Posted on 08/04/2004 8:01:48 AM PDT by ijcr
Your bank is about to make some pretty radical changes to your checking account -- changes that could cost you money in bounced-check fees and limit your ability to fight fraud or errors.
These alterations are so significant, in fact, that it may be time to abandon paper checks, if you haven’t already.
(Excerpt) Read more at moneycentral.msn.com ...
That was exactly my thought.
You can pay your car payment and your rent through Web Bill Pay. If the reciever doesn't have electronic payment capability, then Web Bill Pay will cut them a check and send it to the address for you. The service is very inexpensive.
A lot of apartment complexes and lenders are allowing one to sign up for automatic deduction from one's checking account. Same with car payments. I'd check into it if I were you, it's much easier as they always take it out on the same day, so you KNOW when you have to have the money in the bank. In other words, you don't have to worry about some check "floating around out there", wondering when it's going to be cashed, and thus having to worry about keeping your balance up to avoid bouncing it.
Of course, you know your situation better than me, so maybe you already looked into it, and must pay by check. In that case, I will say in my original post I used terms like "virtually" and "nearly", meaning not every situation can be covered. Indeed, I still use checks myself, but maybe like 3 times a year.
My revulsion for checks not only comes from my point #4, but also from the logical extension of point number 3. I hate, HATE, standing in line behind someone who insists on using a check, and has to provide all that ID, and get manager's approval, and all that other crap, especially when I can see this person HAS a "debit card" in their wallet/purse/whatever. There's just no reason, so I like sinkspur's idea about charging for using checks. hehe Maybe allow people like 3-5 checks a month for free. But using them all the time? Please, people, get in the 21st century!!!!!!! < /mini rant >
As for Mr. Baredog's point about online security, yeah, sometimes bank's computers are comprimised, but in today's age, virtually every bank will cover any loss incurred due to such activity. I know mine does. (Wachovia) And indeed, such events are so rare, as not to be a concern imo. I'd be willing to bet that the odds of being a victim of such a crime are lower than being struck by lightning.
Checks you write will be processed in a matter of hours, the checks you deposit takes days.
Do they swipe it twice? :)
That's like saying I'm going to keep that old rusty buckboard because someday I might get rid of my truck and decide to abandon fossil fuel use altogether.
I've been behind check writers, debit card users, and credit card users. They all take about the same amount of time. It really depends on the person. Some people are just sloooooow. Also, the coupon users are the ones who take the longest - are you going to bar them from stores too?
Wow. Talk about progressive !
I'm with you on that.
I also don't trust my home computer to not do a self-zot just when I need to do some online banking or transactions.
I'm changing jobs & moving out of state; I called the CU about changing my payment method, and they said they can't bill me; if my new employer doesn't deduct it like my old one did, the only way I can pay is coming to the CU office in person every month. From another state.
Anybody ever heard of such a thing? I'd refinance it, but I've already got a great interest rate, and I don't like for my credit rating to get queried too often.
Hmm, interesting. I'll be the first to admit there are problems, but I'd say much less so for the consumer (user of the checking account). I had a similar situation to yours, so I can sympathize. Usually when I make a transaction that significant, I'll print out something with some reference number. I don't know what happened with your situation maybe you did print out a reference number and that didn't help, etc....
Bottom line, imo, checks are really becoming out dated, and problems with debit cards, and electronic transfers are fewer. Just as few as with checks I'd say.
Why would I want to pay someone else to write my check?
AMEN!!!!!!!!!!
No, because I'm one of them!!
Express lanes should be Express.
I frequent supermarkets that use self-checkout. I can use coupons, my credit card, and get out quicker than ever.
Why is that a concern of yours?
At the vet I use here in Houston, if you write a check, they run it through a little gizmo and process it right then and there and hand it back to you.
I get "all" my checks returned to me from my bank, except lately one that I pay to Visa [Chase Manhattan] and one I pay more sporadically to PACER, a service of the US Gov't, shows the check as an "electronic" transfer, and I don't get it back, indicating to me that my bank is not even getting it back.
"...why with ALL that, anyone uses checks with any regularity anymore is completely beyond me"
Well, I agree with you about writing checks in public. In fact, it is a good practice NEVER to write checks in public, because with all the credentials you have to show, there are huge opportunities for identity theft.
For other things, and for various reasons, CHECKS are EXTREMELY IMPORTANT RECORDS.
I just got a letter from the IRS questioning IRA payments I made. I was able from the checks to show WHEN they were written and WHEN they were negotiated.
Information written on a check can form a WRITTEN CONTRACT, for transactions required to be within the Statute of Frauds. These are but a few examples of why checks are important.
I pay nothing for my bill pay service - many banks charge nothing if you have direct deposit.
I LUV web pay.
Don't. Move all your money to Charles Schwab. If the amount is over a certain threshold, you can write on-line checks for free.
Because you're the one who made the initial comment on public record. That means I'm free to comment on it. Why so defensive ? It's just a parallel I drew. Disagree with it if you want to, but you don't have to get in my face about it.
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