Cashless society

[Karin1984]

I won't go to businesses that reject cash because it's weird.

I also won't go to businesses that don't have humans, that is weirder.

Trying to turn the US into one giant cash cow they can empty and give nothing back in salary to any Americans, they can all go pound salt.

Some may play along like lambs, I won't.

Why is it weird? It is the future.
Within 5-10 years there will be a huge shift, more and more businesses will go nearly or completely cashless. Because it saves money and hassle.

This is not an American thing, you see the same trend here in Europe, at least. Probably most major cities around the world do this, or will start doing this and then it spreads out to more rural areas.

I wouldn't be surprised if most people here on this board will live long enough to see cash completely disappear.

And yes, no humans will probably be the next trend. They have only been testing with this for a couple of years now. It will roll out, sooner than you think.

 

[BayouQueen]

I had to write a check to my dentist recently for a crown -- or else pay 3 percent more if I used a credit card. Some contractors working on our house have had similar policy.
So not everyone wants to pay the bank fees. I think we'll be seeing more of that because of the stress inflation is putting on businesses.

 

[CdnCarrie]

I had to write a check to my dentist recently for a crown -- or else pay 3 percent more if I used a credit card. Some contractors working on our house have had similar policy.
So not everyone wants to pay the bank fees. I think we'll be seeing more of that because of the stress inflation is putting on businesses.

They don’t use debit?
Etransfer and debit has almost totally replaced cheques in Canada.

Businesses with maybe the exception of private contractors would not take cheques here. Cheques are archaic.

 

[TiggerTrigger]

I prefer cashless. I despise carrying physical money and hate having to get cash for storm prep.

That being said, back in July...after Beryl...while I was hunting for gas stations that would accept credit cards, I started thinking about how they and other businesses could still operate in such a situation without reverting to a cash world. We already use things like Zelle and Venmo to pay friends and now even places like the grocery store will keep your card on file so you can pay through the app. Most phones are also capable of storing a digital wallet. So really...why can't more business modernize and accept digital payments that don't require you to be tethered to power? We usually pay this way at sports tournaments, the school concession stand now does this, and I've even seen a number of garage sales that have a QR code vs having a cash box so they're less of a target for thieves. Obviously, you still need a charged phone to do this, but it's a lot easier to find a way to charge your phone vs. get a bunch of cash.

 

[Kennywood]

 

[NotUrsula]

That photo reminded me of my teens. My mom was disabled, and after my Dad died when I was 12 I took over the grocery shopping. We had to just through all kinds of hoops to make sure that all the grocery stores in town knew that I was indeed allowed to carry the family checkbook. At that time merchants used to routinely record your DL#, DOB and SSN on checks if it wasn't printed on them already, and that caused me problems because I didn't have a license. These days DD runs off with my credit cards all the time and would have no trouble robbing me blind if she wanted to, LOL.

I do tend to like the safety and convenience of cash only when I'm traveling or at events like outdoor festivals, etc., but IME it almost never completely works. A network connection always seems to be down somewhere. (And FWIW, Venmo and the like are not immune to that. If the CC processing networks are down, those systems won't work, either.)

When it comes to contractors, I find that most of them are happy to take cash or checks at least for deposits, because they won't spend for materials until a check clears, and that way they make more money not having to pay the card processing fee. Something that has been turning up more and more lately with big-ticket contractors affiliated with certain equipment companies, like HVAC installers, is that the equipment mfr. will finance the work, so that the contractor only deals with them instead of losing large fees to a credit card processor. We bought a new HVAC system last year, and our choices were to pay cash, check, or a year's no-interest financing through Trane. They wouldn't take credit cards for a job over $2K. (So, ironically, we took the no-interest financing and made the payments via credit card. We got travel points, the contractor got their bonus from Trane, and everyone was happy except the finance company, because we actually did pay it off before any interest kicked in.)

The company I work for was an early proponent of using company purchasing cards to save the labor cost of cutting checks, but lately some of our vendors have started tacking on really hefty fees for using these cards. So, the company is backtracking. If the processing fee is more than $20 they now prefer us to have a check cut (some of mine last year were going as high as $1200 a transaction, so it's no wonder.)

 

[_19disnA]

If the power goes out, you won't be able to pump any gas and likely that gas station's internet connection will be down since that also requires electricity. In those examples, it doesn't matter what form of payment you planned to use.

 

[HeatherC]

These latest two hurricanes are exactly why we can’t go to a cashless society. Power goes out all the time, and then there are cyberattacks in systems. Makes zero sense.

