@[email protected] to [email protected] • 2 years agoWhy is check fraud suddenly rampant?www.bostonfed.orgexternal-linkmessage-square12fedilinkarrow-up116
arrow-up116external-linkWhy is check fraud suddenly rampant?www.bostonfed.org@[email protected] to [email protected] • 2 years agomessage-square12fedilink
minus-square@[email protected]linkfedilink7•2 years agoIt’s because digital payment methods are almost completely owned by private entities here that charge fees for processing. Checks don’t incur those costs, so people stick with them.
minus-square@[email protected]linkfedilinkEnglish3•2 years ago…and no app to install, or links to maintain between accounts.
minus-squareThenThreeMorelinkfedilinkEnglish1•2 years agoNo need for any special apps or ‘links to maintain’ whatever that means. You just need the person’s Bank details.
minus-squareThenThreeMorelinkfedilinkEnglish2•2 years agoI can only assume the cost of dealing with checks was greater (as well as far less convenient) than BACS transfers were over here.
It’s because digital payment methods are almost completely owned by private entities here that charge fees for processing. Checks don’t incur those costs, so people stick with them.
…and no app to install, or links to maintain between accounts.
No need for any special apps or ‘links to maintain’ whatever that means. You just need the person’s Bank details.
I can only assume the cost of dealing with checks was greater (as well as far less convenient) than BACS transfers were over here.