In some (if not all) European countries we don't have checks any more. Someone just gives you a bank account number, you wire a transfer, and it's at the recipient within a second to a day at most. The transfers cost between €0 to €0.5, regardless of the amount.
I was on a date a few days ago, a girl really wanted to pay for herself, but didn't have the cash, so she asked me for the bank account. I gave it to her via messenger, she wired me €30, it landed on my account instantly, to which I said that this is too much, and wired her €15 back. Yes, seriously :)
On the other hand, things like venmo and the cash app are ubiquitous. I just went to lunch with a friend, forgot cash, asked him his phone number and shot a venmo for half in 10 seconds.
So luckily we have some services that are filling the shortcoming of our banking industry..
It's clearly possible to create a bank transfer facility that works quickly for zero cost. How come they don't?
Checks have always been a major source of fraud. The rest of the world stopped using them and feels no need to go back. How come the US still uses them?
From some quick research there is approximately 6,799 banks in the US and 5,757 credit unions. That's over 12,500 entities that need to communicate with each other. It takes a massive political will (not to mention money) to update the legacy federal systems that tie it all together.
Here's some more information: https://www.npr.org/sections/money/2018/01/10/576879734/epis...
The UK has "over 300 banks" by comparison.
I'm guessing USicans just don't realize the world has moved on. Large countries tend to be isolating and the US is no exception.
We know how better it is in other parts of the world, we aren't dumb.
I had to ask the bank. I don’t see how else I was supposed to go about my payment when I was asked to send a check.