Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 | 3 | 4 | 5 | 6 | 7
231 posts

Master Geek


  #2483382 14-May-2020 09:01
Send private message quote this post

SirHumphreyAppleby:

 

Of course cheques cost money. Getting rid of them allows banks to slash costs which will not be passed on to customers. ASB a few years ago stopped accepting cash via the Fast Deposit boxes, then months later removed the service altogether. Given cheques are still handled by the branches, along with other tactics such as automatically opting people out of paper statements and charging $0.20 for a verification text that costs a fraction of that, it's clear these changes are driven by profit, not practicality.

 

There is currently no substitute for cheques, especially for large purchases and business transactions. Even if the bank's savings were passed on to customers, the additional staffing cost to businesses, having to login to Internet banking to perform comparatively time-consuming one-off transactions, or waiting in line for manual transactions or to use ATMs, or making phone calls or visiting the bank to approve a transaction above whatever the bank arbitrarily decides is an acceptable limit, far exceeds those costs.

 

If you're happy to pay fees for alternative payment methods, go ahead.

 

 

It takes a couple of seconds to login to IB and set-up a payment.


4391 posts

Uber Geek

Subscriber

  #2483383 14-May-2020 09:02
Send private message quote this post

SirHumphreyAppleby:

 

Handsomedan:

 

So you don't believe that cheques ever cost you or anyone else anything? 

 

And you don't think that the massive infrastructure and staffing costs should be in any way covered by the very customers who use said staff and infrastructure? 

 

 

Of course cheques cost money. Getting rid of them allows banks to slash costs which will not be passed on to customers. ASB a few years ago stopped accepting cash via the Fast Deposit boxes, then months later removed the service altogether. Given cheques are still handled by the branches, along with other tactics such as automatically opting people out of paper statements and charging $0.20 for a verification text that costs a fraction of that, it's clear these changes are driven by profit, not practicality.

 

There is currently no substitute for cheques, especially for large purchases and business transactions. Even if the bank's savings were passed on to customers, the additional staffing cost to businesses, having to login to Internet banking to perform comparatively time-consuming one-off transactions, or waiting in line for manual transactions or to use ATMs, or making phone calls or visiting the bank to approve a transaction above whatever the bank arbitrarily decides is an acceptable limit, far exceeds those costs.

 

If you're happy to pay fees for alternative payment methods, go ahead.

 

 

What you’re forgetting is that paper and ink need to be made, cheques printed and bound into books, shipped to bank, distributed to customers. Then sent by payee to their bank, processed through a dedicated machine, then stored for seven years. Not to mention the staff involved in each of these steps.

 

All this is highly inefficient and costly compared to an electronic transaction. If cheques were still such a favoured form of payment surely there would be more than the less-than-1% of bank customers still using them.

 

As for fees, I don't pay my bank any fees for everyday personal transactional banking.





Sometimes I just sit and think. Other times I just sit.


 
 
 
 


1279 posts

Uber Geek


  #2483385 14-May-2020 09:04
Send private message quote this post

eracode:

 

What you’re forgetting is that paper and ink need to be made, cheques printed and bound into books, shipped to bank, distributed to customers. Then sent by payee to their bank, processed through a dedicated machine, then stored for seven years. Not to mention the staff involved in each of these steps.

 

 

No, I have not forgotten that.


4641 posts

Uber Geek


  #2483387 14-May-2020 09:04
Send private message quote this post

SirHumphreyAppleby:

 

No matter what the solution, I absolutely refuse to let the banks take any fees for doing so. Cheques have worked perfectly well for decades and current trends are entirely motivated by profit.

 

 

Until 2014 you paid 5c on every cheque you wrote to the government, so moving from cheques saves you money....

 

https://www.beehive.govt.nz/release/cheque-duty-be-abolished-july


14597 posts

Uber Geek

Trusted
Lifetime subscriber

  #2483389 14-May-2020 09:09
Send private message quote this post

tomgeeknz:

 

I bought a house last year, and somewhat scarily can't remember how I paid the deposit... Wasn't a cheque though. 

