Quote:
Originally Posted by signupdamnit
It's completely different in the U.S. The others have mentioned why but I will rehash.
Advantages of checks in America:
1. No fees to cash.
2. You can take them to any of your bank accounts (or even Walmart  ) to deposit or cash.
3. Banks here typically credit the money within 48 hours.
4. Sponsors typically charge no fees for checks or very low fees.
5. The mail system is typically 99.9% reliable. |
Well as an european I was surprised that cheques still exist when I found out they are so popular in US. Its really the most stupid thing to do.
How does it work in any European (and probably most of the countries in the world):
You work at a company, the payday comes, company sends money from their bank account to your bank account. Its like p2p transfer basicly. You get the money in your bank account the same day. Cost of this transaction is for example 30 euro cents if you use the same bank as your employer or for example 50 euro cents if you use different bank. Hell maybe these operations are even free in some countries, it varies. Thats it.
Now with the cheques: you need to print it, sign it, send it. Employee must wait for it, then spend time (30 minutes, hour..) to go deposit it j
ust to get the same result as the one I described above. I wonder how many billions of dollars US lose every year just because people waste so much time just going to cash their cheques. Lets say each one spends (wastes) 2 hours a month just for this useless task. Its billions of dollars damage to the economy yearly... Why the fuck they can not implement the SIMPLE solution that I described above??? Its unbelievable... and makes 0% sense.