In case you haven't heard, comcheck changes in 2022.

It's about to be replaced by cryptocurrency. The old SWIFT payments system takes 3 to 5 days for payments to settle and the fees are insane.
Certain blockchain tech can settle payments in 3 to 5 seconds and cost just a fraction of a penny vs. The 1%-3% fees of SWIFT i.e. Visa/Mastercard.

It sounds crazy but so did credit cards in the early days of adoption.

 

Plastic is fine....for responsible adults. I learned it the hard way in my 20's. Haven't carried a balance in over 35 years. Points add up with the right purchases and cards!

 

Ummmmm. If I swipe my debit card at Safeway.....it takes about 3 seconds for me to get an alert from my Credit Union that my Debit Card was swiped at Safeway. Been that way for at least 15 years. I don't think block chain has existed for that long. Even though I am too old and stupid to understand block chain. Lol

 

Understood. I don't spend money I don't have. I use the card.....get the "points" or discount, pay it in full. Sometimes weekly, no matter the balance. So easy with online payments. Not like " back in the day", when you waited for the bill in the mail box.....wrote a check....(or not) lol...... put it in the envelope.... licked a stamp.... Yes, we used to do that..... put it in a mailbox, and hoped the payment got credited before the due date! Oh... how times have changed.

 

The purchase goes through but the bank to bank or account to account settlement isn't finalized for 3 to 5 days and the cost of the service is high.

Jerome Powell just announced that his report on a CBDC (central bank digital currency) is complete and to be released in a few weeks. Congress is pushing through Blockchain/Crypto regulation at the moment. The SEC has a case pending against Ripple (crypto business offering services to banks worldwide) that may set precedent for crypto in the U.S.

If you're at all interested in what's going on with the US dollar I highly recommend looking up Ripple and the lawsuit against them. Specifically the fact that the previous administration filed the lawsuit on the last day in office leaving a hornets nest for the current administration to deal with, hence congress rushing to regulate crypto to allow big banks to retain a stranglehold on the fees paid for transactions.

It's a rabbit hole but it's insanely interesting.

 

I had someone try that once at the Detroiter. I called for a comchek for a lumper while my truck was at the tire shop. I usually just sent a qc message for these, but I was trying to be ahead of the game when I got to the grocery warehouse. A guy got up and walked to the desk as I was getting my stuff together. As the clerk was reading the numbers off to the operator, I started to recognize the number. I laid my shower bag upside his head and punched him a few times at the counter after he got mad at me and spit on me for catching him in the act. Turned out he had several misdemeanor and felony warrants for fraud, and some other BS