• hedgehogging_the_bed@lemmy.world
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    5 days ago

    In the US, checks are still a common way to give money to people as gifts, especially birthdays and weddings and things like that. Also schools will require extra fees like trip costs to be paid by check because they are paid into older bank accounts that they don’t have online payment equivalents.

    Paper checks are a pain, but they have lower fees than most other ways of giving money. Once you’ve paid for the book of papers, that’s it. Each check only costs your account the exact amount written for and the recipient’s bank gives them the exact amount you wrote. No extra percentage or flat fee on the transaction and with smartphones you can scan the check and make the transaction happen electronically between the banks in 5 seconds. Every other way to do this has a flat or percentage fee for the money to move but a paper check is free.