Talk:Giro
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I think the article might be improved with a bit about why it's called a Giro. I have heard the term used in several countries. I would have added it myself if I knew, but I did not, and some Google searches found nothing.... thanks! ++Lar 05:33, 18 December 2005 (UTC)
Added information by a different person than the above on September 5, 2006:
I'd like to add some information about the historical practical applications of direct deposit, in particular its first uses in modern society. A man named Zaifuddin Yusuf in Bangladesh in the 1950's began using direct deposit to stop his employees from being victimized by muggers and thieves on their way home or to the bank. Yusuf was the first I am aware of to use this method to pay the workers to their banks directly, the money transferring from the employer to the bank account without the need for even a check that the worker carried to the bank.
Nothing like a worldwide perspective here. There's not a word about the only use of the term I've ever encountered (being a Brit): the instrument of payment for state benefits. It's basically all abstract theory here; in the UK, a Giro is a physical object that, for many people (poor sad ones that they are) is strongly desired. There's also no mention of the late Girobank, which as far as I recall (and someone who was taking an interest when it was around will probably correct me; I was born in 1980, which means by the time it became potentially relevant to me, Girobank was at best moribund) was a) the source of social security benefits and b) a bank for people who don't have bank accounts with "conventional" banks. However... I'm willing to have a crack at putting such information in, but I'd rather someone who's rather more familiar with the subject matter did so. Good as my memory may be, it's not verifiable, citeable, encyclopaedic or any of the other ideals of the project... 86.11.124.189 18:42, 14 September 2006 (UTC)
I think this page's title should be switched over to "Direct Deposit" from "Giro", as Direct Deposit is the term the vast majority of banking institutions use. 24.118.142.223 00:56, 1 January 2007 (UTC)
[edit] Giro?
Should this page be named "Direct Deposit" instead of Giro, and Giro replaced with direct deposit in the article? There can be mention that giro is another term for direct deposit, but direct deposit seems more common--and more sensical (it's a direct deposit. What's a giro?). 
Chiss Boy 12:57, 19 February 2007 (UTC)
[edit] how is this direct deposit at all?
In the US the term "direct deposit" means nothing more than electronic transfer of funds from the account of the payer to that of the payee. It is often used for wages or benefits, and is usually automated. Its only similarity with the giro system appears to be that it is "push" rather than "pull", but that's pretty much it. There are no slips or cheques involved, and post offices certainly have nothing to do with it. It seems to me that if direct deposit is going to redirect somewhere, it should probably be to electronic funds transfer or Automated Clearing House, as those articles more accurately deal with that topic. Seriously, I can't see how the giro system is at all the same. Can someone explain it?
PS According to the OED the word in this usage comes to English from German, in turn from Italian, meaning "circulation (of money)". If anyone knows of a good place to stick that tidbit into the article, go for it. - Severinus 22:39, 28 March 2007 (UTC)
- This may be a bit difficult to undestand for an American. In the US, most transactions are done by cheque or through Paypal. In Europe (outside Britain) most transfers are done by "Giro" or "direct transfer". This includes payment of salaries and bills as well as person-to-person payments. For example, if I buy something on German eBay I can make the payment from my Finnish bank using the IBAN bank account number. Unlike Paypal, I do not even have to pay any fees for the payment, except the 1 euro monthly fee to my bank for use of the web services. -- Petri Krohn 23:06, 23 August 2007 (UTC)
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- Actually, Paypal is pretty much just used for online perchases, and then usually only for buying from sellers who are too small to take more traditional methods of payment such as credit cards. (According to the Fed, in 2003 45% of noncash transactions in the US were done by check, 23% by credit card, 20% debit, and only 11% by ACH[1]--and PayPal is but one player in that 11%.) Most e-tail purchases in the US, except those made from sites like ebay, are made with credit or debit cards.
- But your general point stands. Americans buy most small purchases with cash, and the rest largely with checks, credit/debit cards. ACH, it seems, is the closest thing we have to the European Giro system, and it's rarely used by individuals. The Fed describes it as follows: "The ACH payment system in the U.S. is similar to the Giro system in Europe, although the latter has been around much longer."[2] In fact, that's pretty much the only direct comparison I've been able to find between giro and an American counterpart.
- Based on that description, I'm going to change Direct deposit from a redirect and instead make it a disambiguation page, with a link here for users interested in the European use of the term, and a link to ACH for users interested in the American use.
- --Severinus 01:31, 25 August 2007 (UTC)
