I went in the Army in 1981. Every payday we had to form into a line. Step up to a pay officer. Salute and recive our cash. Walk over and turn it into travelers checks just incase it got lost. I remember earlier than that the American express commercials. Travelers checks. If you lost them You got your money back. Well I lost them in the Airport as a private and didn't bother to fill out the check stubs. I wonder how much money American express made off from the public.
In 1988 between stints in the Army I met up with a guy who would buy travelers checks and sell them off for half price. His reasoning was the same. He would then claim the loss. What a crook.
Back in the day it was hard enough to cash a personal check if you were out of town. If they didn't know you then you were out of luck. I once went to my own bank who refuse to cash a check I received because I already signed the damn thing and not in front of them. I pulled my money out of that bank. I was 24 years old.
I went back into the Army. Sure pay stopped problems. It was a way to pay soldiers through electronic transfers. I remember a guy flushing another's paycheck down the toilet during my first tour. Another time a soldier had his paycheck intercepted by someone in the financial system and cashed. He never seen his check. He got a copy of the cashed version and showed me. He was singing the blues for sure. Sure pay stopped all kinds of problems.
Electronic transfers nowadays created a few more issues for some. I researched for lost money. Found out that my brother was owed some. I notified him and he was grateful and He collected. Last week I did the same for another, a coworker.
Electronic transfers are like speech. It vaporizes the second it leaves your mouth. Write it down and record it.
Now you can pay your bills online, tranfer money between banking institutions and pay bills. Its archaic to write a check. When I was a teenager I Must have written a boat load of checks. As more than a few of us can remember We bounced then like rubber balls. Speaking about fiscal responsibilities and kids. Start a prepaid card for your kids and do it whilt they are young teen. they will appreciate the master card logo. Learn how to manage money and you can track their expenditures right online. USAA is one of the few institutions that will allow the program. Do it.
I am a member of a bank that is slow as mollasses when it comes to transfers. Paying another member through online transfers sucks. I go online and pay into her account. They write a check and mail it to her address. Stupid is as stupid does. their excuse is just before you hit the send button you will be able to see when it transfers. I let them know this is 2010. Deer in the headlights.
I will be removing my business. They know that as well.
Back to the availability on how we spend it?. Cash is still king but it is easier to access.
