I worked as a card punch operator for the Federal Reserve Bank of New York within a short period of time in 1974. Today in 2023, this show refreshes my desire to work with computers, even one at home.
Only by seeking the origins of a system can you hope to understand how it could possibly exist in it's current state. Everything is cause and effect. I mean, this doesn't explain what the hell it was like before the clearing houses were actually 'automated'! I could only imagine what the history and origin story of this video must be like...I mean, damn...
Technically all bank notes are themselves cheques. It’s a promise to pay. All you had to do was go to the issuing bank (of which there were many) and they would weight out the equivalent for you in silver. This all stopped in the 30’s when the US stopped backing money with the gold standard (not just gold but precious metals), meaning they could now print more money instead of mining / obtaining more precious metal. Also, when you pay by card, the electronic transaction functions as a cheque via Visa, MasterCard, Amex, etc. Just in digital form. The cheque number is your transaction ID!
Not true. I just deposited one yesterday. Of course, they are handled differently today where it's converted into an ACH transaction so it's not processed the way seen here in this video anymore. This is why we can take check images using a phone camera.
Not quite so. I pay few things with checks, because either I able to mail payments by taking advantage of the mail delivery with the United States Postal Services as keyboard specialist with strong keyboarding over typewriting skills, and other times, I bring gifts of tithes and offerings by check to church. Since these things work well for me, why must I need to change my routine?
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I worked as a card punch operator for the Federal Reserve Bank of New York within a short period of time in 1974. Today in 2023, this show refreshes my desire to work with computers, even one at home.
I had this account in the 80's as a field engineer for the company I worked for at the time. It was an interesting account.
Only by seeking the origins of a system can you hope to understand how it could possibly exist in it's current state. Everything is cause and effect. I mean, this doesn't explain what the hell it was like before the clearing houses were actually 'automated'! I could only imagine what the history and origin story of this video must be like...I mean, damn...
Very informative , I think I saw Eddie Murphy walk pass. 😂.
So cool!
Technically all bank notes are themselves cheques. It’s a promise to pay. All you had to do was go to the issuing bank (of which there were many) and they would weight out the equivalent for you in silver. This all stopped in the 30’s when the US stopped backing money with the gold standard (not just gold but precious metals), meaning they could now print more money instead of mining / obtaining more precious metal.
Also, when you pay by card, the electronic transaction functions as a cheque via Visa, MasterCard, Amex, etc. Just in digital form. The cheque number is your transaction ID!
I don't think I've seen a paper check for... maybe 25 years or so. Then again, I don't live in the US.
And one of the goals of the Fed was to limit panics. One big one in the 1930s they missed though
Lol no one pays with checks anymore
That isn't a true statement. "lol"
@@nyccollin +++++
Not true. I just deposited one yesterday. Of course, they are handled differently today where it's converted into an ACH transaction so it's not processed the way seen here in this video anymore. This is why we can take check images using a phone camera.
Not quite so. I pay few things with checks, because either I able to mail payments by taking advantage of the mail delivery with the United States Postal Services as keyboard specialist with strong keyboarding over typewriting skills, and other times, I bring gifts of tithes and offerings by check to church. Since these things work well for me, why must I need to change my routine?