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276 posts

Ultimate Geek


  #2484333 15-May-2020 11:32
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MileHighKiwi: If I sell something I want to see the cash in my account before letting the goods go. There's no way I would accept a personal cheque for anything. Cheques now take 6 days to clear, it's a completely inefficient method of payment. Somehow I have managed to buy $30k cars and make $60k house deposits using electronic payments.

 

Sometimes sellers can be grateful to get a cheque. The last cheque I wrote was for a piece of machinery the guy delivered. It was too much practically for cash. He could have asked me to do Internet banking overnight before bringing it but that would have given me the chance to “think about it” and people often change their minds but rarely change their minds by trying to reverse a cheque. A cheque for an item that might have been in his yard for months with the occasional arrival of a buyer looks pretty good especially when you know where the person lives.


959 posts

Ultimate Geek


  #2484350 15-May-2020 11:52
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Lastman:

 

MileHighKiwi: If I sell something I want to see the cash in my account before letting the goods go. There's no way I would accept a personal cheque for anything. Cheques now take 6 days to clear, it's a completely inefficient method of payment. Somehow I have managed to buy $30k cars and make $60k house deposits using electronic payments.

 

Sometimes sellers can be grateful to get a cheque. The last cheque I wrote was for a piece of machinery the guy delivered. It was too much practically for cash. He could have asked me to do Internet banking overnight before bringing it but that would have given me the chance to “think about it” and people often change their minds but rarely change their minds by trying to reverse a cheque. A cheque for an item that might have been in his yard for months with the occasional arrival of a buyer looks pretty good especially when you know where the person lives.

 

 

True, but the seller has no guarantee with the cheque cancelled or fraudulent etc. And what would you do if the seller said, I'll take a cheque no problem. You can collect the machinery when it clears?


 
 
 
 


276 posts

Ultimate Geek


  #2484393 15-May-2020 12:42
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True, but the seller has no guarantee with the cheque cancelled or fraudulent etc. And what would you do if the seller said, I'll take a cheque no problem. You can collect the machinery when it clears?

 

 

My experience is that people will leap to take a cheque for slow to move or higher value items. I must have an honest face! It’s irrelevant what you would do, other people weight it up differently. In the case above if he had waited for me to drop off the cheque.... I might have changed my mind.


5309 posts

Uber Geek


  #2484399 15-May-2020 12:49
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While you may be enamoured of cheques, I'm afraid they are a rapidly declining payment method in this country. I reckon it's only a matter of time until they're completely unavailable from any bank.


457 posts

Ultimate Geek

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  #2484401 15-May-2020 12:52
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Lastman:

Cheques are clearly on the way out. Just saying there are some situations where they are still useful. Do all electronic bank transactions show up immediately, I didn’t think so.



If done within the same bank the electronic payments are instant. If you're selling a car for example they can transfer the funds and you will see it in your account immediately.

If I owned a car yard I would have a bank account with each bank just for this reason.

Otherwise between two banks usually takes 1-2 hours during business hours. Not a long wait.

Plus electronics payments cant be stopped once made (direct debits and aps are different though)

Remember having to do bank/cheque reconciliations and allow for that cheque written out weeks ago that hasn't been presented yet? So even though you might have $5000 in your account you cant spend it all as there's an represented cheque for $3000 still floating around. None of that with electronic payments.



3885 posts

Uber Geek

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  #2484477 15-May-2020 14:53
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Lastman:

quickymart:


No, but cheques take a hell of lot longer. Bank cheques are a different story though. Maybe they could keep those around (with a fee) for people who might still want them.



That’s not the point. Currently, there’s not a great way of dealing with the situation I described without a cheque. Often the honesty factor has been established by past dealings or context, that’s not the issue. There’s not quite an obvious gap filler, extra cash, electronic transfer in front of the other party assuming you can get cell/internet access. People might trust you but they still want the deal done eg payment in hand.


 



The types of transactions you are talking about are business or quasi business transactions. Cheques are still reasonably widely used in business, although not that common anymore.

165 posts

Master Geek


  #2485070 17-May-2020 00:48
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A had a client pay by cheque recently.  I service a rural area and it's bad enough when clients give me cash since the nearest bank is 30kms away lol

 

I haven't even seen a cheque in probably 5yrs.

 

 

 

Someone told me recently that KiwiBank have stopped issuing chequebooks. 


 
 
 
 


276 posts

Ultimate Geek


  #2485086 17-May-2020 08:29
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quickymart:

 

While you may be enamoured of cheques, I'm afraid they are a rapidly declining payment method in this country. I reckon it's only a matter of time until they're completely unavailable from any bank.

 

 

I’m not enamoured, they just come in useful on the odd occasion. An analogy would be having a tool in the toolbox that you hardly ever use but, every now and then, it’s the only tool for the job.

 

I’m sure I’ll get by!

 

 

 

 

 

 

 

 

 

 


92 posts

Master Geek


  #2485335 17-May-2020 20:48
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gbwelly:

 

I don't mind personal cheques getting the axe, but I think they should retain bank cheques. There are a lot of geekzone forum members with enough wealth to exclusively buy their cars through dealers, but for plebs like me waiting for funds to clear between different banks makes private purchase of vehicles potentially risky.

 

 

 

Either the seller has to decide, "ok, I'll let this guy drive off with my car, I'm sure the money will come through tomorrow" or the buyer needs to decide "OK, I'll send this person a stack of money, I'm sure he'll turn up with the car tomorrow after it goes through"

 

 

 

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

 

 

 

 

 

 

How does a promise note (sorry, I mean cheque) solve this problem? It could be faked, they could not not have enough funds in their account and others have mentioned they can cancel it on their end.

 

But you're worried about somebody transferring money between accounts and showing you confirmation on online/mobile banking?

 

I'd also say many people have accounts with two or more banks, so chances are reasonably often both parties (or their SOs etc) may have one bank in common and can make an instant transfer.


2436 posts

Uber Geek


  #2485353 17-May-2020 21:24
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A bank cheque is guaranteed by the bank so no fear of funds not being there.


165 posts

Master Geek


  #2485365 17-May-2020 23:01
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lxsw20:

 

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

 

Good point. My car was paid for with a bank cheque - that was 6yrs ago.  Car before that I used direct deposit, both bought off TradeMe.  I guess SafePay is an option.


165 posts

Master Geek


  #2485367 17-May-2020 23:22
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gbwelly:

 

I don't mind personal cheques getting the axe, but I think they should retain bank cheques. There are a lot of geekzone forum members with enough wealth to exclusively buy their cars through dealers, but for plebs like me waiting for funds to clear between different banks makes private purchase of vehicles potentially risky.

 

 

I would assume it's the other way around?  Dealers offer finance, private sales are always cash.


231 posts

Master Geek


  #2485398 18-May-2020 08:52
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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. 


748 posts

Ultimate Geek

Lifetime subscriber

  #2485399 18-May-2020 08:53
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In the fifty years I've had a driver's licence, I've bought ten cars - one because its immediate predecessor was written off by a garbage truck running a Give Way sign.
Never bought privately, only ever from a dealer, there's no way I'm going to risk thousands of dollars on a roadside deal with no recourse to anything if it turns out badly.

 

I think it unlikely that I'm alone in this kind of attitude

 

The last two vehicle purchases have been on my credit card


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