Editing 2335: Photo Deposit
Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.
The edit can be undone.
Please check the comparison below to verify that this is what you want to do, and then save the changes below to finish undoing the edit.
Latest revision | Your text | ||
Line 10: | Line 10: | ||
Some mobile banking apps allow users to deposit {{w|Cheque|check}}s through the app, by photographing the check and entering the relevant information. The comic parodies this imagining a bank that allowed you to "deposit" {{w|banknote}}s via a mobile app, by taking photos of them. The caption implies that this attempt is predictably disastrous, as it's shut down within six hours. | Some mobile banking apps allow users to deposit {{w|Cheque|check}}s through the app, by photographing the check and entering the relevant information. The comic parodies this imagining a bank that allowed you to "deposit" {{w|banknote}}s via a mobile app, by taking photos of them. The caption implies that this attempt is predictably disastrous, as it's shut down within six hours. | ||
β | Checks are essentially documents instructing a bank to disburse funds from a given account to a specified recipient, hence electronic transfers make sense: the recipient's bank can transfer the image to the depositor's bank and the funds can be transferred between the two. The check could only be deposited by the recipient, and any attempt to deposit the check repeatedly would be refused (and potentially subject the recipient to legal action). By contrast, cash functions as a {{w| | + | Checks are essentially documents instructing a bank to disburse funds from a given account to a specified recipient, hence electronic transfers make sense: the recipient's bank can transfer the image to the depositor's bank and the funds can be transferred between the two. The check could only be deposited by the recipient, and any attempt to deposit the check repeatedly would be refused (and potentially subject the recipient to legal action). By contrast, cash functions as a {{w|Bearer Instrument}}, where physical possession of the banknotes effectively constitutes possession of the funds. Hence, depositing cash electronically would make little sense, as the depositor would still have the notes (and therefore the money), and the bank would not. Such a transaction would enrich the depositor at the expense of the bank. |
The title text states that the app recognizes the {{w|serial number}}s on the bills and prevents users from depositing them multiple times. However, this would not solve the fundamental problem. Clients could still deposit all of their cash and retain ownership of it. And they could then exchange those bills for different ones and deposit the new bills, repeating the process indefinitely (which explains Cueball's comment about "a lucrative six hours"). It is possible that Megan and Cueball are deliberately depositing the same bills to each of their accounts, given their close proximity. | The title text states that the app recognizes the {{w|serial number}}s on the bills and prevents users from depositing them multiple times. However, this would not solve the fundamental problem. Clients could still deposit all of their cash and retain ownership of it. And they could then exchange those bills for different ones and deposit the new bills, repeating the process indefinitely (which explains Cueball's comment about "a lucrative six hours"). It is possible that Megan and Cueball are deliberately depositing the same bills to each of their accounts, given their close proximity. |