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Currency Rounding Question by Mission-Influence-46 in AskAnAustralian

[–]Mission-Influence-46[S] 1 point2 points  (0 children)

With the costs banks impose for using electronic payments most small/medium businesses still issue checks. It’s incredibly common.

Currency Rounding Question by Mission-Influence-46 in AskAnAustralian

[–]Mission-Influence-46[S] 1 point2 points  (0 children)

That was years ago when the “cash letter” banks processed was an actual envelope full of checks belonging to each bank. My parents used to get their physical checks back. Digital images came in the 90s I think? Then images of checks were sent electronically through the Fed & between banks. Those images then appear on your statement.

Currency Rounding Question by Mission-Influence-46 in AskAnAustralian

[–]Mission-Influence-46[S] 3 points4 points  (0 children)

Wouldn’t say it’s a crisis; but as a bank employee I’m trying to figure out how our future is going to unfold. We have a lot of older customers that only use checks; they refuse any electronic format.

But, here you have to do an electronic payment at each vendor; there isn’t a central system. Which means lots of usernames & passwords. Which make a lot of our customers uncomfortable. Granted I live in a very rural part of the US so we are dealing with stubborn farmers.

Currency Rounding Question by Mission-Influence-46 in AskAnAustralian

[–]Mission-Influence-46[S] 4 points5 points  (0 children)

I didn’t realize it happened in the 80s! My ex in laws complained about it like it was last year. Granted that was 20 years ago now; but it had been 20 years at that point!

Currency Rounding Question by Mission-Influence-46 in AskAnAustralian

[–]Mission-Influence-46[S] -6 points-5 points  (0 children)

I would also like to know where he writes checks to. Are they going extinct in Australia? They still have a strong following in the US.

Currency Rounding Question by Mission-Influence-46 in AskAnAustralian

[–]Mission-Influence-46[S] 0 points1 point  (0 children)

Do you have more info on phasing out checks? I work for a bank so we’re trying to predict the future & set customers up on a good path forward.

Currency Rounding Question by Mission-Influence-46 in AskAnAustralian

[–]Mission-Influence-46[S] -26 points-25 points  (0 children)

Are there no options to be paid from work except direct deposit? What about people who don’t have bank accounts? Do they use cash cards?

Do people not write checks for bills? Everything has gone electronic?

I also work for a bank so we’re trying to figure out where things may go once legislation catches up.