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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Isn't that a good thing? I'd rather be allowed to pay less by check than have them raise the price for everyone to subsume the fee. [/quote]

Checks are barbaric relics. This country is so primitive when it comes to payment systems. Everywhere else in the world now you can tap seemlessly and the costs to businesses are negligible.[/quote]

this may suprise you but wires only happen during banking hours and Zelle, paypal have limits and dont happen instantly.

For instance during Financial Crisis Bank of Tokyo had to invest 9 billion into Morgan Stanley on a day banks were closed and after hours in order to do press release and have deal done before stock market opened in morning.

A check has zero limits. You could write a check for one Trillion. Check Kiting is a serious crime. When you write a check you are stating the funds are in account or subject to criminal penalties. A check clears in real time with no dollar limit.

So when Bank of Tokyo wrote physical check for 8 billion, signed by officers of bank, handed it to Morgan Stanley and they sign paper contract the deal was done. No computer needed, no bank, no wire.

When I worked in Manhattan back in the 1980s there was a Rolls Royce dealership in Midtown. The Rich would walk in on a Saturday, write a check for $180,000 hand it to dealer, drive away. At end of day you took checks, added up wrote deposit slip and banks had secure drops to drop off check same day. Chemical Bank for instance had these drops

40 years later Zell, wires can compete. It is the limits on the transactions and lack of real time closing.

I like to see you at 2am on Sunday on a three day weekend try to instanteous transfer 8 billion in 2026. Still cant be done.

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