Wednesday, January 6, 2010

A Check that Needs No Signature

People here normally do not carry their checkbooks around. Do you? I think it is probably because personal checks are not that readily accepted by smaller-scale stores. I hear that overseas as in the West, personal checks are accepted even for small amounts.

And now, the U.S. is going as far as accepting phone check. How it works is that the system allows a business to print a check draft of its customer's check when authorized and immediately deposit the check draft. A powerful Windows-based software makes this possible.

Third World countries have a lot to catch up on..

13 comments:

  1. People carry a few plastic cards versus cheque book over here :)

    I only own one plastic card.

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  2. And you are a wise one, Mei Teng.

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  3. I carry cold hard cash. No cards, no cheque book. :p

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  4. most of the time convenience is a loophole for security..

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  5. I like my plastics. Much easier to carry than chequebooks. Some more, stores often have discounts for plastics. :D

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  6. I guess I still prefer cards over cheque books. Like Mei Teng, I only own 1 card. But I'm so tempted to get that GSC EON bank so I can watch movies at GSC Signature for 50% everytime! : )

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  7. Two votes for plastics (two hands).

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  8. Hello Happy Surfer, here in Canada we don't carry cheques but more credit cards as everywhere its either debit or credit cards.
    Infact I hardly carry cash.
    You have a great new year, best regards, Lee.

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  9. British banks will phase out checks by 2018.

    But I don't totally agree with what lina said. Smaller stores often charge an additional of around 3% for card transaction.

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  10. My cheque book never left the drawer always love credit cards.

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  11. Tekkaus, in time to come, you will have them all, believe me.

    SK, you're the expert..

    Lina, yeah, checkbooks are cumbersome. You must be pretty good at remembering what card gets what discount. I'm not, unfortunately.

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  12. Foong, checkbooks have their place in everyday life too, just not everyday shopping, eh?

    I think that GSC EON bank card is a good deal if you are able to get back in discounts.

    Bananaz, LOL!

    Uncle Lee, so it's cards over there? Cash is still king here though it's not too safe to carry too much around. You have a great new year too.

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  13. KS, interesting about British banks phasing out checking system. What will they be replacing that with in terms of making payments?

    I find the surcharge unfair to the cardholder. A complaint can be lodged with the card-issuer but people normally don't.

    CheahSan, agree that credit cards are more convenient and are accepted more than personal checks.

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