Rant on check books

[MoKelly]

Braches will become a thing of the past soon. We will use Venmo or other apps when we have to give friends $$. Business likes some kind of electronic pay. If you do get a paper check you can deposit it by taking a picture of it in your app.

Mrs. The Man still goes to the bank to deposit checks that she gets. She runs her own business and lots of people pay her by check. I would like to see her move to some form of electronic payment Venmo or take credit cards, but she does not want to.

Around here, all banks completely shut down lobbies due to COVID. Only option was drive thru. Lobbies were closed for 9 months or longer.

Then, the entire branch closed. Only thing standing was an ATM machine.

I agree with you - branches are quickly going away.

MoKelly

 

[Peter 315]

I have been wondering about just what you report.
I have a very substantial sum sitting in Scotia Bank, since I sold my Summer residence in Nova Scotia 2 years ago.
The funds are still there, because the CAD is still so weak.
I have also been thinking that I should withdraw something, just to show account activity.

Just take out 100.00 send me 50.00 then put 50.00 back in WIN WIN....

 

[MoKelly]

Just take out 100.00 send me 50.00 then put 50.00 back in WIN WIN....

Ha. The check is in the mail!

MoKelly

 

[JethroB]

I've never understood how the bank app where you take a photo of the check being deposited has survived. I'm aware of a few instances where a person did this with their paycheck, then cashed the paper check at a local store. The store gets stuck when the check bounces. A good reason not to cash payroll checks.

 

[Sigarms]

I've never understood how the bank app where you take a photo of the check being deposited has survived. I'm aware of a few instances where a person did this with their paycheck, then cashed the paper check at a local store. The store gets stuck when the check bounces. A good reason not to cash payroll checks.

That IMO is intentionally stealing. I can't help but think that sooner or later that kind of life will catch up with you, and if you have a legitimate bank account sooner or later the bank won't want to deal with you anymore.

To some extent, even to have a bank account with money in it is necessity that many of us here take for granted. I know as a kid, I even had an account set up, and likewise, so do my own kids. The reality is some people don't have enough money to actually have an account set up.

 

[fried1765]

Just take out 100.00 send me 50.00 then put 50.00 back in WIN WIN....

Good plan!
How come I didn't think of that?
You just may be a bit too sharp to be VP.

 

[kenmbz]

Since banks don't need to hold cash against their mortgages, it means they don't like cash.
Now the government holds all our mortgages and pays the bank a fee.