More on how bank notes and checks can be used.
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More on how bank notes and checks can be used.
@illmatic33, Depends which bank it was written on and which bank you cashed it in. Same bank, zero minutes. A foreign bank, could be several days. There’s a scam involving Nigerian banks where you deposit a check, send them money, and then it turns out to be fake but took so long to find out that you thought it was cleared.
sorry,
what happens to the cash when it is used to pay back loans?? does the bank keep that cash for itself??
If someone write you a check and you already cashed it, how long does the person have before he/she can no longer stop payment?
ps. amount of $500 (if that matters)
It was not planned and happened by accident. See Paul Grignon’s video “Money as Debt” – Part 1. Basically what happened was that people took their gold to a vault owner for safekeeping and were walking around with receipts for the gold. When they wanted to buy something some people just started handing over the receipts instead of withdrawing their gold and paying with it. The “banknote” was born. Sounds plausible.
get a life
Pretty much the only time I use a check is when I owe a friend or family member money and I don’t have any cash on me.
I wonder what he does with all those ones.
Knowledge is power
the first form of bank notes… probably not the first… its not unlikely that some earlier civilization came up with something similar.
good work keep them up~~~~~
Actually bank notes first emerged in china and the earliest forms of cheque were i believe used in rome.
Italy, but precisely when I don’t know. Probably during the early Renneisance.
The word “bank” is actually derived from the Italian word for “bench” because the moneychangers would sit on benches and trade money. And “bankrupt” is from the Italian phrase for “broken bench” because a moneychanger who went under water would get his bench broken so he couldn’t do business from it anymore.
At least that’s the story I heard.
When and where did bank notes and checks first emerge as a form of currency?
I see where this is heading…