... in america.
It has always confused me how simultaneously the US money system is operating in the most advanced interconnected economy imaginable which fosters innovation (bankruptcy laws in the US are designed to make it easy to try again, they encourage entrepreneurship) and yet.. the whole credit union, banking crash, over inflated economy has made them retain unbelievably archaic approaches to money on paper.
Checking for forgery, active forgery presumably underway, 3+ day clearing, "you're not from round here" risks, It's just insane.
Go to walmart, buy a stored value card, you can do dollar events with zero friction but present a cheque at the counter, and you're in the slow path.
It's positively ... Indian. It's like mainstream Indian bureaucracy levels of insane slowness. It's even had films with Whoopi Goldberg made about it (she is a cheque processor in some movie, doing it by hand at a 1970s vintage cheque processing machine. I think its "made in america" with Ted Danson)
It has always confused me how simultaneously the US money system is operating in the most advanced interconnected economy imaginable which fosters innovation (bankruptcy laws in the US are designed to make it easy to try again, they encourage entrepreneurship) and yet.. the whole credit union, banking crash, over inflated economy has made them retain unbelievably archaic approaches to money on paper.
Checking for forgery, active forgery presumably underway, 3+ day clearing, "you're not from round here" risks, It's just insane.
Go to walmart, buy a stored value card, you can do dollar events with zero friction but present a cheque at the counter, and you're in the slow path.
It's positively ... Indian. It's like mainstream Indian bureaucracy levels of insane slowness. It's even had films with Whoopi Goldberg made about it (she is a cheque processor in some movie, doing it by hand at a 1970s vintage cheque processing machine. I think its "made in america" with Ted Danson)