General > General Technical Chat
Cheques being phased out in Australia by 2030
nctnico:
--- Quote from: TimFox on October 15, 2023, 04:14:24 pm ---The cardholder's legal protections on credit cards are much better here than for debit cards.
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But you pay for this protection one way or another. Upselling products with an insurance is a very lucrative business!
themadhippy:
One place ive found cash or cheque an advantage is for deposits,from personal experience it can take the company sevral days to refund your deposit.
SiliconWizard:
--- Quote from: tggzzz on October 14, 2023, 11:12:00 pm ---
--- Quote from: David_AVD on October 14, 2023, 10:58:36 pm ---In Australia it appears that some banks and organisations are making it possible to open a bank account with no fixed address. There's also some ways to deal with getting physical mail too. I'm not saying it's super easy, but it's not impossible. Going from what I've read about these services, continuing the use of cheques doesn't appear to be useful for people with no fixed address. A bank account and a debit card (very minimal application process) would seem the way to go. Any government payments can go into the account and be drawn upon using the debit card or by withdrawing cash.
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Cheques can be used by people with no fixed abode and no bank account: go and collect them and use a cheque cashing service.
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Yes, ultimately it's closely related to the question of cash, which is also on the verge of being obsoloted, maybe not quite as soon as cheques, but close enough.
You're not going to convince people that have already embraced the new paradigm of a 100% connected, 100% dependent on this connection society. They often just see what they have to gain (the useful aspects) while ignoring what they have to lose (until they run into a situation where they'd need an alternative). Just imagine you don't have cash or cheques, what do you do when there's a grid blackout? Maybe it never happens?
The question is not so much about old tech vs new tech, progress (in the true sense) vs conservatism IMHO, but more about how to leverage new tech to continue promoting resilience, adaptability and freedom.
Where we are heading doesn't seem to do much good for either of these three points. It focuses on cost reduction (which still remains to be estimated all expenses considered though), security and control.
Whose security by the way?
vk4ffab:
--- Quote from: TimFox on October 15, 2023, 04:14:24 pm ---I agree about the problems with debit cards in the US, which I consider to be a pipeline directly from my bank account.
They often are granted to people whose credit record is too poor to get a credit card.
The cardholder's legal protections on credit cards are much better here than for debit cards.
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My debit card, which is the only outward facing pipeline to my savings, only ever contains a small amount of money. Typically less than$1000, a number I could lose without it being a financial burden. I see a debit card as being the same as carrying cash, a theftable object that someone can use tap and go for $100 purchases up to the daily card limit. Everything else, is in another account that can only be accessed digitally and only i know the account credentials to access it. I have been banking that way now for close on 20 years.
In Australia the major card providers have zero liability protections for card holders, so if there are fraudulent payments made from a stolen debit card, the company wears the cost, not the account holder. The exact same protections as offered on credit cards. So if i was robbed on the street for my wallet, any tap and go transactions processed by visa should be refunded. I have never had to try it out, but in theory that is how it should work.
TimFox:
Here is a summary of the relevant differences in the US:
https://www.bankrate.com/finance/credit-cards/credit-card-vs-debit-card/#how
From that site: "Since credit cards offer fraud liability protections that debit cards do not, meaning online purchases with credit come with fewer risks."
(Their grammar, not mine.)
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