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Luka →{protocell:labs}← 🎩
@luka
🇺🇸 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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tyler ↑
@trh
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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Luka →{protocell:labs}← 🎩
@luka
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.
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tyler ↑
@trh
That’s wild. Wires are a perfectly reasonable approach for the US, they’re just comparatively expensive and mostly used by individuals for buying a car/house.
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Luka →{protocell:labs}← 🎩
@luka
There is no reason for wire transfers to be expensive. It's all electronic and could also be fully automatic if the banking system in the US would not still use the software from the 80-ties. It's just plain old tech inertia. People in the US should be cheering the passing of any bill that makes it easier for anyone to use web3 payments. Also, I am using credit cards for more than a decade now and the only time my bank had to intervene because of credit card fraud is when I traveled to the US 😅 Nothing in this post is a personal attack on any Americans, I know many are frustrated with the same system.
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tyler ↑
@trh
Oh, for sure. The banking tech situation blows my mind. Hopeful for progress.
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