Monday, March 17, 2008

Why Do We Still Use Checks?

Why are we still using paper checks in 2008, in this country?! Almost everyone has a bank account and most banks provide online banking. So, it seems like a natural option to be able to pay funds online to anyone else that banks online.

Sure, I can pay my bills online. But even that means in certain cases the bank is printing checks and mailing them for me. But I can't just send $20 to a person. I also know there online services that allow me to do this, for a fee, and online services that allow me to track payments to individuals. Yet no option for individuals through the banks?

Am I crazy? I can't imagine that banks have any good reason for this.

2 comments:

Liam D said...

Actually, Liz, there IS the option to transfer money to peers from bank account to bank account, but only if you both share the same Bank (I as a Bank of America customer can transfer funds to my friend who is also, but not if they are a Wachovia customer.)

In general, however, I entirely agree with your "what's with checks?" question....makes no sense in this modern day in age.

Great meeting you tonight! I will work on getting the Irish accent up to your standard. Let's do scotch some time! You don't, by chance, like a cigar from time-to-time, do you? (I figured you already like scotch and moshpits, which most women do not, so perhaps you go for a good stogie and scotch once in a while. If so, I know a great place!)

Have a great Friday!

Greg said...

Great post, I ask myself this question every time I see the checkbook come out in the checkout line. I also high-tail it to the next closest checkout line because I've reached the breaking point where I can wait in line, but I can no longer wait in line for someone paying by check.

(BTW, if you are wondering, who this this. It's Greg, we met at TechCocktail last night.)