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#1 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 1,355
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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. |
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#2 | ||
praek tih kl jo kr
Join Date: Mar 2011
Location: Atwell W.A.
Posts: 1,652
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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. |
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#3 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 1,355
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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. |
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#4 | |||
Donating Member
![]() Join Date: Mar 2007
Location: Heading thru Hell (Corner)
Posts: 8,182
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Quote:
It's old technology and honestly can't see why people want it retained.
__________________
Labels are for jars, not for people. Life is a journey, not a destination. ~~~~~~~~~~~~~~ Daily: 2013 FGII EcoLPi in Winter White Play: 2015 FG X XR8 in Emperor Show' N Shine thread Gone, but not forgotten: 2015 SZII petrol Titanium Territory in Emperor |
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#5 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 1,355
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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.
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#6 | |||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Hervey Bay
Posts: 5,212
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Quote:
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. |
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#7 | |||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,540
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Quote:
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. Last edited by Itsme; 08-07-2023 at 11:20 PM. |
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#8 | |||
FF.Com.Au Hardcore
Join Date: Mar 2007
Location: Sunshine Coast QLD
Posts: 876
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Quote:
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?
__________________
Octane BFII XR6 Turbo manual sedan. SOLD 2014 BMW S1000R 2006 Toyota Landcruiser GXL 1HD-FTE |
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#9 | |||
FF.Com.Au Hardcore
Join Date: Mar 2007
Location: Sunshine Coast QLD
Posts: 876
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Quote:
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!
__________________
Octane BFII XR6 Turbo manual sedan. SOLD 2014 BMW S1000R 2006 Toyota Landcruiser GXL 1HD-FTE |
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#10 | |||
praek tih kl jo kr
Join Date: Mar 2011
Location: Atwell W.A.
Posts: 1,652
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Quote:
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? |
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#11 | ||||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Hervey Bay
Posts: 5,212
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Quote:
They only claim the GST back on their BAS, because GST is transferred to the end purchaser, which in this case would be the person buying the item. And in that case it would only equate to a few cents or fractions of a cent. The remainder can be claimed as an expense against transaction via their tax returns, which actually negates your previous comment of: Quote:
The $50 is turned into a partial income to the bank and the majority remains with the retailer. The retailer is then allowed to claim the expense against their profit, which means they pay less income tax to the ATO. If the expense wasn't incurred they would have to pay a greater portion of the profit to the ATO as income tax anyways. The only way your $50 remains $50 theory holds water is when I hand $50 to you personally. $50 turns into $35 the moment you hand it to a retailer as the ATO immediately hits them with an income tax liability and the only way the retailer can get it back close to $50 is to claim back expenses. Last edited by arm79; 09-07-2023 at 12:18 AM. |
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#12 | |||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Hervey Bay
Posts: 5,212
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Quote:
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. |
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#13 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 1,355
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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. |
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#14 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Canberra Region
Posts: 8,925
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They'll have to keep printing cash, whether we go cashless or not.
__________________
2016 FGX XR8 Sprint, 6speed manual, Kinetic Blue #170 2004 BA wagon RTV project. 1998 EL XR8, Auto, Hot Chilli Red 1993 ED XR6, 5speed, Polynesian Green. 1 of 329. Retired 1968 XT Falcon 500 wagon, 3 on the tree, 3.6L. Patina project. |
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#15 | ||
HSV - I just ate one!
Join Date: Dec 2004
Location: Middle of nowhere
Posts: 3,111
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*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.....
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I dont care if some prius driving eco-hippy thinks its politically incorrect for me to drive a V8..... I'm paying for the fuel! |
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#16 | |||
FF.Com.Au Hardcore
Join Date: Mar 2007
Location: Sunshine Coast QLD
Posts: 876
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Quote:
While I've mixed up the BAS bit, you've failed to recognise that the cash economy is alive and well, assuming that the ATO will get a % of every transaction done in cash. That's not the case. In fact it's often small cash jobs that keeps a small services business such as sole trader tradesmen ticking over with a bit of cash flow to pay the bills and feed the kids while they wait 30,60, or even 90 days for payment from larger clients or for larger jobs. Pocketed, that cash retains its full value, whereas when you HAVE to process it through the bank, you lose a portion straight up plus then have to declare it as income.
