At sores that get a large number of checks, I think it is less now.
Most of them have gone to converting the checks into an electronic
transaction and use a huge database to approve the transaction.
Less bounced checks. (See Wal-Mart and a few others)
Stewart
At 10:43 AM 7/16/2009, you wrote:
> BTW, you as a customer are, in effect, charged a "credit card tax" on
> all potentially chargeable purchases
This is true, but not the whole story. Checks aren't free either:
some percentage of them bounce, and we have to pay for that too.
This isn't an issue with credit card purchases.
When I worked for a bank back in the 70s, we had statistics proving
that the credit card discount rate was actually less than the check
loss rate. I don't know if that's still true, but it certainly
was back then.
Rev. Stewart A. Marshall
mailto:[email protected]
Prince of Peace www.princeofpeaceozark.org
Ozark, AL SL 82
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