When I changed companies and when I bought my new computer they went through a whole security thing to make sure Venus was Venus.

They also require addresses, telephone numbers, and account numbers or customer ID numbers for all your payees.

Ceallach

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Re: Cheques / Checks!
« Reply #37 on: December 03, 2011, 08:44:53 PM »
Sweden here.
I'm 43 and have never even owned a cheque-book. They were already going out of fashion when I was around 18-20.
People here use mostly debits cards or cash. Banking is online for the majority.
I usually have a little cash for buying smaller/cheaper things but I mostly use my debit card. It's connected to Visa but it has no credit at all.
My salary is directly deposited to my bank account and that is the only way to get paid around here. I think my first job with direct deposit was back in 1989.

I've been banking online for around 14 years now and there are as far as I know 3 different ways of getting your bills in there. You can get a paper bill/invoice with the recipient's bank account number so you can transfer the money, you can set up a monthly payment transfer (works if it is the same amount each month - very common with things like gym memberships or mortgage) or you can get an e-invoice.
All my larger and recurring bills (condo fees, electricity, phone, broadband, morning paper) are set up as e-invoices. I get an automated email when I get one so I just log in, look at the invoice and print it out should I want to and sort of just click OK to pay it. The way it is set up is that I usually get them a couple of weeks before they are due, or in the case of my condo fees three at a time, but when I click OK to pay them the money isn't drawn from my account until the day before the bills is due. Me like as I'm sure they get paid and on time! Paper bills can get lost in the mail or in the perpetual chaos that is my kitchen table...

I can bank on-line with an iPhone app if I want to, but I usually just use the iPhone to check my bank balance since to do that I only need a pincode. To actually do something on my account I need a digipass as well and I don't always carry that one around with me.

Interesting!  It sounds almost identical to here, on the opposite side of the world.   :)     I had heard that some of the 'smaller' European countries (such as Sweden) were similar - due the their smaller populations (relative to say the USA or the UK) it's easier to introduce new technology or use as  "test market", so they adopt things like that faster.   I've never seen any evidence to support this theory (about them introducing technology into countries with smaller populations / or the populations adopting them faster) but it does seem to make sense from the anecdotal information I hear! 
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kglory

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Re: Cheques / Checks!
« Reply #38 on: December 04, 2011, 02:31:33 PM »
I too find it interesting that in the US people seem more reluctant to give out their bank details to friends/relatives so they can make direct payments to them.  I work 9-5 Mon-Fri and sleep in on Saturday mornings (the only time at the weekend when my bank is open) so very rarely go into a branch and I don't possess a chequebook.  If I owe someone money and it's more than I have on me in cash, eg. I owed a colleague 40 for our Christmas party, I just ask them for their bank details and transfer it to them online. 

In the US, I think mostly because of security concerns, many people will do this with Paypal. That way you can zap money to people but there's no paper involved.

Agreed - I've noticed Paypal getting more popular for payments between individuals (US).

I also work during the week and am busy on weekends and would have a hard time getting to the bank during business hours on a regular basis.  But to pay my bills by check or to receive checks, I don't have to.  I can write a check and mail it in (or give it directly to someone) at any time of day.  To deposit checks, all I have to do is drive by the bank and deposit it in their drive-through ATM. 

I can't think the last time I actually physically entered a bank to make a deposit.  I usually use the ATM after hours for this sort of thing.

As a private citizen who gets her salary by direct deposit, it's not often that I receive checks (unlike, say, someone who is self-employed).  But I do on my birthday or for Christmas, I get checks from my relatives as gifts.  Also, I get flexible spending payments from my insurance company as checks in the mail.  Those are the times of year when I will drive by the bank and deposit the check via ATM.  If it was still back in the days before ATMs, I agree this would be really difficult -- but now, it's not hard at all.

