supersunbird
Honorary Master
Cheques should go the way of the Dodo, extinct!
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Syndicate swindles unsuspecting bank clients
- Thread starter rpm
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Creed
Well-Known Member
Many companies still use cheques for a variety of reasons but I for one can't wait till cheques are phased out.I believe that we will have atleast 50% less fraud than we do now.
Examples of chq uses:
A company needs cash but the people who have signing authority doesn't have time to go to the bank to go get $$(For wages,petty cash, purchases...)
But by far the most common use of a chq is to write a cash chq and to go cash it yourself instead of drawing the money.I don't quite get why ppl do this but I think it is cheaper than drawing cash.ABSA charges you R16 transaction fee + 90c on every R100 that you draw if you draw inside the bank.
And of course to pay someone, question is who still accepts cheques and why?
Examples of chq uses:
A company needs cash but the people who have signing authority doesn't have time to go to the bank to go get $$(For wages,petty cash, purchases...)
But by far the most common use of a chq is to write a cash chq and to go cash it yourself instead of drawing the money.I don't quite get why ppl do this but I think it is cheaper than drawing cash.ABSA charges you R16 transaction fee + 90c on every R100 that you draw if you draw inside the bank.
And of course to pay someone, question is who still accepts cheques and why?