Why it’s so hard to fix banking: An interview with Simple’s exiting CEO

Re:Why it’s so hard to fix banking: An interview with Simple... by tialaramex on Saturday May 19, 2018 @12:29PM (#17108545)

In the UK at least all the supplied cheques I've seen for many years are pre-approved crossed. That is, they are explicitly not to be paid to the bearer in cash, but only into an account held by the named recipient.

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Re:Why it’s so hard to fix banking: An interview with Simple... by jboles on Saturday May 19, 2018 @07:11PM (#17110229)

This is the case in Australia too, cheques come with “|Not Negotiable|” pre-printed on them, meaning they cannot be cashed, only deposited to the recipient’s account. The words mean something completely different in the US, and writing them actually completely voids the cheque.

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Re:Why it’s so hard to fix banking: An interview with Simple... by fiddlerwoaroof on Sunday May 20, 2018 @12:03AM (#17111142)

I wonder if you could put “for deposit only” in the endorsement spot to get the same effect. But why would you want to dictate how the check is used?

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Re:Why it’s so hard to fix banking: An interview with Simple... by jboles on Sunday May 20, 2018 @03:44PM (#17114417)

Here’s the best explanation I’ve found:

https://boards.straightdope.com/sdmb/showpost.php?s=0a4ad0b9...

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