 

Transferred just under 50K from ASB to my lawyer it seems...

 

 

 

 

I remember my father buying one back in about 2000 and paying the entire amount in cash (about $500,000 equivalent) by bank transfer so it must be possible - it cannot be illegal or impossible to spend money otherwise what is the point of it?

 

 

 

You can still pay in actual cash. You would merely be expected to demonstrate where the cash came from and the withdrawal receipt from the bank should suffice.






922 posts

Ultimate Geek


  #2483428 14-May-2020 09:49
Send private message quote this post

Correct me if I’m wrong, but if you want to pay for something >$10,000 in cash, aren’t there money laundering reporting obligations To comply with? What is the limit for bringing cash into the country - $10,000 otherwise declare it and explain?





BlinkyBill


2825 posts

Uber Geek

Subscriber

  #2483480 14-May-2020 10:05
Send private message quote this post

BlinkyBill:

 

Correct me if I’m wrong, but if you want to pay for something >$10,000 in cash, aren’t there money laundering reporting obligations To comply with? What is the limit for bringing cash into the country - $10,000 otherwise declare it and explain?

 

 

For AML/CFT reporting the $10k limit no longer applies...it's less and not disclosed. 

 

Also there's the "suspicious transactions reporting" protocols too...





Handsome Dan Has Spoken.
Handsome Dan is currently WFH.
Handsome Dan is perplexed...and a little stir crazy.
Handsome Dan is transitioning back to normal life one day a week..
Handsome Dan is trying not to sweat the small stuff..and sometimes succeeds


 
 
 
 


958 posts

Ultimate Geek


  #2483519 14-May-2020 10:08
Send private message quote this post

BlinkyBill:

 

Correct me if I’m wrong, but if you want to pay for something >$10,000 in cash, aren’t there money laundering reporting obligations To comply with? What is the limit for bringing cash into the country - $10,000 otherwise declare it and explain?

 

 

 

 

As far as I know, there are list that have to report the transaction. But say you withdraw $15K to pay for a used bike/car, give it to the seller, when they deposit it the bank will report it. The AML rules had a massive shake up, and I thought it was supposed to capture more services, but ultimately most of the money is stored in banks. For example the company I work for will not accept payment from a third party. Only approved accounts, otherwise there are AML requirements (NB we have to comply with some overseas AML requirements). 

 

As for cheques, I have one here for $25US, that will cost me $15NZ to deposit. That is to reflect the risk and the cost of processing. And probably the reason why it's close to expiring. I just can't be bothered. I used to get reparation cheques from maybe the Justice Department from a burglary about fifteen years ago. They'd be for less than $5 every couple of months, I don't think I ever deposited one, it was just so stupid.


922 posts

Ultimate Geek


  #2483520 14-May-2020 10:10
Send private message quote this post

I sold my Pajero for $10k a couple of years back. I was majorly surprised that the guy paid in cash - he wouldn’t do a transfer for some reason, came from Wanganui to pick the car up, went to his bank in my local area, pulled out the $10k, gave it to me; and I went back to the same branch the same day and put it back in again. Was a bit of a pain actually.

 

In hindsight I should have kept the Pajero, was a fantastic vehicle except for the petrol costs.





BlinkyBill


4391 posts

Uber Geek

Subscriber

  #2483522 14-May-2020 10:10
Send private message quote this post

BlinkyBill:

 

Correct me if I’m wrong, but if you want to pay for something >$10,000 in cash, aren’t there money laundering reporting obligations To comply with? 

 

 

The AML law cash transaction reporting requirements are not applicable to the general public - just applies to those mentioned in an earlier post.





Sometimes I just sit and think. Other times I just sit.


14597 posts

Uber Geek

Trusted
Lifetime subscriber

  #2483544 14-May-2020 10:35
Send private message quote this post

There are rules and they will no doubt report the transaction.

 

 

 

However, that does not mean you cannot spend $1 million in cash if you so wish - as long as you can demonstrate where it came from if asked. It's not illegal to use real money.






