Banks.

[EBSXR6]

I wanted to withdraw $5,000 Cash from my savings account, I had to give the Bank 48 Hours Notice.

Small Business used to get a Business Package which included a Set Fee for Credit and Debit Transactions now the Banks charge 3.5% per transaction.

[prktkljokr]

They don't want you dealing in cash, they want you to transfer money and become a cashless society, I went to a branch a few months back to withdraw some cash and was informed it was a cashless bank? WTF, was informed I could withdraw from the teller machine out the front?

Solution was to close the account and move my money to my other bank who do still deal in cash, if it gets any worse I will be buying a decent safe and keeping my cash where I can access it.

We need to deal more in cash before we lose it forever.

[EBSXR6]

Originally Posted by prktkljokr

We need to deal more in cash before we lose it forever.

I believe the Banks and Government want a Cashless Society.
Banks can close more Branches and sack staff.
The Government can close the Mint and Note Printing Branch, which will save Millions in Costs and also sack the Staff.

[XR6TCraig]

Originally Posted by EBSXR6

I believe the Banks and Government want a Cashless Society.
Banks can close more Branches and sack staff.
The Government can close the Mint and Note Printing Branch, which will save Millions in Costs and also sack the Staff.

Banks can also profit more from a cashless society by charging a transaction fee every time someone waves a card or phone over a POS machine.

I'm sure others have seen the thing on social media about how $50 in a cash society remains $50 no matter how many hands it passes through, where as it loses value through each electronic transaction as the bank takes a cut each time?

[XR Martin]

Originally Posted by EBSXR6

The Government can close the Mint and Note Printing Branch, which will save Millions in Costs and also sack the Staff.

They'll have to keep printing cash, whether we go cashless or not.

[FoxtrotGolfXray 5.0]

Originally Posted by prktkljokr

They don't want you dealing in cash, they want you to transfer money and become a cashless society, I went to a branch a few months back to withdraw some cash and was informed it was a cashless bank? WTF, was informed I could withdraw from the teller machine out the front?

Solution was to close the account and move my money to my other bank who do still deal in cash, if it gets any worse I will be buying a decent safe and keeping my cash where I can access it.

We need to deal more in cash before we lose it forever.

Would not bother me at all if cash disappeared. As I posted a week or so back in another thread, I rarely use cash and would have used less than $100 in it so far this year.

It's old technology and honestly can't see why people want it retained.

[EBSXR6]

Originally Posted by FoxtrotGolfXray 5.0

It's old technology and honestly can't see why people want it retained.

I hope small Business starts offering a Discount for Cash or just adds the 3.5% for Electronic Transactions. I now have a better understanding of no Split Bills at Restaurants etc.

[arm79]

Originally Posted by EBSXR6

I hope small Business starts offering a Discount for Cash or just adds the 3.5% for Electronic Transactions.

That will never happen because when a business looks at it properly, handling large amounts of cash is actually more expensive than electronic transactions.

I've been to a number of businesses in the past and tried the "will you do better for cash". They told me no because its too expensive to deal in cash.

The only incentive for small business to prefer cash was once the ability to hide it. There is no real way to hide it anymore these days.

I'm also not sure why a business would add electronic payment fee. Any smart business would include that in the base cost of the item anyways.

[XR6TCraig]

Originally Posted by arm79

I'm also not sure why a business would add electronic payment fee. Any smart business would include that in the base cost of the item anyways.

Not only would they include it in their pricing initially but also then claim the expense back in their BAS statements as a business expense to justify paying less tax. Win/win for the business while the consumer gets screwed even more.

I actually cant believe the hide of small business owners who look you in the eye and tell you they are going to charge you extra on top of the price for tapping and going because the bank is charging them!

[roKWiz]

Originally Posted by arm79

I'm also not sure why a business would add electronic payment fee. Any smart business would include that in the base cost of the item anyways.

You don't eat out much then.
It's an everyday extra charged on paying in most cafe's now and very hard to tip someone personally using a card !

Supermarkets like Aldi's have huge signs stating a fee added to the bill for using cards whether its your money or credit.

Cash is king.

[Itsme]

Originally Posted by FoxtrotGolfXray 5.0

Would not bother me at all if cash disappeared. As I posted a week or so back in another thread, I rarely use cash and would have used less than $100 in it so far this year.

It's old technology and honestly can't see why people want it retained.

