Thursday, May 30, 2019

Change bank statement and practice

When I send out an invoice, I show my bank account number. I asked my customer to pay me by bank transfer into that bank account.

I do not want to receive a cheque. If I receive a cheque, my staff has to go to the bank to bank it into our bank account. It takes the time of my staff - which is costly. I get my money later. If I receive a cheque, my staff has to go to the bank to bank it into our bank account. It takes the time of my staff - which is costly. I get my money later.

Fortunately for me, most of my customers make payment by bank transfer. They send the confirmation slip to me by email.

I do not see any risk in informing people of my bank account. There is no way that they can take money out of the bank account.

They cannot access my bank account using the account number. The bank access is for a login ID, password and 2FA.

I cannot see any risk that money will be taken out of my account.

The only inconvenience is that the payer does not tell me what the payment is for. In that case, I put the money aside and let the customer contact me.

It will be helpful if my bank allows me to return the unrecognized payment back to the sender. I do not know if this is possible.

It is useful for the bank to tell me the account number of the payer. But strangely, this information is hidden. I do not know why it should be hidden.

I probably have a record of the bank account of my customers. If the account number is shown, I will be able to trace the payer.

We need to change our banking statement and practice to encourage more payment by internet transfers.

I first gave my suggestion on this issue to Monetary Authority of Singapore more than five years ago. They ignore it. They told me that they have other ways to deal with this matter. So far, the progress has been very slow.

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