General > General Technical Chat

Cheques being phased out in Australia by 2030

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TimFox:
That's an amusing detail of British law.
American gold coins, including eagles and double-eagles, are no longer legal tender, so their taxable appreciation is dealt with in the same manner as appreciation of precious stones.

SiliconWizard:

--- Quote from: tggzzz on October 19, 2023, 10:06:25 pm ---But I do have some gold coins secreted away in a hopefully fireproof box. They have increased nicely in value, and, since they are coins of the realm, they are free from capital gains tax :)

--- End quote ---

How dare you try and escape the matrix? You know you don't need coins. You need pills.

tggzzz:

--- Quote from: SiliconWizard on October 19, 2023, 10:57:28 pm ---
--- Quote from: tggzzz on October 19, 2023, 10:06:25 pm ---But I do have some gold coins secreted away in a hopefully fireproof box. They have increased nicely in value, and, since they are coins of the realm, they are free from capital gains tax :)

--- End quote ---

How dare you try and escape the matrix? You know you don't need coins. You need pills.

--- End quote ---

Too true :(

Must do some research before I really need them.

vk4ffab:

--- Quote from: tggzzz on October 19, 2023, 10:06:25 pm ---
--- Quote from: vk4ffab on October 19, 2023, 09:21:25 pm ---
--- Quote from: tggzzz on October 19, 2023, 09:32:08 am ---
--- Quote from: vk4ffab on October 19, 2023, 09:00:19 am ---
--- Quote from: TimFox on October 18, 2023, 12:55:35 pm ---A comment about needing multiple cards:
In my post above about my experiences with fraudulent charges to my Visa or American Express cards, in both cases I had to wait a few days for a replacement card.
(American Express was willing to FedEx one quickly, but I was literally leaving that morning for Japan.)
While waiting for that replacement, I was able to use the other one.

--- End quote ---



My experience is the opposite. Got scammed with phony checks a couple of time, not for great sums of money, but enough to implement a no checks policy for my business. But have never had a fraudulent charge put on the debit card. But i keep very little money in that account so if i did get scammed, they would not get much.

--- End quote ---

Every time I saw businesses accepting cheques it was in conjunction with either
* a requirement that a cheque cleared before service/goods were delivered, or
* the now-obsolete bank's cheque guarantee mechanismThat seemed entirely reasonable to me; if I had run a business I would have done just that. Nowadays businesses pay third parties to take that risk with electronic payments; the increased costs are offset by convenience. Fine, especially since the consumer doesn't notice.

I've known individuals that have been severely affected by errant electronic transfers. The worst was my bosses' secretary who discovered that she had "lost" half her monthly salary to an unauthorised transfer. The bank agreed it was unauthorised, refunded her money, apologised (but no more) for the <ahem> "inconvenience", said it wouldn't happen again.

The same happened the next month. Oops.

The same happened the third month.  WTF?!

The bank admitted they didn't know the source and couldn't stop the transfers. Absolutely gobsmacking!

Finally after 3(?) months, the bank was able to work out that an obscure merchant bank had made a data entry error, and get the transfers stopped.

The little I've since learned about the banking industry leads me to be less than surprised: processes assumes everything is in order and that the bank is, by definition, correct. Example: Halifax and John Munden which falsely jailed an ex-police officer and caused his wife to attempt suicide[1]

[1] https://www.doc.ic.ac.uk/~ids/dotdot/misc/titbits/phantom_ATM_withdrawals.html and http://catless.ncl.ac.uk/Risks/18.25.html#subj5

--- End quote ---

Oh back then just about all business to business dealings were with check, so nothing we did was out of the ordinary, no one in their right minds accepted personal checks though without waiting for clearance or at all because the risk was so high. But it does not take much for a check to bounce, someone over drafted the over draft, someone missed a payment date and the whole accounting system gets thrown out of whack. My business has always used cash accounting, so these things smart when delays happen. Now days with instant bank transfers with OSKO (thats what its called in Australia) the accounts payable in another city can get her done without the minion in another needing petty cash or a check.

I am not so naive to think errors and mistakes do not creep in sometimes and they are bloody terrifying to those that have to endure them, but, whats the alternative? Cash? I have substantial savings there is not a hope in hell I would want that kind of money sitting under my mattress. There is a greater chance my house will burn down that a bank error drains my account. This is Australia after all and the 4 seasons here are summer summer fire and flood and we are in fire season :)

--- End quote ---

Yes; all agreed.

But I do have some gold coins secreted away in a hopefully fireproof box. They have increased nicely in value, and, since they are coins of the realm, they are free from capital gains tax :)

--- End quote ---

An uncle of mine had a bunch of gold buried in his back yard for the exact same reasons, never saw the point of it myself, though one would hope they are an appreciating asset rather than currency in the event of world collapse and even then, a potato might be worth more than gold in that situation. HAHAHA or as we all found out during covid, better stock up on bog roll because that will be the global currency when the zombies rise ;)

Monkeh:

--- Quote from: tggzzz on October 19, 2023, 09:32:08 am ---I've known individuals that have been severely affected by errant electronic transfers. The worst was my bosses' secretary who discovered that she had "lost" half her monthly salary to an unauthorised transfer. The bank agreed it was unauthorised, refunded her money, apologised (but no more) for the <ahem> "inconvenience", said it wouldn't happen again.

--- End quote ---

That's nothing. A friend of mine had a vending machine charge him on the order of $65k, and the bank turned around and said it wasn't their problem. Thankfully, the company operating the machine saw reason. It's more than a little disturbing that an error like that can occur on the wire and not be caught.

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