I prefer cash any day for deals where you can get substantial discount, you won't get that with cards.
Banks want cashless to charge you fees, government want cashless for tax purpose.

People these days are being hoodwinked with cashless transactions and do not see the true costs against the consumer.

PS: Oh yea just wait when the machines are down, and you cannot do transactions in times of need.

[prktkljokr]

Originally Posted by FoxtrotGolfXray 5.0

Would not bother me at all if cash disappeared. As I posted a week or so back in another thread, I rarely use cash and would have used less than $100 in it so far this year.

It's old technology and honestly can't see why people want it retained.

Meh, I always use cash, my pay goes into the bank, I draw it out and pay cash, its the way I like it, never used tap and go and I'm not going to start.

When I purchased my hoist and paid in cash the owner said he wasn't accepting cash and he wanted me to pay by card, I just said I will buy a hoist somewhere else then, then he took the cash.

He gave me some speel about now having to pay one of his staff to take it too the bank, I just said it better than not being able to pay your staff because you didn't sell a hoist?

[arm79]

Originally Posted by prktkljokr

When I purchased my hoist and paid in cash the owner said he wasn't accepting cash and he wanted me to pay by card, I just said I will buy a hoist somewhere else then, then he took the cash.

He gave me some speel about now having to pay one of his staff to take it too the bank, I just said it better than not being able to pay your staff because you didn't sell a hoist?

And he's right. You have no idea how much it costs to deal in cash.

You pay a large sum of cash to this hoist guy and he has to store it and insure it, just in case. Then he has to take it to the bank, whether he pays an employee to do it or does it himself, and takes the risk of it being stolen. He may insure the potential lost, which costs him. If the person taking it gets rolled or loses it, he's out at his loss, not yours. If he or the employee get hurt then workcover get involved and he's hit up for higher premiums and the demand to not use case or use a professional cash transfer service, which costs him even more money.

I work at a place that roughly does about $1m per month in revenue, split about 65/35 card and cash.

Every day we lose money because staff can't count the cash properly, the tills are always out. Sometimes upto $50 a day per till, and there are 10 of them. At the end of every month the aim is to not have more than $1000 in cash lost.

In order for it to be banked for wages and purchases, this cash has to be counted multiple times in house to be sure there are no errors, your looking at roughly 2 man hour days per week spread across multiple people to make that happen.

Then it needs to be transferred using secure professional services to the bank.

Prosegur alone costs about $10k per month. And that $10k does not include all of the other costs listed to make it happen. When that $350k in this case, if it were card, would only cost around $5000 in transaction fees.

Whereas the EFT balances are never ever out of balance and it happens instantly without any extra work required.

Quite simply people stubbornly clinging to cash actually INCREASE the costs of doing business and therefore increase the costs to the consumer, but are completely blind to the fact they are. You are not doing businesses a favour at all.

[Itsme]

Originally Posted by arm79

And he's right. You have no idea how much it costs to deal in cash.

You pay a large sum of cash to this hoist guy and he has to store it and insure it, just in case. Then he has to take it to the bank, whether he pays an employee to do it or does it himself, and takes the risk of it being stolen. He may insure the potential lost, which costs him. If the person taking it gets rolled or loses it, he's out at his loss, not yours. If he or the employee get hurt then workcover get involved and he's hit up for higher premiums and the demand to not use case or use a professional cash transfer service, which costs him even more money.

I work at a place that roughly does about $1m per month in revenue, split about 65/35 card and cash.

Every day we lose money because staff can't count the cash properly, the tills are always out. Sometimes upto $50 a day per till, and there are 10 of them. At the end of every month the aim is to not have more than $1000 in cash lost.

In order for it to be banked for wages and purchases, this cash has to be counted multiple times in house to be sure there are no errors, your looking at roughly 2 man hour days per week spread across multiple people to make that happen.

Then it needs to be transferred using secure professional services to the bank.

Prosegur alone costs about $10k per month. And that $10k does not include all of the other costs listed to make it happen. When that $350k in this case, if it were card, would only cost around $5000 in transaction fees.

Whereas the EFT balances are never ever out of balance and it happens instantly without any extra work required.

Quite simply people stubbornly clinging to cash actually INCREASE the costs of doing business and therefore increase the costs to the consumer, but are completely blind to the fact they are. You are not doing businesses a favour at all.

It is only greed from big businesses and banks to increase their profits and lower their own overhead costs, before cards came along cash has done quite well.
You are only swallowing the BS from banks & govco who implement these charges.

