> And who still uses cheques these days?!
US uses them for business-to-customer payments, especially unsolicited ones, because we don't want to give random businesses we don't know our bank account numbers.
There's no inherent information risk to giving out an account number that justifies an outdated paper-based system. Especially when one considers the accompanying fraud risk thereof.
The instant I moved to Europe, I realized just how far behind consumer banking is in the US. It's pitiful.
Yes, as well as the routing number.
> There's no inherent information risk to giving out an account number …
Of _course_ there is. In the US, the account + routing number is sufficient to perform a ACH transfer, write checks against that account, etc.
The risk is enormous.
> Especially when one considers the accompanying fraud risk thereof.
I’m assuming you misunderstood the risk when you wrote the above. It is, in fact, extremely high.
So… how does writing a check remove this risk then? That was the original point, that writing a check is safer than giving out your account number.
Not in Europe it's not, which is monodeldiablo's point: there's no inherent risk to giving out your account number. It's only the primitive US system which makes it a risk.
You can pay people instantly by refunding their debit cards - that's how Uber drivers can get paid - but it's not free, which is why most transfers don't go that way.