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I pay with personal check half the time. Lots of people still take personal checks. The other bank can't just request their funds back after the check has actually cleared. What people don't understand is that a check can look like it has cleared in only a few days. It hasn't. It takes about 10-14 days for the check to truly clear where funds can't be be returned. I have had this discussion with my banker friends about this. Funds do clear and there is a point where the funds can't just be called back.
I have and do take personal checks when selling something, so long as the buyer is willing to wait 14 days.
...but I won't take your personal check. Nobody else will either. Even waiting until it clears, the other bank can request their funds back.
I pay with personal check half the time. Lots of people still take personal checks. The other bank can't just request their funds back after the check has actually cleared. What people don't understand is that a check can look like it has cleared in only a few days. It hasn't. It takes about 10-14 days for the check to truly clear where funds can't be be returned. I have had this discussion with my banker friends about this. Funds do clear and there is a point where the funds can't just be called back.
I have and do take personal checks when selling something, so long as the buyer is willing to wait 14 days.