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Why the high minimum on checks?

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  • #724524
    Anonymous
    Inactive

    I cost money and time to do checks..

    #724527
    biggyg
    Member

    yup 50 cents for the bank fee , 1.05 for the stamp plus the cost to pay the bookkeeper to prepare the check and a check can easily cost them $5.00 + to process

    #724529
    Anonymous
    Inactive
    casinobonusguy wrote:
    yup 50 cents for the bank fee , 1.05 for the stamp plus the cost to pay the bookkeeper to prepare the check and a check can easily cost them $5.00 + to process

    $5.00 Service Charge Fee is a lot less than the Wire Fees. Hell I’d be happy to pay a $5.00 Service Charge for a check.

    #724533
    biggyg
    Member

    Well who knows what their fees are , this is what it would cost me with payroll of 3 in canada and only paying a bookkeeper $160.00 a week to do our payroll and submit taxes to governement

    #724539
    Anonymous
    Inactive

    It seems that cheques are fiddly …

    I’ve received cheques from a few places now (not including payment mechanism like Neteller) – and they are nearly always hand-written.

    So imagine the systems that have to be put in place to make sure they get it right and correctly record it all. I think it’s pretty manual.

    $10 buys you a total of 15-20 minutes of someones time.
    They have to :
    – access your account
    – write the check
    – get the check signed
    – confirm your address
    – write the envelope
    – pass an entry into your account to reflect the check

    (and then there could be mail fraud and they’ll have to repeat it all)
    :lookaroun

    As an example :

    Remember all the hassle it used to be to pay your own bills by check -and there the company told you how much was owed and usually included a post-paid and addressed envelope.

    It took 4-5 minutes to make sure you hadn’t already paid, find the check book, and write it all out. And then you have to find a mail-box …

    Now many people pay their bills online via internet banking – have perfect records – and it’s done in 15 seconds.

Viewing 5 posts - 1 through 5 (of 5 total)