17
Why is check fraud suddenly rampant?
(www.bostonfed.org)
Economic and financial news from around the world, including cryptocurrency and blockchain.
This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.
That's interesting. In the UK most companies haven't accepted checks in about 15 years.
It's because digital payment methods are almost completely owned by private entities here that charge fees for processing. Checks don't incur those costs, so people stick with them.
No need for any special apps or 'links to maintain' whatever that means. You just need the person's Bank details.
I can only assume the cost of dealing with checks was greater (as well as far less convenient) than BACS transfers were over here.