Cheque use

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timmmay

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#509869 22-Aug-2011 11:36

This reminds me of another outdated media... the fax. My flatmate was on the phone with IRD a few days ago to sort out a refund. They wanted to FAX him something! I said sure, fax it to the 1980s and we'll pick it up then ;)

I use a cheque book occasionally, mostly for larger amounts for paying contractors for home maintenance and improvement stuff. I still get quite a few cheques from overseas, since international money transfers seem to difficult for small companies like amazon.com.

ObidiahSlope

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#509875 22-Aug-2011 11:43

In some instances it is desirable to have a record of a transaction.

A cheque is a more durable evidence of a transaction than electrons hopping from one point to another on a spinning magnetic disc.

Obsequious hypocrite

camo786

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#509877 22-Aug-2011 11:49

Try recovering an internet banking payment made to the wrong account :(

Its much too easy to slip up with mouse click or a typo with electronic payments

I still prefer cheque's

StarBlazer

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#509883 22-Aug-2011 12:03

I had to get a draft chq from the bank to pay for my holiday. Didn't want to pay the 2% CC fee, wouldn't take a personal chq because of the clearing time and EFTPOS has a maximum transaction amount! Cost me $6 for the transaction - but it's safer than carrying the cash across town!!

We still regularly use cheques for kids clubs etc, don't want to trust the kids with that much cash and the clubs often don't give the option of internet banking.

The school every year has problems with online payments by not matching them up to the correct child so I have to go around chasing receipts and proving I have paid my "voluntary donation" in full.

Chqs - still simple, still safe (in NZ anyway) and still cheap. Although I agree, internet banking payments are still better, but there are some people I really don't like giving my bank details to :)

Procrastination eventually pays off.

nate

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#509911 22-Aug-2011 13:04

keewee01:We all know that banks will happily ignore almost anything written on a cheque - they certainly don't bother about the dates on them and will cash them early (or even well after their own dates rules for presentation of cheques have passed) ; they'll happily ignore 'Not transferable' and 'Account Payee Only' scrawled all over them. What's the point - might as well make every cheque out to 'cash'!

In my experience, depends on the teller.

I had to bank a cheque that was an insurance refund made out to my partner and I. We don't have a joint bank account, so the teller I spoke to wouldn't accept it over the counter, however he mentioned if I put it through their FastDeposit service, it would probably get accepted as it was not a massive amount.

Low and behold, went through fine.

John2010

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#509923 22-Aug-2011 13:30

keewee01:
...We all know that banks will happily ignore almost anything written on a cheque...

As your claim that we all know that is a sweepingly rubbish one, for example I don't know that and despite your claiming it is so I still do not know it, then the rest of your post must be regarded as complete rubbish as well

oxnsox

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#509925 22-Aug-2011 13:31

Cheques, like faxes, probably have a more recogised (traceable?) legal status.

Where would we be without.... "The Cheque's in the mail."?
( " I made the e-transfer yesterday... it must have got delayed in the internet." )

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Trade NZ and US shares and funds with Sharesies (affiliate link).

keewee01

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#509972 22-Aug-2011 14:52

John2010:
keewee01:
...We all know that banks will happily ignore almost anything written on a cheque...

As your claim that we all know that is a sweepingly rubbish one, for example I don't know that and despite your claiming it is so I still do not know it, then the rest of your post must be regarded as complete rubbish as well .

I take it by the smile you're using the sarcasm

Banks don't tend to take any notice of dates written on cheques - so if you post date a cheque by a week and it is presented at the bank on the day you wrote it then they will still process it that day - even though the date on it is a week away.

Also, if you write Not Negotiable and Account Payee Only they are meant to cash it for or pay it into the account of person named on the cheque only. BUT... in my experience it comes down to the teller and more often than not those things are ignored. There have been things in the news about it a year or two ago.

John2010

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#510078 22-Aug-2011 18:03

keewee01:

I take it by the smile you're using the sarcasm

Banks don't tend to take any notice of dates written on cheques - so if you post date a cheque by a week and it is presented at the bank on the day you wrote it then they will still process it that day - even though the date on it is a week away.

Also, if you write Not Negotiable and Account Payee Only they are meant to cash it for or pay it into the account of person named on the cheque only. BUT... in my experience it comes down to the teller and more often than not those things are ignored. There have been things in the news about it a year or two ago.

I wouldn't bank on my comment being sarcasm if I were you

. Perhaps more a recognition of naivety when I see it

.

You do not seem to be aware that a cheque marked "Not Negotiable" can be paid correctly into any account, not just to the payee's account even if "or Bearer" is crossed out. Such cheques just cannot be exchanged for cash.

It would be unlikely that a larger value cheque correctly marked "Account Payee" only and with "or Bearer" crossed out as well would be incorrectly deposited and I suspect the same for most small trivial ones too. In the case of incorrect handling by the bank you are protected.

In the instances I have post dated cheques, I have always highlighted the post date and they have never been debited from my account until the post date. Whether that was due to the bank's management or the payee's I, of course, have no way of knowing. This has also been the case in the businesses I have been associated with both debtors cheques (which we have held) and creditors.

Some organisations dealing with the less alert public will often recommend highlighting the post date too if such cheques are written (e.g. councils regarding rate payments, check their web sites) so they can hold them. In the businesses I have been assocated with such highlighted cheques have also always been held, we did not regard it as a responsibility of the bank to sort through the hundreds of them presented.

If your creditors or your bank behave differently then the solution is in your own hands, take your business elsewhere.

Of course, if as you say such things were in the news a year or two back then they must be true, mustn't they

tdgeek

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#510911 23-Aug-2011 23:21

ObidiahSlope: In some instances it is desirable to have a record of a transaction.

A cheque is a more durable evidence of a transaction than electrons hopping from one point to another on a spinning magnetic disc.

Internet banking is recorded immediately, to the banks records, you can see that online. That the transfer occurs overnight isnt too relevant. Much easier to resolve an issue than a cheque butt.

The world superpower is an interesting case. My ex American gf gets paid by check. Its printed like from a new fangled low res dot matrix printer. Arrives in the mail. She drives to town to a bank to bank it. The only redeeming feature is the bank has a drive through.

The same country sends probes to Jupiter and beyond.......

(Don't talk to me about ounces, inches, and the pile of one cent pieces and nickels that ends up in the cointray)

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