europoooooor

🇺🇸 Americans, please explain:

Is anyone able to cash in any check? No identity / ID check done by the bank?

Bank cannot find whom they gave the money? No security cameras etc.?

🇪🇺 We Europoors don’t get it 🤷‍♂️

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When compared to paper checks, any web3 payment solution is sooth as a breeze and safe.

I’ll never understand how paper checks are still a thing in U.S. It’s almost like the banks just assume everyone’s honest.

That’s why I think Web3 banking has a huge role, though. Players like Fireblocks, wirex and vaulta with the OS, will give users control, make transactions transparent and secure

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13 years ago, I was cashing in a check in Switzerland, had to go to the UBS central office in Zürich (which is situated above the largest Swiss gold vault), where two young bank clerks took their time to figure out how to give me my money. I think in the end they just did it only so they wouldn't be embarrassed saying they have no clue what the right procedure was. 

5 years ago I tried to cash in a check from Canada in Finland and they told me they stopped using checks in the 90-ties. It was impossible to cash it in the entire country (!) so I asked the payer to do a wire transfer. They treated my request as if I am some drama queen and a fussy business partner, when in fact they sent me a piece of paper that was close to worthless where I lived.

In Europe it's all "wire" transfers, or as we call them, bank transfers. Perfectly tracible and (to some extent) reversable in case of fraud.

I don't know anything about that particular story, but here's a little context. 

Financial systems (like retirement) do this because it's supposed to be a secure, surefire way to get your money to you (ha). There are supposed to be records of where the check was cashed, by whom, and so on, but they're not always followed and there are ways around them e.g., check cashing businesses. 

How is this done in Europe?

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It looks like they are doing fine and well in the US.

Wow! That's insane. 
I cashed a cheque for the first time in years last week. Didnt think anyone uses them anymore!