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homeboi808 t1_iyeged5 wrote

Reply to comment by 6horrigoth in ELI5 why fraudsters like Anna Sorokin managed to deposit bad checks and immediately withdraw cash elsewhere without banks stopping it? by 6horrigoth

This is why most places don’t take checks, only cash or card. Usually only if you really trust the person do you accept checks; and that was her whole scam, to make people think she was trustworthy.

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Malkiot t1_iyeixy6 wrote

But why even use checks in the first place? Seems like a weird thing to hold onto.

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Ansuz07 t1_iyekaan wrote

They are still the easiest way to move moderate amounts of money at low cost. I'm not going to show up and pay my $2k HOA dues in cash, nor am I going to bother with trying to set up a wire transfer. I'm just going to cut them a check and move on.

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Malkiot t1_iyemrmt wrote

Does the US not have really easy wire transfers as we do in the EU? I can literally transfer money from an account at any bank to any other bank within the EU from my phone. I only need the recipient's account number. Hell, for 2€ (BS fee) I can do an instant transfer which credits the recipient's account immediately.

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OneMoreTallDude t1_iyeniwi wrote

Can't speak for all banks, but I bank with a credit union and they offer something similar. I can send money to any other credit union checking or savings account instantly, for free. They charge me to send money to federal banks though or internationally.

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modern_aftermath t1_iyfa5b7 wrote

Yes, it’s practically the exact same system, with the same function and features and similar small fees for instant transfer, in the US.

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[deleted] t1_iyencht wrote

How the is it easiest? A bank transfer is much easier. Takes like 2 min to type the info online. Or how backwards is the American banking system then?

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freddy_guy t1_iyeu8mp wrote

>Takes like 2 min to type the info online.

You know that not everyone banks online, right?

Right?

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Godzarius t1_iyewhk6 wrote

all of sweden does.

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homeboi808 t1_iyf81er wrote

Sadly, we have elderly people who don’t even know how to power off their phones. Add onto the fact of all the people afraid of scams. I have an uncle who Carrie’s around his money in a ziploc bag so he can see if he is missing any cards.

I’m a high school teacher, I have students who don’t even know how to use a laptop. I had a student bring in her own MacBook and I surprise her by being able to right click.

But, we do have bank-to-bank transfers which are free & instant, but only if the receiver & sender banks support that platform. Zelle is the platform most used in the US (vast list of supported banks), but there are of course some that have their own platform they made and aren’t willing to ditch it.

You do have wire transfers, but they take longer to setup (verification), it takes a few days to go thru, and it has a small fee.

This is why Venmo, Square/CashApp, etc. are still around.

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