[prktkljokr]

Originally Posted by arm79

And he's right. You have no idea how much it costs to deal in cash.

You pay a large sum of cash to this hoist guy and he has to store it and insure it, just in case. Then he has to take it to the bank, whether he pays an employee to do it or does it himself, and takes the risk of it being stolen. He may insure the potential lost, which costs him. If the person taking it gets rolled or loses it, he's out at his loss, not yours. If he or the employee get hurt then workcover get involved and he's hit up for higher premiums and the demand to not use case or use a professional cash transfer service, which costs him even more money.

I work at a place that roughly does about $1m per month in revenue, split about 65/35 card and cash.

Every day we lose money because staff can't count the cash properly, the tills are always out. Sometimes upto $50 a day per till, and there are 10 of them. At the end of every month the aim is to not have more than $1000 in cash lost.

In order for it to be banked for wages and purchases, this cash has to be counted multiple times in house to be sure there are no errors, your looking at roughly 2 man hour days per week spread across multiple people to make that happen.

Then it needs to be transferred using secure professional services to the bank.

Prosegur alone costs about $10k per month. And that $10k does not include all of the other costs listed to make it happen. When that $350k in this case, if it were card, would only cost around $5000 in transaction fees.

Whereas the EFT balances are never ever out of balance and it happens instantly without any extra work required.

Quite simply people stubbornly clinging to cash actually INCREASE the costs of doing business and therefore increase the costs to the consumer, but are completely blind to the fact they are. You are not doing businesses a favour at all.

He may be right in him having to pay his staff member, but I am right also when I take my cash walking to a retailer who has no problem accepting it ,

If he does not want to accept cash he will be losing a portion of his income, which in turn will effect his ability to pay his staff member, this is why I would say he took it as I proceeded to leave.

If we think of all the shoulda, woulda, coulda, scenarios, he could have his account hacked, taken to a teller machine at gunpoint, staff member taking a cut from the account, there are risks involved with being in business and that's life.

Cash has worked fine for hundreds of years, Im sure it will work for hundreds more.

I'm also sure your card will be useless if we end up in a war scenario like Ukraine, go buy your food to survive with a cashless society then.

[simon varley]

Originally Posted by FoxtrotGolfXray 5.0

It's old technology and honestly can't see why people want it retained.

I use cards when the EFT machines don't add a surcharge. I use cash when they do. I refuse to pay the banks for the privilege of using their EFT machines

and yes, I know the charges are often hidden in the business' prices, but it makes me feel better

[EBSXR6]

Previously the small business had a fixed fee of $300 Per Month for Electronic Transactions.
If the business does a large amount of Electronic Transactions the fee was minimal per transaction.
Now if the small business does $50,000 a month electronic transaction the fees would be $750.

[Interceptor]

*DO NOT* get me started on banks.... lets leave it that when they tell you they dont know where your money is, the bank, the police & the local magistrate all seem to consider it perfectly acceptable.....

[T3rminator]

Originally Posted by EBSXR6

I wanted to withdraw $5,000 Cash from my savings account, I had to give the Bank 48 Hours Notice.

Small Business used to get a Business Package which included a Set Fee for Credit and Debit Transactions now the Banks charge 3.5% per transaction.

Open up more bank accounts :P $2k ATM withdrawal per day per bank.

[MrEL]

I just have to log onto my banking app and change my daily withdrawal limit. Takes about 1 minute.

[FoxtrotGolfXray 5.0]

No matter your personal preference, I'm sure there are pros and cons with both. Go with whatever works for you. I just wanted to post that I don't use cash. There have been very few times where I've not been able to make payment with a card or via funds transfer since I essentially went cashless about 5 years ago.

The biggest bonus for me is I don't have to lug a whopping big wallet around like my old man taught me to do as a young lad. It took a while to adjust, but I really don't miss cash at all.

I do carry $10 on me for those rare occasions where electronic payments are not accepted.

[Itsme]

Originally Posted by FoxtrotGolfXray 5.0

No matter your personal preference, I'm sure there are pros and cons with both. Go with whatever works for you. I just wanted to post that I don't use cash. There have been very few times where I've not been able to make payment with a card or via funds transfer since I essentially went cashless about 5 years ago.

The biggest bonus for me is I don't have to lug a whopping big wallet around like my old man taught me to do as a young lad. It took a while to adjust, but I really don't miss cash at all.

