Based in the UK, some of these answers are absolutely wild. It's probably 20 years since I've written a cheque - certainly we don't routinely have chequebooks any more.
Pretty much everything is done through electronic transfers - either Direct Debits, which occur on a regular (usually monthly) basis, or ad-hoc payments a straightforward transfer which are rated to go through within a few hours, but which usually happens within 1 minute.
Does anyone know what conditions need to be in place for this level of convenience to take place?
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Based in the UK, some of these answers are absolutely wild. It's probably 20 years since I've written a cheque - certainly we don't routinely have chequebooks any more.
Pretty much everything is done through electronic transfers - either Direct Debits, which occur on a regular (usually monthly) basis, or ad-hoc payments a straightforward transfer which are rated to go through within a few hours, but which usually happens within 1 minute.
Does anyone know what conditions need to be in place for this level of convenience to take place?
It does mean we're liable to pesky IT issues though: https://www.bbc.co.uk/news/articles/cd9qzg92g72o