Post AcH1MKFFsLD467S5ho by kravietz@agora.echelon.pl
(DIR) More posts by kravietz@agora.echelon.pl
(DIR) Post #AcGx0fl4oFWidGkvcu by kravietz@agora.echelon.pl
2023-11-28T17:38:35.059309Z
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21st century AD meets 3rd century BC: We’re working on a feature that will let you pay in a cheque by taking a photo in the Monzo app. It’ll be available in the new year.#banking
(DIR) Post #AcH0Byr4RrxKuKdwps by vfrmedia@social.tchncs.de
2023-11-28T17:43:47Z
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@kravietz Halifax has had this for a while, I only needed it as my official name on my driving licence is Alexander and I had a refund cheque from DVLA in that name after I sold a car, and another one from insurance for a windscreen chip repair - my main bank (which accepted I am known as Alex), or more likely their outsourced processing company refused to accept the cheques so I had to open a whole new account and pay them in..
(DIR) Post #AcH0BzcvZwElIl2AQi by kravietz@agora.echelon.pl
2023-11-28T18:13:41.564549Z
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@vfrmedia Well, I had a whole dispute with a solicitor firm who happily accepted pre-payment over bank transfer but when it came to return the excess they just sent me an email that started with “we issued you a refund cheque…”At which point I stopped reading, called them and explained I’m not interesting in receiving a piece of paper that will take a week to post, then I need to take it to the bank and wait another week for it to be cleared. I want to get the money back the same way they received it. They sounded like their feelings were hurt, but then I got the money on my account by the end of the day.It was in the first place their well-trained arrogance to use some archaic means of transferring money without asking me first, when it will cost me time ultimately, that made me push back categorically.
(DIR) Post #AcH0C0klOI6CnLhwHY by vfrmedia@social.tchncs.de
2023-11-28T17:49:29Z
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@kravietz the banks have been scanning the cheques and using OCR on them for about 20 years; except it was done by humans in the branches or at the processing centres - all they are doing is passing on this work to you albeit with the convenience of not having to fill in forms and travel into town or the Post Office. It works quite well on the Halifax app but you need good light and a steady hand (its a bit like the era of Cold War spies and photographing documents with Minox cameras 😁 )
(DIR) Post #AcH0KrCMHjmhlcpiNM by jeffalyanak@social.rights.ninja
2023-11-28T17:53:28Z
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@vfrmedia @kravietz I'm only surprised that this is happening only now. In Canada all the major banks had this feature almost as long as phone cameras have been good enough to support it.
(DIR) Post #AcH0KsAGgzhslQrYky by kravietz@agora.echelon.pl
2023-11-28T18:15:52.021961Z
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@jeffalyanak Well, my surprise is kind of on the next level - why the hell do you even need a cheque when you can use your fancy banking app to send and receive money in real time. In many countries in Europe taxi drivers and other small traders stopped using debit cards because you can pay them in real time with a bank transfer to their phone number.@vfrmedia
(DIR) Post #AcH1MJQYuoezYtjbgu by vfrmedia@social.tchncs.de
2023-11-28T18:19:52Z
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@kravietz @jeffalyanak where I work we are still stuck with cheques as many older people (who make up the bulk of our service users) use them for larger payments and mistrust online banking - many don't own computers and mobile phone screens are fiddly and small to see (and there is nothing like IDEAL or similar in this country)
(DIR) Post #AcH1MKFFsLD467S5ho by kravietz@agora.echelon.pl
2023-11-28T18:27:48.544877Z
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@vfrmedia I don’t mind anyone else using cheques, but I just didn’t like the solicitor imposing it on me 🤷@jeffalyanak
(DIR) Post #AcH1wxQ5haGY1MzJOC by vfrmedia@social.tchncs.de
2023-11-28T18:29:20Z
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@kravietz its still the legal/finance companies and big corporates who seem to insist on using them (I don't know why the motor insurers couldn't send the payment by BACS, it wasn't even a large amount and would cost a fair bit to print and send the cheque)@jeffalyanak
(DIR) Post #AcH1wyCIoKpYQtXoXI by kravietz@agora.echelon.pl
2023-11-28T18:34:25.389920Z
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@vfrmedia That could be some ancient workflow from the times when bank transfers required the company calling the bank and spending half hour spelling the numbers, names etc. Actually, the solicitor company initially told me they have a special 25 GBP fee on bank transfers but from my response to that they must have felt that I’m not impressed and wrote they “exceptionally cancel the fee” for this return. Good, because I was just going to tell them I have special fee on processing the cheque.@jeffalyanak
(DIR) Post #AcH2G0p5H0zI4slRoG by vfrmedia@social.tchncs.de
2023-11-28T18:37:23Z
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@kravietz Even in 1990s when I worked for the Pru in claims we could do a bank transfer via fax on the day - there was a charge (probably where the £25 comes from including admin costs) but as long as the sortcode, account, roll number (if applicable), reference and account name was valid it was quite straightforward. But we've had near real time BACS transfers for some years and even before that it was same processing time as a cheque for online transfers between banks..@jeffalyanak
(DIR) Post #AcH2QCyUwq2cf61tE8 by kravietz@agora.echelon.pl
2023-11-28T18:39:42.114263Z
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@vfrmedia It all depends how they had given channel integrated into their backend cash flows, and how these cash flows worked. I remember at some point logn ago transfers between banks were only processed at night and the IT behind it was… a bit scary really, as it was at the sophistication of FTP :)@jeffalyanak
(DIR) Post #AcH3AVcnwJaPpCxbVY by vfrmedia@social.tchncs.de
2023-11-28T18:44:45Z
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@kravietz for normal transfers (until 1998) the Pru still had a BACS tape in a pouch (it was a huge pouch that would have previously held a spool of tape, although by the 90s it just contained a smaller tape cartridge and the rest of the space was padded out with foam). the process was deliberately made obscure to prevent employees being tempted to make fraudulent payments. Many financial institutions are still using 1960s era software and processes behind web/API frontends..@jeffalyanak
(DIR) Post #AcHI3X1HqzS5R7XiGe by skolima@hachyderm.io
2023-11-28T21:08:55Z
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@kravietz I'm 40. I've never seen a cheque my whole life until I moved to UK 😆
(DIR) Post #AcHI3Y2k34D4bvEOAq by oktawian@mastodon.social
2023-11-28T21:30:52Z
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@skolima @kravietz What’s a cheque?
(DIR) Post #AcIF45WNTMjpjicQcq by gavin57@toot.wales
2023-11-28T23:04:48Z
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@kravietz With Monzo, it will probably be paywalled. 🤣
(DIR) Post #AcKfaXb9bXgTCsuMYC by jeffalyanak@social.rights.ninja
2023-11-30T12:25:04Z
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@kravietz @vfrmediaCheque usage in Canada is extremely rare in day-to-day life now, but the feature was introduced a long time ago when they were still used more often.It was about a decade ago that it first started rolling out and it was part of the strategy to get customers more comfortable with mobile banking.