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Forums › Off topic › When no cheques how do you purchase over $10,000 items
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Handsomedan
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  #2485403 18-May-2020 09:07
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lxsw20:

 

A bank cheque is guaranteed by the bank so no fear of funds not being there.

 

Under SBI (Settlement Before Interchange) , bank transfers are irrevocable - can't make the payment without funds and can't be clawed back unless it can be proven that the payment was made in error...lots of hoops to jump through. 

 

Basically a bank transfer will happen between major banks within an hour (unless there's an infrastructure issue) and it's there...it's not on hold, it's not a maybe and it can't bounce. 




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Handsomedan
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  #2485404 18-May-2020 09:08
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boosacnoodle:

 

I worked on an ERP migration project for one of our sister companies recently and we made the decision to drop cheques at the same time.

 

If people want to keep using cheques I say they should be prepared to pay whatever the true cost is of them being processed these days. I can't imagine it's cheap to keep all of that infrastructure going for less than 1% of customers. 

 

 

A business will most likely pay $25 per cheque to clear them nowadays...at least in the Corporate world, they will 




Handsome Dan Has Spoken.
Handsome Dan needs to stop adding three dots to every sentence...

 

Handsome Dan does not currently have a side hustle as the mascot for Yale 

 

 

 

*Gladly accepting donations...

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