738 posts

Ultimate Geek

Lifetime subscriber

  #2483622 14-May-2020 11:46
Send private message quote this post

gbwelly:

 

Last one I sold, the person came with over 10K in cash. That can't be a better system than a bank cheque?

 

 

And when you deposited it, your bank will have reported that transaction under the Anti-Money Laundering laws.
Did you get a 'please explain' phone call from the bank's head office?

 

I'm not sure how that works, maybe you are now on a 'watch list'


1279 posts

Uber Geek


  #2483654 14-May-2020 12:21
Send private message quote this post

PolicyGuy:

 

And when you deposited it, your bank will have reported that transaction under the Anti-Money Laundering laws.
Did you get a 'please explain' phone call from the bank's head office?

 

I'm not sure how that works, maybe you are now on a 'watch list'

 

 

We often get phone calls from the bank regarding cheques, including for payments to the IRD, which you'd think wouldn't be questioned. Since these are business cheques, they usually call two signatories to confirm the details. They definitely keep an eye on where the money is going to, and if you do send a few thousand dollars to someone a few times, even if over several months, they'll probably pick it up.




2061 posts

Uber Geek


  #2483758 14-May-2020 13:26
Send private message quote this post

Lol, all these posts about getting phone calls of please explain. I understand $10,000 plus has to be reported.

 

I received about $17,000 direct debited into bank account 5 years ago, then wrote cheque out week later for $20,000, never heard anything from any body.

 

Transactions probably reported, but it didn't effect me in any way. If they want to waste their time having people on watch list then good on them. Life as normal for me.


958 posts

Ultimate Geek


  #2483761 14-May-2020 13:31
Send private message quote this post

rugrat:

 

Lol, all these posts about getting phone calls of please explain. I understand $10,000 plus has to be reported.

 

I received about $17,000 direct debited into bank account 5 years ago, then wrote cheque out week later for $20,000, never heard anything from any body.

 

Transactions probably reported, but it didn't effect me in any way. If they want to waste their time having people on watch list then good on them. Life as normal for me.

 

 

 

 

I think it's more when people question why transactions can't be instant. I'm wondering what the repercussions of the Westpac 'micro transactions' that had been paying for awful things. The amounts were so small that it can't have been laundering so probably didn't even register. 


1 | 2 | 3 | 4 | 5 | 6 | 7
Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic



Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Menulog change colours as parent company merges with Dutch food delivery service
Posted 2-Jul-2020 07:53


Techweek2020 goes digital to make it easier for Kiwis to connect and learn
Posted 2-Jul-2020 07:48


Catalyst Cloud launches new Solutions Hub to support their kiwi Partners and Customers
Posted 2-Jul-2020 07:44


Microsoft to help New Zealand job seekers acquire new digital skills needed for the COVID-19 economy
Posted 2-Jul-2020 07:41


Hewlett Packard Enterprise introduces new HPE GreenLake cloud services
Posted 24-Jun-2020 08:07


New cloud data protection services from Hewlett Packard Enterprise
Posted 24-Jun-2020 07:58


Hewlett Packard Enterprise unveils HPE Ezmeral, new software portfolio and brand
Posted 24-Jun-2020 07:10


Apple reveals new developer technologies to foster the next generation of apps
Posted 23-Jun-2020 15:30


Poly introduces solutions for Microsoft Teams Rooms
Posted 23-Jun-2020 15:14


Lenovo launches new ThinkPad P Series mobile workstations
Posted 23-Jun-2020 09:17


Lenovo brings Linux certification to ThinkPad and ThinkStation Workstation portfolio
Posted 23-Jun-2020 08:56


Apple introduces new features for iPhone iOS14 and iPadOS 14
Posted 23-Jun-2020 08:28


Apple announces Mac transition to Apple silicon
Posted 23-Jun-2020 08:18


OPPO A72 a top mid-tier smartphone
Posted 19-Jun-2020 18:02


D-Link A/NZ launches new smart AX1500 Wi-Fi 6 Router
Posted 19-Jun-2020 15:03



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.