slo’s MONDAY 9/23 poll - Organizing Cash Money 💴

[wabbott]

There are a few things I take the time to prep for but the risk of a POS outage for a few hours every few years is not something I am concerned about. Not a reason to make me carry a wallet again. I haven’t carried a wallet or keys for years, just my phone.

At WDW, I always lock up my wallet in the room safe and depend entirely upon my Magic Band for meals, drinks, etc. No cash, no keys, no cards. I really like not having to worry about losing my wallet.

But my phone has a long lanyard that goes around my neck. Given a choice, I think I would rather lose my wallet than my phone.

 

[Kathryn Merteuil]

I never seem to have cash with me, but if I do it will need to be organized by denomination and faced. I used to be a teller so I have this compulsive need to have it organized.

 

[Forevermarypoppins]

I don’t think I have ever walked into a cash only business.

If I happened to, I would have to leave because I would have no way to pay.

This past weekend was the HOA approved yard sale weekend. Most people had signs saying they accepted CashApp, Venmo, Zelle, etc.

Cash is dead.

I am NOT paying with VENMO to anyone I do not know!

 

[kdonnel]

I am NOT paying with VENMO to anyone I do not know!

Why?

 

[Forevermarypoppins]

Why?

A Google search answers that ? well enough, but for me it's a matter of ease.
I can go to a yard sale with a few $1's/$5's in my pocket and complete a transaction in seconds. Plus, I absolutely hate using my phone unless I'm at home or sitting somewhere bored to tears like an airport or a dr's office.

 

[kdonnel]

A Google search answers that ? well enough

I guess my Google skills are lacking because I can't find any reason why you should not pay someone at a yard sale using Venmo.

https://help.venmo.com/hc/en-us/articles/360048404533-Common-Scams-on-Venmo

You initiating a payment to a stranger and getting your goods immediately is not a concern. It's when you are making a payment to a stranger and getting goods shipped to you later that you have to be careful you are not being scammed.

But if you prefer cash, that's great for you, I'm glad there is a non cash option.

 

[Living42Day]

I'm glad I'm not the only one annoyed by the messiness of the bills! We had a few large transactions over the weekend that we preferred to do in cash, of course when banks are closed, so went to the ATM to get $800.

I usually do a recount to ensure I got the correct amount when I go to an ATM, but had to reorganize before I could count because it was driving me nuts.

I noticed last week, I went to withdraw $2,000 and the $100 bills were not facing the same way either. I don't know why bills are no longer bank facing, at a bank. I can understand regular change at grocery stores but not banks. Grr...rant over lol

 

[Living42Day]

I guess my Google skills are lacking because I can't find any reason why you should not pay someone at a yard sale using Venmo.

https://help.venmo.com/hc/en-us/articles/360048404533-Common-Scams-on-Venmo

You initiating a payment to a stranger and getting your goods immediately is not a concern. It's when you are making a payment to a stranger and getting goods shipped to you later that you have to be careful you are not being scammed.

But if you prefer cash, that's great for you, I'm glad there is a non cash option.

Because if they turn on "merchant purchase" then you get both a fee and the possibility they will mark the transaction as "item not as described or not received" which puts a hold on your money so Venmo can review. Personal experience on that one.

We were helping my aunt at her garage sale about 2 years ago. She sold a nice bed for $100. The woman had no cash but said she had Venmo, so I agreed and let her use my account to send payment. I immediately was charged something like $2.00 from the transaction. I thought it was strange, and told her I only received $98 but that it wasn't a big deal.

That nincompoop went home after we loaded it up for her the next day and filed a report that she never received the item. I had already sent the money out of my account over to my aunt, and it placed a freeze on my account that lasted 3 weeks. We sent in Ring video that was on my aunt's garage of US loading it into her truck for her while she talked about her ill mother so we were cleared, but it was so stressful over a stupid bed for $100. I was so mad and now will only accept cash for payment on anything I sell.

 

[kdonnel]

Because if they turn on "merchant purchase" then you get both a fee and the possibility they will mark the transaction as "item not as described or not received" which puts a hold on your money so Venmo can review. Personal experience on that one.

We were helping my aunt at her garage sale about 2 years ago. She sold a nice bed for $100. The woman had no cash but said she had Venmo, so I agreed and let her use my account to send payment. I immediately was charged something like $2.00 from the transaction. I thought it was strange, and told her I only received $98 but that it wasn't a big deal.

That nincompoop went home after we loaded it up for her the next day and filed a report that she never received the item. I had already sent the money out of my account over to my aunt, and it placed a freeze on my account that lasted 3 weeks. We sent in Ring video that was on my aunt's garage of US loading it into her truck for her while she talked about her ill mother so we were cleared, but it was so stressful over a stupid bed for $100. I was so mad and now will only accept cash for payment on anything I sell.

You had issues as the seller. You experienced a chargeback and had to pay interchange. Just like you had accepted a credit card.

The question was what inherent risk is there as a buyer when paying a stranger?

