Opinion: what do you think?

[wenrob]

That's me to a tee! Cashless, online bill pay, paperless as much as possible. I still have everything right at my fingertips if I need to look something up, and I do go over my credit card bills each month (b/c neither DW nor DD understands that that "free trial" is actually a subscription!). I balance my checkbook consistently. To me, cashless as much as possible is just SO much easier.

Ha, my DH forgets that he needs to cancel the trial or doesn’t realize you have to cancel it X amount of time before. Since my younger kids really only know online banking and mostly digital transactions it’s been really easy to teach them how to keep track of this stuff. I check my accounts at minimum weekly. Cashless/online banking has made everything simple for me.

 

[wenrob]

Mobile banking makes this super easy. 'Bout the only issue is the time it may take for a retailer to input your transaction so it shows up as pending on your account (my bank shows a running current balance which takes into consideration pending transactions). However, not everyone balance(d) their checkbook anyways immediately after making a purchase when they have physical checkbooks.

I always felt like I was a weird one where give me cash and unless I put it immediately in the bank (which was actually more normal for me) I'd spend it quicker than if I used my debit card. All those little cash transactions would mean I'm out of money faster I guess in my mind there was something about tangible money. I'm glad I grew up in kinda both worlds where we learned to balance a checkbook and well writing a check, did a lot of cash stuff when we were younger but then embraced technology as it came about. We were just talking last night when I was going through old paperwork and saw where my bank had sent me my first chip card (transitioning from the old system). Boy that seems like so long ago lol.

I find it disappears quicker also. It’s interesting how different people can be. DS always has cash (and I admit to borrowing it from time to time because I never have any) while DD never has cash. On the flip DS spends from his checking account regularly and DD is pretty flush (for a 15 yo) because she forgets she has it. DH likes to have cash in his pocket but he doesn’t always spend it. I never have cash but when I do I give it up pretty easily or completely forget I have it.

 

[neverlandsky]

Cash is going the way of hand written checks. When I was a cashier it was cash, check, & credit card. Except credit card was a swiper like this I remember when we got credit card machines, then debit card transactions started. There was a bit learning curve with debit cards then it became the norm. I'm sure the generation or 2 before me remember it just being cash. A cashless society will become the norm especially due to automation and techonolgy.

 

[Luv Bunnies]

Back in May, we were at a major NFL stadium where my son's university was holding its graduation ceremony. My older son and I decided to run up to the restrooms before the ceremony started. We decided to buy drinks for everyone before returning to our seats. I had left my purse with my husband. My son had his wallet but doesn't currently have a back account with a debit card. He had one in the past, but we decided to close it for various reason (he has autism and came very close to being the victim of an online scammer). He did have cash in his wallet, so I said I would pay him back later if he lent me some money for drinks.

We waited in a moderately long line to place our order. When we went to pay, the woman behind the counter informed us that they weren't accepting cash. There were no signs anywhere, which I pointed out. She said, "We don't have signs because everyone knows we don't take cash. Most places don't anymore." We were in another state, so I figured perhaps we didn't know how things worked there. I will say that we didn't encounter any other cashless places on that trip, nor have I seen any around our own area. If this is the wave of the future, we will have to consider getting our son a bank account or some type of pre-paid debit cards to use. He frequently goes into restaurants by himself to get take-out and pays with his own money. That level of independence is important for him, so we'll have to figure it out.

 

[spiders]

I don’t think a business has any legal obligation to accept cash. Coins are also legal currency but I don’t think any business would let you pay a $10 tab with 1,000 pennies. That is a bit of an extreme scenario but as someone already mentioned, cash does pose additional challenges such as security. Although I could also see the argument that added costs of handling cash are no different than merchant fees for cards.

I personally rarely make a cash transaction and only carry $40 or so at any given time unless I’m planning a trip where I think it might be beneficial to carry more. I also would avoid places that only accept cash. I love credit cards and I love swiping even a $2 purchase to get 2 miles.

I will also add that I was recently at a convention. I was kind of interested in purchasing something but I heard the guy say he only accepted cash. I immediately walked away. I certainly was not going to go find an ATM to pay him cash.

 

[goofyernmost]

Right now the reason is because "cash" is dirty. It is handled by thousands of people who for all you know died of Covid yesterday. So in order to try and cut down on the risk of passing infected money they ask that you use a CC or a Debit card because they are trying to keep exchanging paper and metal coins to a minimum. Now when this mess is over, we shall see how that all works out.

 

[kdonnel]

When we went to pay, the woman behind the counter informed us that they weren't accepting cash.

The stadiums that I have been to that are cash free have reverse ATM machines though out the stadium. You deposit cash and they dispense gift cards with the deposited value.

 

[Cannot_Wait_4Disney]

Some places do not accept cash only credit or debit cards but is it legal? do to what a bill says on it "This note is LEGAL TENDER for ALL debts, public and private" just wondering what you think?

The dollar is legal tender in the U.S. Thus they must accept dollars. This doesn't mean they have to accept paper money or coinage. They can specify the form of the dollars they accept be it credit or debit cards or checks if they want. There is no federal law currently that says they must accept paper money or coins. Obviously, I'm not up on whether or not each state has a statute regarding this.

