Friday, March 21, 2008

No need for Check or Cheqe

The check goses as far Romans times. Other territories in the the world used this type of system as well. checks hads its origins in the ancient banking system, in which bankers would issue orders at the request of their customers, to pay money to identified payees. Such an order was referred to as a bill of exchange. This was in place so merchants would not have to carry large quantities of currencyto purchase goods and services.

Checks have been fading out of our society bit by bit. All of this do to the preferred want for faster way to do payments. These envole Atms,Credit Cards ,debit and online banking. The reality here is paper based checks cost too much. Banks would save more money in doing a way
with the check. It dose help that they contain significant personal information like your name, account number, signature and in some countries driver's license number, the address and/or phone number of the account holder. Its very easy to get riped off by having them.

In places like Germany and Austraia checks are almost a thing of the past.

Our US still need use checks because of the absence of a high volume system for low value electronic payments

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