17
submitted 1 year ago by farcaster@beehaw.org to c/finance@beehaw.org
all 12 comments
sorted by: hot top controversial new old
[-] lemillionsocks@beehaw.org 10 points 1 year ago* (last edited 1 year ago)

Suddenly? Nothing sudden about it been going around for years.

As for why it's because it's super easy and if someone gets one of your checks they have your full routing and account number on the bottom which can be easily used to make a fake one or initiate an ach or something. Since its old technology that for some reason banks refuse to update, you get a credit in your account within a few days of deposit while the actual account holder has time to notice they've been robbed or their bank has time to catch any obvious fake checks. In the meantime the fraudster is already free and clear with however many giftcards they got.

[-] funchords@lemmy.sdf.org 5 points 1 year ago

Suddenly? Nothing sudden about it been going around for years.

From the article:

[In 2022], banks issued about 680,000 reports of check fraud, nearly double what they reported in 2021. And one expert predicted total check fraud will hit $24 billion in losses this year, roughly twice what it was just five years ago.

[-] gpw@lemmy.ml 6 points 1 year ago

Checks are still commonly used for businesses and people working predominantly blue-collar professions (at least in the US)

That's interesting. In the UK most companies haven't accepted checks in about 15 years.

[-] greenskye@beehaw.org 7 points 1 year ago

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.

I can only assume the cost of dealing with checks was greater (as well as far less convenient) than BACS transfers were over here.

[-] gk99@beehaw.org 2 points 1 year ago

Also people over the age of 60 love shopping with them for some reason, to the detriment of literally everyone else.

[-] funchords@lemmy.sdf.org 4 points 1 year ago

We (76 and 60) shop with our plastic (credit, never debit). Next cash if it is hand-to-hand, or we can get a receipt. Otherwise check, but we don't carry a checkbook. I may do PayPal, Venmo, or Zelle, but only if I know you personally -- if you're dealing with my spouse, you'd better take a check or plastic or wait for me.

to the detriment of literally everyone else.

How so? It's an option. The other option may be "no sale." We grew up on these and we understand them. All the high-tech ways are ever-changing, and we're never sure where we stand with them.

[-] greenskye@beehaw.org 1 points 1 year ago

I feel like I stopped seeing this about 10 years ago now. I can't even remember the last time I saw someone write a check in a store

[-] liv@beehaw.org 5 points 1 year ago* (last edited 1 year ago)

Surprised that cheques are still a thing.

The banks here made old fashioned hold-outs like me give up our cheque books about 10 years ago.

this post was submitted on 28 Aug 2023
17 points (100.0% liked)

Finance

2266 readers
1 users here now

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.

founded 2 years ago
MODERATORS