Mailing checks, in the year 2008.
- You write down an amount on a piece of paper, and then scribble your signature on it.
- You put it in an envelope. On the envelope you paste a little square that tells the Post Office that you gave them money at one point.
- The post office hand carries this little piece of paper from you to the person you’re giving money to. This usually takes no less than 3 days.
- That person has to then take it to their bank. Their bank collects the money from your bank electronically.
- The money shows up in their account a day or two later.
Elapsed time: 4 or 5 days.
Can we get rid of paper checks already?