I'd rather write a check than use venmo or the like on the rare occasion I need to pay an individual for some type of service. I pay as much as possible with a CC to get the cash back. Monthly payments are either made direct from a CC or the bank.
Yeah, but you can just send money to their account using your phone.This is 2022.
Yeah man, ...... yeahBut seriously sometimes checks are handy, cashiers checks for moving large sums, government tax refund and stimuli checks, paying for stuff off the back of mad magazine, the list goes on
Do those x-ray specs really work?
I was watching NBC News and there was a story on check theft from mailboxes. I did a double take on this. People still use this kind of payment?It is 200 years out of date.I remember living in North America and getting a check. Then having to goto a bank. Then having to show ID. Then having to wait until it clears. Thenhaving to withdraw cash. Then looking to see how many fees were deducted.Wow, terrible, outdated system. I can't believe it still exists.https://www.youtube.com/watch?v=-NusVbBkYmQ
Americans still use checks. Also debit cards use to not come out of the bank account right away when swiped at the store though that may be changing now. It means some folks may not be issued checks or debit cards and many banks may not open accounts if they have hits on their records charging up the debit cards and writing bad checks plus a bad credit rating in the US. I worked briefly for a US company from Canada called E- Funds which ran the whole system making suggestions to banks and to merchants. It was years ago, but left me shaking my head at the whole inefficiency of the US system. Folks wrote checks at the grocery store for small items. (Stores scanned your drivers license or state ID to see if you had any previous bad check writing before they would accept your check.) Checks had been extinct in Canada for years before this except for paying the rent and a couple of other small items. But day to day no one used checks. We used debit cards and the money came out of your account right away or the sale was declined immediately if the funds were not in your account. But the US system things were not all linked hence the problems. Too many banks and too many people. This was nearly 20 years ago before I came to Korea though. So that may change now. I was able to use my Canadian debit card in US stores in 2008 and in their banks machines though with no problems.
No. With a debit card the money comes out immediately. That's why it's always recommended to use a CC to provide yourself with some security.
Yes and no (but mostly yes). It depends on the kind of debit card, apparently.If it's the kind where you are required to enter a PIN for every transaction, then yes, the transaction is immediate.However, many debit cards actually use something very similar to the credit system where the transaction amount is put on hold by the issuing bank for a period of time. The amount *appears* to be withdrawn from the account, but is actually being held in a kind of limbo by the bank. It can still be easily returned if there are verification problems.Here's an article on the 2 kinds of debit cards systems used in the US. Also, to the previous poster: "I use to do that." is grammatically incorrect. It needs to be put in past tense ("I used to do that") unless it's preceded by "did" ("We did use to do that."). Here's a quick guide on how to use "use" when referring to something from the past that is no longer true
Yes and no. My debit card requires the use of a PIN and from the frequency of times I see people entering a PIN I'd guess that the majority of debit cards work on that principle. I would also posit that companies would much rather accept these types of debit cards since the processing fees would be lower, as they are when compared to credit cards. The article says the consumer chooses the method of processing the debit card but doesn't elaborate on how one does that. You can push credit instead of debit, but I'd bet the machine is going to process the debit card one way and credit cards another way.
Well, it might depend on the amount or the store. This is with my debit card. At the supermarket, whether Emart or HomePlus, a screen comes up asking if I want to pay lump sum, or 2-, 3-, 4- months, etc.I go to the pharmacist for refills every six months, and he asks if I want to pay lump sum or other. But if I buy 4 for 11,000 W at CU, it never comes up.
