In this day of credit cards, tap-to-pay and online payments, why are we so stuck in the past for some financial transactions?
I recently sold my car in Quebec. This is the process that we went through to transact the sale:
- settle on a price (via email, at least)
- the buyer went to his bank to get a bank draft
- we went to the SAAQ together and stood in line for 15 minutes
- the woman accepted my registration card, tore it up and issued a new one to the buyer
- she also issued him a new license plate (why??)
- the buyer handed me the bank draft
- I handed him the keys
- I went to my bank to deposit the bank draft in my account
Why does the sale of a car depend on the physical movement of a piece of paper?? (ie: the bank draft)
Why couldn't all of this exchange be done online? In a few minutes?
I also experienced similar frustration while leasing a new apartment.
- traveled to the city where we were going to move
- spent the day looking at apartments
- unexpectedly found something we liked the first day
- filled in all the paperwork to make an offer (there's a lot of paperwork!!)
- realized that we needed a cheque to make an offer but didn't have our cheque book
- drove home
- went to UPS to overnight a cheque back
- discovered that UPS doesn't do overnight delivery on the weekend (it was Sunday)
- sent the cheque anyways so it would arrive Tuesday
- the city was hit by a snow storm, so the cheque only arrived Wednesday
Why does this entire process rely on sending a physical piece of paper?? (ie: the cheque)
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