 

[RedAngie]

I still carry cash for tips to hotel housekeepers, valet parking attendants, my hair stylist, the occasional furniture delivery, if the lawn and house cleaning services does something extra, etc.

Many vendors at weekly farmer’s markets, festivals, fairs, and flea markets now accept CCs or electronic payments like Apple Pay, but I still like to pay cash for many such transactions.

A few small cafes/restaurants I patronize are cash only or cash preferred and I don’t mind. One in particular charges a 3.0927643% fee for credit/debit. (The signs on the tables say 3%.)

About 35% of the transactions at my company (a convenience store chain) are cash. Yes, for large companies handling cash is more expensive than electronic payments.

As much as some would wish, the US will never become a truly cash free society.

(Balancing a checkbook?? Or reconciling a bank statement?? People actually keep track of their dozens of weekly debit/venmo/apple pay transactions??)

 

[Luv Bunnies]

The stadiums that I have been to that are cash free have reverse ATM machines though out the stadium. You deposit cash and they dispense gift cards with the deposited value.

I didn’t see any machines and the staff member didn’t direct us to one. I had cards in my purse back at our seats. They just weren’t with me at the moment. My sister ended up running to the restroom before the ceremony so she grabbed the drinks on her way back.

 

[cobright]

Some places do not accept cash only credit or debit cards but is it legal? do to what a bill says on it "This note is LEGAL TENDER for ALL debts, public and private" just wondering what you think?

Leaving my opinion on such places aside for now, there is an interesting distinction that should be made with regard to the "legal tender for all debts..." matter.

When you are buying goods at a point of sale, that transaction is NOT settling a debt. A debt occurs when you have received possession of the good based on a promise to pay. Buying an apple at the grocery store is an exchange of money for an apple.

Now... If you were at a restaurant and you ordered food, were served it, and you ate it; the restaurant could not refuse to accept cash as payment for your meal.

 

[cobright]

The dollar is legal tender in the U.S. Thus they must accept dollars. This doesn't mean they have to accept paper money or coinage. They can specify the form of the dollars they accept be it credit or debit cards or checks if they want. There is no federal law currently that says they must accept paper money or coins. Obviously, I'm not up on whether or not each state has a statute regarding this.

There's no law in the US preventing a store from dealing entirely in barter if they wish. Or Euros, Pesos, or whatever. The only stipulation is that if they extend credit in any form, even allowing you to eat at a restaurant with the bill to arrive after, they must accept US currency to settle the debt.

 

[bennifer]

Meh, cash is disgusting. I worked in banks for years and when you are handed wet bills almost daily that came from customers bras or worse, pants, you start longing for a cashless society! I will very rarely do business with a company that only accepts cash. In my experience they are 98% laundering money. (Before anyone yells I'm speaking from my own experience, I'm not saying all businesses that only accept cash are laundering) I also don't mind at all if the business doesn't accept cash, but that's because I rarely have cash on me, so it doesn't affect me.

 

[RedAngie]

Almost every Cash Only business doesn’t give a damn if people walk away. They’re doing quite fine without you.

 

[slo]

Yes…..It’s legal
As a past small business owner I can say that I think it’s a terrible business practice - It ranks up there with having your customers pay extra to use their credit card.

 

[BadPinkTink]

Almost every Cash Only business doesn’t give a damn if people walk away. They’re doing quite fine without you.

the same for card only / cashless.

One of my clients went cashless since Covid and its the best thing that they have every done. Even the MD who is very old school and non tech loves it. It stopped money going missing from the till, it stopped all the accounting issues, it stopped bad debts and account customers not paying, it stopped customer issues and so much more. If people don't want to use the cashless system, then toodles, theres the door, next customer please.

 

[RedAngie]

the same for card only / cashless.

One of my clients went cashless since Covid and its the best thing that they have every done. Even the MD who is very old school and non tech loves it. It stopped money going missing from the till, it stopped all the accounting issues, it stopped bad debts and account customers not paying, it stopped customer issues and so much more. If people don't want to use the cashless system, then toodles, theres the door, next customer please.

Awww. Looks like I triggered you.

 

[DVC-Don]

My wife owns a small business that went cashless during the worse of the first Covid wave. When taking cash then she'd have to sent an employee to the bank, before Covid it would take only a few minutes round trip. The banks shut down their lobbies and only drive threw were open and the employee would be stuck in line for an hour or more to make the days deposit. One time the bank closed before the employee made it to the front of the line. So she went to credit, debit or electronic check, problem solved.

 

[BadPinkTink]

Awww. Looks like I triggered you.

aww bless your heart

When I set up my business I made a conscious decision to be cashless. Payment is by bank transfer only. As a self employed person, it makes things far easier for my book keeping and accounting. Sure I may have lost potential clients, but the way I see it, any legitimate and genuine client who is tax compliant has no issues.

 

[wfjny]

When i lived in New York, the FedEx office across the street had a sign that said "No Cash Accepted"

That was 20 years ago.

My youth group did a food selling fundraiser at the fair in town this past weekend. We were always a "Cash Only" operation. For the first time ever, we accepted card payment via Square. It represented about 30% of our sales. Most of those sales would have been lost since they literally had no cash on them.

On the flip side, it is a craft fare, and people are going to be selling various food items. You would think you would bring some cash with you.