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by unclesams-uncle
2445 days ago
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When I bought my apartment in Spain, I had to get a Cashier's check for both the deposit and the final purchase. There's apparently still some utility in them in parts of Europe. When I challenged it (I had to pay 80 EUR for the check!) I was told that a bank transfer could be reversed or canceled, and that Cashier's checks prevent that from happening. I don't see this situation changing until the banks get together with the central bank and create a unified escrow system to replace Cashier's checks. As of now, they don't see the benefits of changing to a new system outweighing the costs. |
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