Conveyancing to go online

[s_t]

wow, some limited thinking out there! I'm surprised.

Have people forgotten that we basically get instant clearance of credit card payments??? But it is impossible with cheques?? What is the difference between a check and a credit card - a check is just a non-card payment method, and both require signatures! The teller should be able to punch in the check/account details in the computer and get and instant clearance just as with credit cards. Sure, some systems would need changing.

I suspect the only reason it hasn't been done so far is that banks earn interest on credit card payments/debt, but not on cheque payments (cause they aren't debt). Guess which they would prefer consumers to use.....

 

[peastman]

Yes, I have thought about this for a few years now. Why not have a paper payment authorization, call it a cheque if you like, that is linked to a credit/debit card. It would have to have a signature of the payer and payee named. It could be handed or posted to the payee who could bank it into there account and since it is linked to a card, cleared instantly.
Sounds easy to me.

 

[wylie]

It is 30 years since I worked in a branch where cheques were processed through a big sorting machine, very quickly and by the thousands. I don't recall anybody every looking at a signature. I don't know if anybody does these days.

If the banks could spend a little bit of there obscene profits on getting this right that would be fabulous. I have managed without a cheque book for several years, but also have to work things so that some bills I pay over several days because of the daily limit. Not very professional, but I don't really care.

 

[Raddles]

HI there
just in relation to going online - what are people's views on having paper certificates of title at the end of the day - should they be retained or abolished? I note that the Queensland Law Society is currently asking members their views.
I note that I have a preference to abolish them as they hold up settlements if they can't be found - and are an extra document that you have to pay for if your mortgagee has insisted on holding the title.
Any good reasons for retaining them?
thanks

 

[Perp]

Any good reasons for retaining them?

Not a one that I can think of, either. Bring on digital titles!

 

[wylie]

Having worked in a loans area of a bank, one of the things I used to love was to trace back the owners on the old titles - beautiful old handwriting, holding a piece of history. I loved looking at the old titles.

But I suppose it is 2008 and I thought paper titles went out in Queensland years ago anyway?

 

[Raddles]

HI Wylie
there is actually still an option to have a title issued with settlements in QLD.
Some Financiers do still require them to be issued - but a lot of parties don't ask for them to be issued - just one extra cost at the end of the day - and more documents to store (and get lost)
thanks