Business Law WK 6 BUS DISCUSSION - the bank also makes...

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Checks A check is a negotiable instrument that is a substitute for money. Payments made by check far exceed payments made with cash in the United States. Based on your reading for this week: Consider why people make more payments using checks than cash. Are there additional advantages for business owners to make payments by check? With these thoughts in mind: Post a statement by Day 3 that explains why you believe that people make more payments using checks than they do with cash. Also, try to identify any advantage that a business owner might get from using checks instead of cash. WK6 DQ I would suggest that the reason people make more payments using checks than they do cash is due to the enormous scams that exist in our world today, if you lose money, it is very difficult to retrieve if ever, if someone steals your wallet or purse. Checks can be cancelled at the bank if one purchases something and the merchant fails to fulfill their end of the contract. Also a check gives a person an automatic receipt and
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Unformatted text preview: the bank also makes photo of the checks which is further validation that a bill has been paid, when they were paid, how much and any signatures to validate it as a check written by the banks customer along with anyone else who signed the back to cash or deposit it in their account. I have often wondered if the reason checks and debit cards are so popular rather than cash was it due to the state of our economy and national deficit? However, I have no validation of that. One advantage a business owner might get from using checks instead of cash is that more than likely they would have more customers. Even I had visited restaurants and shops whom only accept cash and did not have a debit machine. I never carry cash and in a situation like this rather than go through the hassle of finding an ATM, I just go somewhere that I know will take a check or my debit card....
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This note was uploaded on 04/21/2011 for the course BUSINESS 2003-1 taught by Professor Cutchen during the Spring '09 term at Walden University.

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