#16
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Personal check fraud is so easy, I'm surprised banks still allow them. I've personally been victim of check fraud when someone printed up phony checks with my name and address on them (not my account and the account was either phoney or belonged to someone else). I got calls and correspondence from collection agencies like Chex Systems.
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#17
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Total number of checks issued volume in the US didn't start to decline until about as recently as 2003-2004...IIRC
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2003 CSi / Legend Ti / Seven 622 SLX |
#18
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I hate to break it to you, but all you're doing is adding another paper step to what is, for all intents and purposes, an electronic process today. If anythingz it exposes you to potentially a higher risk for fraud than doing it electronically.
The Check 21 Act of 2004 allowed banks settling checks to use electronic images in lieu of physically shipping checks around. So all that happens today is you mail your bill to a company, they're scanning the check, and using that image to reconcile from their bank and your bank. It's literally a waste of paper. Just set stuff up through your online banking portal and pay that way. You don't have to auto bill, but you're just wasting your own postage and trips to the mailbox. |
#19
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#20
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I can't imagine why anyone would post a cheque to pay a bill anymore. Last edited by Llewellyn; 01-26-2019 at 01:56 AM. |
#21
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The party committing fraud needs access to the electronic payments network - there are a couple Automated Clearing House (ACH) networks in the USA, but they all are governed by NACHA (National Automated Clearing House Association) who makes the rules. Banks control this access and screen customers (commercial customers/businesses) before giving them access. I suppose if a company is big enough it can get it's own routing number, but I have never run across it. Access is only as good as the bank's control and screening of their customers.
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2003 CSi / Legend Ti / Seven 622 SLX |
#22
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Good discussion folks, thanks.
I think i'm going to go through this month as some bills roll in and pay more electronically. i do still deposit checks right at the counter with a teller by the way. pro tip: this is where they keep the lolly pops. if you dont go see the teller, you dont get a piece of candy
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http://less-than-epic.blogspot.com/ |
#23
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Only thing that has autowithdrawal is my mortgage. All Bill's are paid online by "pushing" money to entity owned. Only thing I write cheques for are donations.
At work it drives us crazy that everything is done with cheques only. I literally spend one day a month reviewing invoices, approving invoices then reviewing the cheques to make sure they match the approvals. |
#24
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Have your purchasing managers include payment type in their negotiations with vendors....I spent a lot time the last 10+ yrs working with my clients to move payments from check to purchasing card or ACH....bigger the company (more checks) saw the most benefit. You should typically be able to move 10-20% of AP onto a card payment.... You still need to go thru the matching POs to invoices (and BoL) and such, but depending on your ERP you should be able automate the process. Again, bigger company > benefit. Small company, probably more work than worth in short term.....
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2003 CSi / Legend Ti / Seven 622 SLX |
#25
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same here. that is the one payment you never want to be late with.
everything else - whether monthly bills or paying a friend - gets done through bill pay and scheduled when I want it. |
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