Ereine

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Re: Cheques / Checks!
« Reply #39 on: December 04, 2011, 03:03:56 PM »
Our ATMs are only for withdrawals, you can't use them for depisiting money, unfortunately. And after an experiment in 1960s there haven't been drive-through banks. Banks also close quite early and aren't open on weekends, that's the drawback of our system so it's a good thing that the online services are good at least, though it's becoming a problem for older people, especially as everything you do at the bank will cost you.

I spent 6 months as an exchange student in the Netherlands and had a bank account there because I thought that I wouldn't be able to pay my rent otherwise (I was subletting from a Dutch student and had to pay her directly), I was so anxious about it that the bank agreed to let me open the account, even though they usually didn't for such short stays. In the end I found out that I could pay the rent online from my own account, using an IBAN code that standardizes bank account numbers throughout the EU. The Dutch account proved useful in other ways and I found out that the best way to trasfer money to it wasn't the IBAN transfer, it took many days to process. It was much easier to withdraw money from my Finnish account (my debit card worked almost everywhere there) and then use another machine to deposit it to my account. I'd like to have that option here. (the Dutch bank gave a small device that looked like a calculator for online banking. I can't remember if I had to enter my debit card to it but I'd enter a code their website told me to and get another code as result, that would allow me to access my account. I liked that bank, I've had good customer service at a bank here and having a bank account made me feel a little more integrated to the soviety).

Mopsy428

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Re: Cheques / Checks!
« Reply #40 on: December 04, 2011, 07:34:01 PM »
I'm in the US. Some of the places that I can pay through direct debit charge a fee for every withdrawal. Until that fee costs me less than a stamp, I will continue paying by check. (The only things I have coming out automatically are my health insurance, the car insurance, and my gym membership.)

Ceallach

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Re: Cheques / Checks!
« Reply #41 on: December 05, 2011, 05:24:58 AM »
Our ATMs are only for withdrawals, you can't use them for depisiting money, unfortunately. And after an experiment in 1960s there haven't been drive-through banks. Banks also close quite early and aren't open on weekends, that's the drawback of our system so it's a good thing that the online services are good at least, though it's becoming a problem for older people, especially as everything you do at the bank will cost you.

I spent 6 months as an exchange student in the Netherlands and had a bank account there because I thought that I wouldn't be able to pay my rent otherwise (I was subletting from a Dutch student and had to pay her directly), I was so anxious about it that the bank agreed to let me open the account, even though they usually didn't for such short stays. In the end I found out that I could pay the rent online from my own account, using an IBAN code that standardizes bank account numbers throughout the EU. The Dutch account proved useful in other ways and I found out that the best way to trasfer money to it wasn't the IBAN transfer, it took many days to process. It was much easier to withdraw money from my Finnish account (my debit card worked almost everywhere there) and then use another machine to deposit it to my account. I'd like to have that option here. (the Dutch bank gave a small device that looked like a calculator for online banking. I can't remember if I had to enter my debit card to it but I'd enter a code their website told me to and get another code as result, that would allow me to access my account. I liked that bank, I've had good customer service at a bank here and having a bank account made me feel a little more integrated to the soviety).

I've never deposited money into an ATM - I believe they have that functionality, but I've never been in a situation where I have cash to deposit! Cash is something to be withdrawn when required for making small purchases or for giving to people I owe money to (if it's inconvenient to pay them online).  ;D I can think of 2-3 occasions in my life where I've received cheques, twice from businesses as reimbursements and the third as a wedding gift (interestingly enough, now I think of it - that was from a lovely US couple who are good friends with my parents!) on those occasions I found time in my schedule to go to the bank to put the cheques into my account.   But they were certainly odd occasions.
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Snooks

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Re: Cheques / Checks!
« Reply #42 on: December 05, 2011, 02:30:39 PM »
UK here - things I've paid for with cheques recently: wedding photographer, cattery, double glazing, mortgage application.

I buy everything on credit card where possible as I've got a cash back credit card.

My current account has a debit card and costs me 10 a month but I get travel insurance, breakdown cover and some other stuff for that, plus it pays good interest so I get about 7 a month in interest.  That's about all my bank's got going for it because it's awful in every other respect.