I do carry $10 on me for those rare occasions where electronic payments are not accepted.

Fair call, each to their own.
Don't get me wrong I use cards at my discretion when I choose to do so, but I hate it when corporations and governments force their whims and ways on you.
They always start off saying there is benefits and no added costs but change the rules down the road.
Banks are the biggest hypocrites in society, and yet people swallow their BS.

PS: I carry some cash, but no I don't have a big bulging wallet like I use to.

[T3rminator]

Originally Posted by FoxtrotGolfXray 5.0

No matter your personal preference, I'm sure there are pros and cons with both. Go with whatever works for you.

100%. Cashless transaction is efficient, but you pay a small fee for it. That goes with anything really, you want speed and efficiency, it doesn't come for free. Imagine if everyone was still rummaging through their paper notes and coins at the checkouts, or at the service station, or when they hopped on a bus or a train.....

And for those who think cashless is some form of ultimate gov / NWO control, holding cash will do SFA. They will just ultimately outlaw it and it'll become useless. Better to start buying up physical gold and silver, and hope retailers will accept them for goods and services, under the table.

I use about 70% card, 30% cash.

[Itsme]

Originally Posted by T3rminator

100%. Cashless transaction is efficient, but you pay a small fee for it. That goes with anything really, you want speed and efficiency, it doesn't come for free. Imagine if everyone was still rummaging through their paper notes and coins at the checkouts, or at the service station, or when they hopped on a bus or a train.....

And for those who think cashless is some form of ultimate gov / NWO control, holding cash will do SFA. They will just ultimately outlaw it and it'll become useless. Better to start buying up physical gold and silver, and hope retailers will accept them for goods and services, under the table.

I use about 70% card, 30% cash.

Bugger all difference time wise paying by cash or card at the check outs, if any eftpos can be slower, plenty of times there are glitches when your card wont work straight away.
Cash will never be made redundant, you are deluding yourself.

Cheers

[FoxtrotGolfXray 5.0]

Originally Posted by Itsme

Bugger all difference time wise paying by cash or card at the check outs, if any eftpos can be slower, plenty of times there are glitches when your card wont work straight away.
Cash will never be made redundant, you are deluding yourself.

Cheers

Have you seen what happens when you offer cash to a sales person under about 30, and expect them to give you change? It takes an eternity, as their maths skills generally don't allow them to calculate in their head the amount of change needed to be given.

I'm not arguing the time of processing cash v electronic, just an observation of the difficulty the younger generation seem to have handling cash these days.

[Itsme]

Originally Posted by FoxtrotGolfXray 5.0

Have you seen what happens when you offer cash to a sales person under about 30, and expect them to give you change? It takes an eternity, as their maths skills generally don't allow them to calculate in their head the amount of change needed to be given.

I'm not arguing the time of processing cash v electronic, just an observation of the difficulty the younger generation seem to have handling cash these days.

I won't argue that one with the calculation, but you would think it would be easier for them as most cashier registers do the math's for them.

Only matter of time when AI takes over and we all will be made redundant.

[blueoval]

Don't mind me, I'm subscribing to this thread and waiting for someone (other than me) who will bring up the topic of CBDC's and its blockchain ability. Lots here are for digital currency, only to allow authorities to then be able to control HOW you spend and WHAT you spend it on based on your behavior online and in public.

[prktkljokr]

At the end of the day, when the banks have an "outage", which we are seeing more of in the last few years, I can still pay for the meal I just ate, or the fuel I just filled my tank with, or any other situation I may find myself in when the cashless system does not work.

Cash is King!

[FairmontGS]

Originally Posted by prktkljokr

At the end of the day, when the banks have an "outage", which we are seeing more of in the last few years, I can still pay for the meal I just ate, or the fuel I just filled my tank with, or any other situation I may find myself in when the cashless system does not work.

Cash is King!

Prepper alert...

If the systems are down, why would there be anybody serving "meals", "fuel", etc.?

[prktkljokr]

Originally Posted by FairmontGS

Prepper alert...

If the systems are down, why would there be anybody serving "meals", "fuel", etc.?

image

Ummm no prepping here, in my post it states

when the banks have an "outage"

We are not talking power failures here, just like last week when you could not access your money because the bank was having issues, the shop I was at was still functioning normally, it was the customers that could not pay cashless for items they knew they had money for in the bank.

No need to worry though, I was fine , I even paid for the the milk the lady in front of me had , see this is where Cash is King, no effect to my day.