farcaster@beehaw.org to Finance@beehaw.org · 10 months agoWhy is check fraud suddenly rampant?www.bostonfed.orgexternal-linkmessage-square12fedilinkarrow-up117arrow-down10
arrow-up117arrow-down1external-linkWhy is check fraud suddenly rampant?www.bostonfed.orgfarcaster@beehaw.org to Finance@beehaw.org · 10 months agomessage-square12fedilink
minus-squaregreenskye@beehaw.orglinkfedilinkarrow-up7·10 months agoIt’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.
minus-squareHalJor@beehaw.orglinkfedilinkEnglisharrow-up3·10 months ago…and no app to install, or links to maintain between accounts.
minus-squareThenThreeMorelinkfedilinkEnglisharrow-up1·10 months agoNo need for any special apps or ‘links to maintain’ whatever that means. You just need the person’s Bank details.
minus-squareThenThreeMorelinkfedilinkEnglisharrow-up2·10 months agoI can only assume the cost of dealing with checks was greater (as well as far less convenient) than BACS transfers were over here.
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.
…and no app to install, or links to maintain between accounts.
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.