Text 26918, 138 rader
Skriven 2012-03-18 09:16:32 av Robert Bashe (2:2448/44)
  Kommentar till text 26901 av Roy Witt (1:387/22)
Ärende: Nicholas Kill's name
============================
Roy Witt wrote to Robert Bashe on Saturday March 17 2012 at 07:36:

RW>>> I used what is called a Check 21, "American Electronic Transfer" to
RW>>> pay for an item I wanted for my race car...

RB>> And what did you pay for this service?

RW> Don't remember the exact amount. No more than $5...

For a domestic transfer. And, as you describe, you had to go to the bank for
that. I do stuff like that here from my computer desk and pay nothing.

RB>> The direct account transfers Ward refers to are standard in Europe,

RW> As they are here.

That's simply wrong, Roy. You apparently aren't familiar with the situation in
Europe, since otherwise you'd never make such a claim.

RB>> and cost $0.00.

RW> As they do here. I used to pay my bills by instant transfer...

Still not the same. I know that you can pay bills by direct account transfer to
_some_ organizations (utilities and the government, for example), but just try
to send funds to the account of a private person at a bank different from your
own, in another state. And I don't mean a "wire transfer", just an Internet
payment directly from your account to the other one.

In fact, I was originally quite confused the first time I wanted to make an
"Internet payment" to someone when the payment form requested a city and street
address instead of an account number and the bank ID code. It took a while
before I realized that the so-called "Internet payment" was nothing more than
having the bank send a check through the mail to the recipient and had nothing
to do with direct account tranfer.

RW> Checks aren't a problem here because the Check 21 Act allows the
RW> recipient to turn the paper into an instant cash trensfer, account to
RW> account.

Still not comparable. Your recipient still has to _receive_ the check (paper).
And that means you either have to bring it yourself, or send it through the
mail. There is no "account to account" transfer involved. All that happens is
that the step of sending the paper check back to your bank for clearing has
been streamlined by scanning the check and sending the image back instead of
the paper.

RW> The problem arrises when the check (supposedly) doesn't arrive on the
RW> payment 'due date' and they begin to panic and start calling you to
RW> make a credit card payment. I refuse to give them the dis-satisfaction
RW> of saying 'the checks in the mail' and block their number from my
RW> phone.

What should I say? All this shows for me is the lack of reliability and time
uncertainty involved in sending paper checks back and forth across the country.
I often wonder if the check system is at least indirectly intended as a subsidy
for the US Postal Service, since it amounts to that.

RW> They usually give up when the check arrives...

All of this _so_ unnecessary if only direct account transfers were possible in
the States. Naturally with the corresponding legislation (total transfer time
not to exceed three days, preferably one day).

RB>> Many banks charge nothing for setting up an account, and no mothly
RB>> charge or minimum balance. After you've been a customer for a while -
RB>> one to two years - you generally get "overdraft privileges" (also
RB>> without charge and often even without specifically requesting them)

RW> I had all of that on the first day I opened my accounts. My overdraft
RW> account is a savings account...

Which is not necessary here. You simply are allowed to overdraw your account,
and are charged interest on the overdraft as long as the account is overdrawn
(but you only pay interest on the actual amount of the overdraft, not a set fee
for any overdraft, regardless of how small).

RB>> amounting to 2.5 times the monthly deposits into your account.

RW> That small, eh...

Not so snooty, please. As mentioned, we don't have to have savings accounts or
anything else here to overdraw a regular account. If you do, you can naturally
deposit any amount of money you want to "overdraw" it - but then we're not
talking about the same thing. When I write "overdraft", that means your regular
account is in the minus range, and you have no other account. There is no such
thing as an "overdraft fee" here, you just pay interest on the amount of the
overdraft until your account balance is EUR 0.00.

WD>>>> The European banking system is way better and customer friendly
WD>>>> than in North America.

RW>>> LOL! BS!

RB>> He didn't mean that the bank personnel all smile at you and tell you
RB>> how much they like you at every opportunity - my experience with
RB>> American banks -

RW> He may have experienced American banks, but not as an American
RW> citizen. He experienced them as a foriegner, just like you did.

Which has what to do with efficiency, service and fees?

RB>> but that the banks are efficient and fast, and make very few
RB>> mistakes,

RW> I don't find any mistakes in our banking system here.

You're lucky in that case, or have a particularly good bank, or have relatively
simple finances.

RW> Your experience is flawed, expecting an American bank to do business
RW> your way.

Oh, I don't. But I would be happy if the system were more efficient and less
expensive.

RB>> After experiencing both systems, I have to agree with Ward.

RW> I wouldn't expect anything less, since neither of you have American
RW> citizen written on your forehead in black charcoal.

No you think American banks provide inferior service and charge higher fees to
foreigners than to American citizens? That's a statement I personally wouldn't
have made.

I can understand that you're happier with the system you grew up with. I know
quite a number of Americans who would _fight_ to preserve their familiar
checking system, so "convenient" <g> balancing your checkbook every month. It
took me a while to get used to the European system, too - which at the time I
came here wasn't as efficient or cheap as it is today. But once you get used to
it, you'll never want to go back to the inconvenience of writing and sending
paper checks through the mail.

Cheers, Bob

--- GoldED+/W32 1.1.5-0613
 * Origin: Jabberwocky System - 02363-56073 ISDN/V34 (2:2448/44)