Agreed, we do not come close to utilizing possible technology in this area because the banks like it that way.

>>Hello Dragan
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>>I agree our system has it's issues and could have been implemented much better I was just pointing out to Tore that his perception was dated. I suppose things like that take longer to develope here because it is done by business's rather than government (Which I am guessing was the mechanism behind some other countries development.)
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>In 1977 I visited (on business) Volkswagen's factory in Wolfsburg, Germany.
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>At that time any could employee specify any/all of seven ways to break out their pay. They could send part of it virtually anywhere they wished (deposits, bill payments, etc). And the seventh option was to hand me a little pay packet with a specified amount of cash in it on pay day.
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>We don't even come close to that. And again, banking propoganda has us all believing its a terrible complex problem that simply cannot be solved.
>By the way, no one in Wolfsburg said to me that the government had anything to do with this capability, and I seriously doubt it had anything to do with it.
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>The banks make big BIG money on the "float" they create by perpetuating this scheme. How big, you ask... well her's an example: Around 1985, when I worked at a large Bank, a $3 million project was mounted to cut 4 hours daily out of the time money spent in an un-counted/accounted state. Thatw as 4 more hours they could make more $$$ using that $$$, none of which belonged to them!
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>Here's another little trick used by (most) banks here, in online banking no less...
>Their web sites, for payment of credit card balances, offer an "On the due date" option, which most people naturally take. Here's the scheme: the banks do not "process" transactions on weekends or holidays, yet they will happily set their "Payment due date" for a credit card for a weekend day or a holiday (of course they do, internally, but not on behalf of account holders). So when to select "On payment due date" and you luck out with a Saturday your transaction will only be processed on Monday. This makes your payment 2 days late, thus qualifying you for interest charges. How about that!!!!!
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>SNIP