__________________
Octane BFII XR6 Turbo manual sedan. SOLD 2014 BMW S1000R 2006 Toyota Landcruiser GXL 1HD-FTE |
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#17 | |||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,540
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Quote:
You are only swallowing the BS from banks & govco who implement these charges. |
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#18 | |||||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Hervey Bay
Posts: 5,212
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Quote:
Quote:
Where does this money come from to pay for these things. The cash economy is a disservice to you, me and everyone else in Australia. Quote:
P.S. Anyone who signs up to work on 60 day or more payments terms is nuts. History has told us, the history littered with bankrupted tradies, is that is a stupid idea. |
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#19 | |||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Hervey Bay
Posts: 5,212
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Quote:
You believe that cash is cheaper for business. I'm telling you for a vast large majority of businesses, it isn't. It's more expensive to handle cash than simple use cards and pay a transaction fee. Thats not swallowing BS. It's simply realistic facts. |
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#20 | |||
praek tih kl jo kr
Join Date: Mar 2011
Location: Atwell W.A.
Posts: 1,652
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Quote:
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. |
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#21 | |||
FF.Com.Au Hardcore
Join Date: Nov 2009
Posts: 2,806
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Quote:
and yes, I know the charges are often hidden in the business' prices, but it makes me feel better ![]() |
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#22 | |||
Cabover nut
Join Date: Aug 2015
Location: Onsite Eastcoast
Posts: 10,827
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Quote:
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.
__________________
heritagestonemason.com/Fordlouisvillerestoration In order that the labour of centuries past may not be in vain during the centuries to come...... D. Diderot 1752
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#23 | ||
Angry Dub Driver
Join Date: Dec 2007
Location: Toowoomba
Posts: 545
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The most concerning aspect of going cashless?...
What happens to swap meets, garage sales and the like? Does everyone wishing to sell things at these venues need to be a licensed trader and have an eftpos setup? I'm sure the government would love that, as they will be able to monitor every penny and take their cut. I definitely prefer the anonymity of cash, not because I am up to anything clandestine... I just don't like every man and his dog knowing exactly where and what I am spending my money on. Cheers, Tony |
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#24 | |||
Cabover nut
Join Date: Aug 2015
Location: Onsite Eastcoast
Posts: 10,827
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Quote:
__________________
heritagestonemason.com/Fordlouisvillerestoration In order that the labour of centuries past may not be in vain during the centuries to come...... D. Diderot 1752
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#25 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Open up more bank accounts :P $2k ATM withdrawal per day per bank.
__________________
~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#26 | ||
Sick Puppy
Join Date: Jul 2006
Posts: 1,963
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I just have to log onto my banking app and change my daily withdrawal limit. Takes about 1 minute.
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#27 | |||
Angry Dub Driver
Join Date: Dec 2007
Location: Toowoomba
Posts: 545
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Quote:
We went to Singapore for a few days earlier in the year and who was Johnny on the spot to pay our way out when there were no card facilities in a few of the more remote areas? I don't think it changed their view at all but the irony was not lost on me. |
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#29 | |||
FF.Com.Au Hardcore
Join Date: Mar 2012
Posts: 4,924
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Quote:
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#30 | ||
Donating Member
![]() Join Date: Mar 2007
Location: Heading thru Hell (Corner)
Posts: 8,182
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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.
__________________
Labels are for jars, not for people. Life is a journey, not a destination. ~~~~~~~~~~~~~~ Daily: 2013 FGII EcoLPi in Winter White Play: 2015 FG X XR8 in Emperor Show' N Shine thread Gone, but not forgotten: 2015 SZII petrol Titanium Territory in Emperor |
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