General > General Technical Chat
Cheques being phased out in Australia by 2030
nctnico:
--- Quote from: DimitriP on October 08, 2023, 11:19:33 pm ---
--- Quote ---My limited understanding is that banks charge the same for handling cash from businesses.
--- End quote ---
The problem with this thread is we are dealing with different personalities, from different backgrounds from different countries.
I don't know what fees businesses get chanrged for having a bank account in the use.
But I do know that when I deposit a check for $100 , I do end up with $100 in the account.
When you take a card payment for $100 , you end up with less than $100.
--- End quote ---
This is because the bank is not transparant about what they do with your money. How much time does it take for a check to appear in your bank balance? I bet this is a couple of days to maybe even more than a week. Where is your money during that time? Well, the bank is using it to make a quick buck and cover the expenses for doing the transaction.
Over here banks are no longer playing that game. You typically get charged a monthly fee and a cost for every transaction you make (the latter mostly for business bank accounts). Over here banks charge companies for doing cash deposits. So taking electronic payments is cheaper, faster (nobody needs to go to the bank at the end of the day) and safer.
ataradov:
In the US banks are obligated to make the deposited check balance to be available within 24 hours. They can settle the processing with the issuing bank.
This is the base for a lot of scams that make people deposit bad checks and pay back some sum of their own money. The check bounces after a few weeks, but by that time it is too late.
tggzzz:
--- Quote from: mikeselectricstuff on October 08, 2023, 11:08:59 pm ---
--- Quote from: tggzzz on October 08, 2023, 10:05:47 pm ---Banks would like to save money by phasing out cheques. Use of cheques is diminishing, therefore the costs are diminishing - and that reason for preventing cheque use doesn't hold water.
--- End quote ---
Of course it does - if usage is low, the cost per cheque increases massively. Equipment, training new staff, keeping old systems going/integrating with new systems, increased printing costs for low quantities and probably lots more.
At some point it's just not worth the hassle.
--- End quote ---
Strawman argument: I didn't mention cost per cheque - and neither do the banks (or their enablers, governments).
The argument put forward by banks is in terms of cost.
Since the processes and organisation are mature, non-staffing costs will be fixed - and/or fully depreciated.
If the number of cheques is diminishing, fewer staff are required to support cheques is diminishing, and staffing costs are probably the dominant costs.
Hence, unless worked reasoning and costs are provided, it is reasonable to presume the cost of processing cheques will be diminishing.
SiliconWizard:
--- Quote from: DimitriP on October 08, 2023, 11:13:51 pm ---
--- Quote ---There is a reason most businesses these days don't use Telegrams, Telex, or even fax for that matter. How long do you go out of your way to support obsolete methods?
--- End quote ---
just wait until "cloud oscilloscopes" show up and the only way to use it would be to sign into your subscription acccount and the oscilloscope salesman will say "stand alone oscilloscopes are "obsolete" "
--- End quote ---
Don't give them ideas! Oh but I know those ideas are already there...
tggzzz:
--- Quote from: DimitriP on October 08, 2023, 11:19:33 pm ---
--- Quote ---My limited understanding is that banks charge the same for handling cash from businesses.
--- End quote ---
The problem with this thread is we are dealing with different personalities, from different backgrounds from different countries.
I don't know what fees businesses get chanrged for having a bank account in the use.
But I do know that when I deposit a check for $100 , I do end up with $100 in the account.
When you take a card payment for $100 , you end up with less than $100.
--- End quote ---
And when a business in the UK hands in £100 cash, they end up with less than £100 in their. 2% less, I've been told by an auction house.
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