03 Jan '12, 9am

Troublesome to pay by check

Troublesome to pay by check

Do you realize how much trouble is taken to make a payment by check? You have to write the words and amount, the name of payee, the date and cross the check. You should also have a covering letter or write the details of the payment at the back of the check. You should also write the address of the payee on the envelope, put a stamp and mail the check. If you factor the cost of the time taken by the admin staff to handle the payment, it could easily amount to $5 to $10. The party that receives the cheque also has to do a lot of work to clear the check. If they are automated, the cost may be lower, but still quite significant. You should not make any single mistake as the bank will happily bounced your check, even for the smallest mistake, and you have to incur the cost all over again. The bank may even impose a hefty penalty on you for the rejected check. See the photo bef...

Full article: http://tankinlian.blogspot.com/2012/01/troublesome-to-pay...

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