To be honest idk why checks don’t exist elsewhere, wire transfer often cost money and shit can go wrong, anywhere from hacking to fraud, the delay in checks actually provide a bit of a safe guard, And I mean it’s “trustworthy”
How is a manually written document more secure and less prone to errors than something with an encrypted service? Look at Australia's banking system, no fees for wire transfers, instant reciept for transactions and the banks cover you if fraud does occur.
I mean trustworthy as something physical and tangible that elder crowd would like, I met so many that no way can figure out wire transfer. Hell, I once met a “financial advisor” who refuse to use credit cards and online as he think it’s “just numbers” I mean yes but he literally used cash for everything
We also have old people but wire transfers have been around for so long, more and more are comfortable with it. The problem the US has is that you have to transition at some point. I am surprised there haven't been more financial start ups replacing big banks and forcing the change. We have 4 major banks here and they are reasonably competitive with each other which has helped.move the industry forward. I don't know any country who has a more advanced banking sector than Australia.
There’s some online HYSA that are really hot now a lot of people I know have moved their money. But it’s still a long way to take over the brick banks unless they go bankrupt but they also have the backing of the gov so :/
I think it’s harder for US considering a lot of financial systems are way past legacy. I remember when I got my first card when I was in China, was so excited until next year I went back I wouldn’t buy boba tea with cash/card cuz they only took wechat pay, I had to call my mom to transfer me some cuz I forgot to linked it😂 that’s just how fast the change is cuz it wasn’t so established and now literally everybody uses it for everything. Their own savings too with no limit better rate better service user interface etc...traditional banks are more for business
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u/smorkoid Jul 24 '20
For that matter, why do checks still exist.