Batman:

anyone with BNZ ?

any news re cheques ?

I think my mum is going to have to do things financial for one of my Aunties, she has never used a computer in her life as is approaching 90

Rikkitic:

 

Not sure how much of an improvement paywave is when anyone who 'finds' a card can empty the account with automated purchases. At least with cheques you had to forge the signature.

 

 

 

I think the $$$ losses from cheque fraud vastly outweigh the paywave loses. NB. For the first time in as long as I can remember, I lost my VISA debit card, or rather misplaced. I realised an hour later that I could disable or pause the card in the app on my phone (both banks that I use can do this). Called the coffee shop next morning, yes they had it. 

I guess worse case scenario someone could have whipped $200 out until the account emptied. Depends on the the time of the month as to how many times they could do it 😂

This sign has been up at my local PAKnSAVE since Easter, and I imagine at all the other supermarkets in the chain.
It shouldn't be too much of a surprise to people

Rikkitic:

 

Not sure how much of an improvement paywave is when anyone who 'finds' a card can empty the account with automated purchases. At least with cheques you had to forge the signature.

 

Noone had anything to compare the signature with anyway.

Nowhere has accepted checks from random people for about a decade now. Sure, used by old people to pay accounts off and stuff, and perhaps for tradespeople at their house but you have not been able to just go into a shop and use a check for ages now. In those other cases they would have had an idea of who it was.

How is it that all banks have decided together to dump cheques? Aren't they supposed to be competing? I can imagine one might pick up some extra business from the Luddite brigade if it went against the tide.

Rikkitic:

 

How is it that all banks have decided together to dump cheques? Aren't they supposed to be competing? I can imagine one might pick up some extra business from the Luddite brigade if it went against the tide.

 

 

 

Banks lose money on Cheques. If it was wildly profitable, do you think they would have dropped them at all? 

If luddites are having trouble using phone or internet banking, I can only imagine the kind of stress moving banks would cause.

if you wanna use cheques move to the good old USA

mattwnz:

 

I don't have a problem phasing them out locally, as there are alternatives. Although obviously the elderly are most affected, especially as many banks are closing their local branches, including Kiwibank, which was setup by Jim largely for there to be local branches. But overseas cheques are still used quite a bit, and can be the only payment option, and NZ needs to participate in a global economy. Amazon are obviously a huge company, and are supposedly progressive, but still only pay NZers by cheque, and the only other option is to be paid in Amazon credit.

 

Not sure about your friend's situation but I was paid from Amazon Affiliates via Payoneer (aff link) for years.

Rikkitic:

 

How is it that all banks have decided together to dump cheques? Aren't they supposed to be competing? I can imagine one might pick up some extra business from the Luddite brigade if it went against the tide.

 

Because people who wouldn't learn how 30 year old EFTPOS systems worked are famously totally down for switching banks at the drop of the hat?

I don't actually even know any business who still take cheques, nor can I remember the last time I saw a cheque in the wild. Possibly when I was a small child (my parents used to post date them so the money wouldn't actually leave until after payday - one 'benefit' of the cheque now lost).

I'm not arguing in favour of cheques. I think they have had their day and the world needs to move on. It is just that there has been a lot of anti-cartel talk in the news recently, and I was wondering how that works in this case. If the banks get together to agree to remove a service, isn't that cartel behaviour? Aren't they supposed to be competing, not making cosy arrangements?