 

[NotUrsula]

If the power goes out, you won't be able to pump any gas and likely that gas station's internet connection will be down since that also requires electricity. In those examples, it doesn't matter what form of payment you planned to use.

It's true that pumps won't work without electricity nowadays, but most stations in hurricane-prone areas now are required to have transfer switches installed that allow them to run the pumps via generator. It's a good idea at any station, really.

Of course, in that situation they are going to want cash to pay for it.

 

[China Expat]

I do not have one single piece of cash or coin in my wallet. I use debit card for everything! THis has been the case since I moved home from five years in China- they were all we chat pay, very little cash!

 

[CdnCarrie]

I hope the businesses that are cashless don't charge for using cc or debit card - many do now

Rare here in Canada to charge fees.

I do not have one single piece of cash or coin in my wallet. I use debit card for everything! THis has been the case since I moved home from five years in China- they were all we chat pay, very little cash!

Me either! I was trying to use up these 4 loonies I had in my desk drawer.

 

[Kennywood]

For those of you who use debit cards for everything, how do you manage to balance your check book?? It has to be a pain to record every transaction in your check registry.

 

[soccerdad72]

Every time one of these threads come up, I always wonder if I'm the only person who has no issues with cashless businesses AND keeps cash on hand as well.

 

[CdnCarrie]

For those of you who use debit cards for everything, how do you manage to balance your check book?? It has to be a pain to record every transaction in your check registry.

I haven't kept a cheque registry since around 1995. That's still a thing? You use debit you don't need to balance anything. The money is gone.

 

[Brian Noble]

What if you need to withdraw an amount that is over the ATM limit?

My bank's limit is $400. How often do you need more than $400 cash in a day?

For those of you who use debit cards for everything, how do you manage to balance your check book?? It has to be a pain to record every transaction in your check registry.

When I was a broke graduate student, I did this even with cash transactions. I recorded every single purchase.

With a debit card, this is even easier, because the bank has the list of transactions already entered for you.

 

[mi*vida*loca]

For those of you who use debit cards for everything, how do you manage to balance your check book?? It has to be a pain to record every transaction in your check registry.

Debit card transactions update in real time. I haven’t balanced a check book in at least 20+ or more years.

 

[_19disnA]

Every time one of these threads come up, I always wonder if I'm the only person who has no issues with cashless businesses AND keeps cash on hand as well.

Nope same here. Seems to me we have the same circular discussion each time this topic comes up. I think it makes sense for some places to be cashless. I also think it is unlikely the whole world will become cashless anytime soon.

 

[mi*vida*loca]

My bank's limit is $400. How often do you need more than $400 cash in a day?


When I was a broke graduate student, I did this even with cash transactions. I recorded every single purchase.

With a debit card, this is even easier, because the bank has the list of transactions already entered for you.

Not often. But the few I can think about is certain vacations we take cash, buying a used car cash, paying a handyman, paying our mechanic that doesn’t work at a shop.

I have USAA and don’t even have an actual bank in my area. USAA lets me do much more than $400 withdraws but my local ATMs have limits. I will just do multiple withdraws if that’s the case.

I keep a credit union account at my job for situations where I need cashiers checks, bigger cash withdraws, etc.

 

[kymom99]

I have come to love Venmo. My older siblings and I were having a discussion about security with Venmo. Neither of them has Venmo. I told them when I make a transaction through Venmo, no one sees any of my banking info. Also, all the young people use Venmo and I have never heard of anyone having their bank account wiped out.

 

[tvguy]

They don’t use debit?
Etransfer and debit has almost totally replaced cheques in Canada.

Businesses with maybe the exception of private contractors would not take cheques here. Cheques are archaic.

At least here in the U.S., the merchant still has to pay a fee on both debit and credit card transactions. Usually 3% on a debit card, 4% on a credit card. So say you have a $1,000 crown done at the Dentist. If you use a debit card it costs the Dentist $30 , $40 if it is a credit card. That adds up really fast, so they offer a discount for cash or check that cost them nothing to process. These days, you can deposit a check from anywhere by just taking a picture of it in your banks app.
I just paid my property taxes. They FINALLY have stopped charging $5 to pay by e-check. They used to get a paper check because that was the only fee free option. Credit and debit card payments include a 2.29% surcharge to cover what the bank charges to process the payment. Government doesn't have to absorb the cost of doing business apparently.