I'll only use cash if I can't use my credit card e.g. on the market or if there's a charge which isn't offset by my cash back.

Dindrane

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Re: Cheques / Checks!
« Reply #43 on: December 06, 2011, 12:29:13 AM »
I'm in the US.  For context, I'm also 26 and moved in to my very first apartment in 2006.

I have to pay my rent by check.  Even though I live in an apartment complex owned by a relatively large property management company, I don't have another way of paying it.  I guess I could probably pay with cash, but I don't ever have that much lying around, so I've never even asked if they take it. :)  They do not have any way to electronically transfer money that I am aware of.

What I have noticed about renting a residence in the US is that if your residence is owned by a large enough property management company, you might be able to pay rent with an automatic fund transfer from your bank, but it is by no means guaranteed.  All other rental situations are pretty much check-only, because there's just no other feasible way to do it.

One thing I will point out is that, in the United States, most people don't really have the ability to electronically deposit money into someone else's account.  I bank with a credit union, and they have a super fancy electronic funds transfer feature available to their members that is far more than I've ever been able to do elsewhere.  But even with that, it only allows me to transfer money between bank accounts that I personally own.  I wouldn't be able to use it to give money to someone unless they were willing to give me a level of access that would also allow me to withdraw money.

The other thing I kind of wonder -- are banks in other places typically private corporations, or are they controlled in some fashion by the government?  I wonder because, when I was abroad in Ireland 6 or so years ago, there were I think 2 or 3 different banks.  But they all worked in pretty much the same way, and seemed to be able to communicate with each other quite a bit.  I don't know if it had anything to do with government control (either in the form of ownership or in the form of regulations), or if it was just a product of the fact that Ireland is a much less populous country than the United States.

But I will say that in the United States, there are probably half a dozen national banks and probably at least that many local banks in any given area (that only have branches in a single region or location).  They're all generally privately-owned companies (which may or may not have stockholders)  That's a lot of options.  In addition to that, there are credit unions, which aren't really banks at all.  When you join a credit union, you buy in as a shareholder, rather than being a customer.  Credit unions typically limit their membership to people who have some similar condition: work for a particular company, live in a particular city/county, attend a particular school, etc.  Once you become a member, you can remain one indefinitely (and your family members can often join as members even if they wouldn't otherwise qualify), but it does mean that they are much smaller than your average bank.  They also have a range of services that is often rather different than the average bank, because they aren't for-profit the way privately owned banks are -- they share profits with their members by reducing fees/interest rates, or offering services that traditional banks don't offer.

At any rate, as debit, credit, and electronic bank transfers become more common, checks are becoming much less so.  But because of the sheer number of people in this country (over 300 million, last I recall), not to mention the sheer number of banking options, I think it will take a lot of innovation to have checks disappear completely.


Ceallach

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Re: Cheques / Checks!
« Reply #44 on: December 06, 2011, 01:45:24 AM »
The other thing I kind of wonder -- are banks in other places typically private corporations, or are they controlled in some fashion by the government?  I wonder because, when I was abroad in Ireland 6 or so years ago, there were I think 2 or 3 different banks.  But they all worked in pretty much the same way, and seemed to be able to communicate with each other quite a bit.  I don't know if it had anything to do with government control (either in the form of ownership or in the form of regulations), or if it was just a product of the fact that Ireland is a much less populous country than the United States.

Definitely corporations here.   We have the same "evil big bank" talk as the rest of the world.  Albeit our "big banks" are probably slightly smaller than your "big banks".    Here in Aus there are probably 6 really BIG national  banks, and then a handful of smaller bank/credit unions often specialising in certain locations.   Most of them are fairly similar in how they operate and the available services, for the most part.  There's a few differentiations in fees etc but a lot of it is branding preference.  I like my bank because they were the first to have a really good iPhone / Smartphone site a few years before the other banks, and as I do most of my banking on my phone (checking balances, transferring money between accounts, paying bills etc) that was important to me.
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