 

[BlueStarryHat]

I use cash almost exclusively when I'm out, and it's organized by denomination and facing the same way-by the way it drives me bananas that Alexander Hamilton is off to the side and facing the wrong way. How dare he? Anyway, the debit card I use is not in my name, but my representative payee's so I use that for online shopping only or occasionally at a store if she's with me just in case I'm asked for ID.

 

[Living42Day]

You had issues as the seller. You experienced a chargeback and had to pay interchange. Just like you had accepted a credit card.

The question was what inherent risk is there as a buyer when paying a stranger?

I guess if we are strictly answering the question, then there is little inherent risk (but a potential to gain through scamming the seller as was in my case). This is perhaps why a buyer would not be able to use Venmo to pay a stranger in person.

As per a discussion board, I was chiming in with my experience in using Venmo and why I will no longer be doing so.

 

[kdonnel]

I guess if we are strictly answering the question, then there is little inherent risk (but a potential to gain through scamming the seller as was in my case). This is perhaps why a buyer would not be able to use Venmo to pay a stranger in person.

As per a discussion board, I was chiming in with my experience in using Venmo and why I will no longer be doing so.

I use Venmo often to day the Boy Scouts for popcorn, the Girl Scouts for cookies, the snack bar at youth sports, some random photographer in Hawaii who took pictures of everyone learning to surf, another random photographer at Stingray City in Grand Cayman, etc.

All strangers but situations where I have the goods in my hands.

Someone had said they would never pay a stranger with Venmo and I am just trying to find out why? By paying strangers am I putting myself at risk? It sounds like no. That the risk around Venmo is weak seller protections and getting scammed by paying for something that will be shipped and is never shipped.

 

[tvguy]

There are a few things I take the time to prep for but the risk of a POS outage for a few hours every few years is not something I am concerned about. Not a reason to make me carry a wallet again. I haven’t carried a wallet or keys for years, just my phone.

Thinking of this post after watching NBC Nightly News tonight about the situation in North Carolina after Hurricane Helene. Lines at the one working ATM in one city because everything is cash only right now. POS systems have been down for three days now with no estimated time of when service will be restored. Anyone with a digital wallet there now just has a paper weight.

 

[kdonnel]

Thinking of this post after watching NBC Nightly News tonight about the situation in North Carolina after Hurricane Helene. Lines at the one working ATM in one city because everything is cash only right now. POS systems have been down for three days now with no estimated time of when service will be restored. Anyone with a digital wallet there now just has a paper weight.

How often does something like that happen though?

I have lived in more or less the same area for 40 years. There have been less than a handful of times in those 40 years where I have been without power for more than a few hours.

I am not going to live the 14600 days in those 40 years as though each one is a disaster. Risk management is a personal decision. I don’t see the risk that would make me carry cash.

If I lived somewhere with frequent long power outages I would invest in a generator but still wouldn’t carry cash.

If I lived somewhere with a high chance of earthquakes I would keep an earthquake kit in the cars and at home but still wouldn’t carry cash.

If I lived in a snowy climate I would keep a small shovel and a blanket in the cars but still wouldn’t carry cash.

 

[tvguy]

How often does something like that happen though?

I have lived in more or less the same area for 40 years. There have been less than a handful of times in those 40 years where I have been without power for more than a few hours.

I am not going to live the 14600 days in those 40 years as though each one is a disaster. Risk management is a personal decision. I don’t see the risk that would make me carry cash.

If I lived somewhere with frequent long power outages I would invest in a generator but still wouldn’t carry cash.

If I lived somewhere with a high chance of earthquakes I would keep an earthquake kit in the cars and at home but still wouldn’t carry cash.

If I lived in a snowy climate I would keep a small shovel and a blanket in the cars but still wouldn’t carry cash.

I live in earthquake country, and flood country. Cash is a part of any emergency kit. If you check out the issues folks are having in North Carolina right now, you might want to have a little cash around.

 

[tvguy]

How often does something like that happen though?

I have lived in more or less the same area for 40 years. There have been less than a handful of times in those 40 years where I have been without power for more than a few hours.

I am not going to live the 14600 days in those 40 years as though each one is a disaster. Risk management is a personal decision. I don’t see the risk that would make me carry cash.

If I lived somewhere with frequent long power outages I would invest in a generator but still wouldn’t carry cash.

If I lived somewhere with a high chance of earthquakes I would keep an earthquake kit in the cars and at home but still wouldn’t carry cash.

If I lived in a snowy climate I would keep a small shovel and a blanket in the cars but still wouldn’t carry cash.

Okay, U.S. Government says you can have Travelers Checks instead of cash.
https://www.ready.gov/kit

 

[kdonnel]

I live in earthquake country, and flood country. Cash is a part of any emergency kit. If you check out the issues folks are having in North Carolina right now, you might want to have a little cash around.

Having cash in an emergency kit has nothing to do with the 99.9% of the days I am not living in an emergency. No need to start carrying cash on a daily basis when I have no need.

 

[tvguy]

Having cash in an emergency kit has nothing to do with the 99.9% of the days I am not living in an emergency. No need to start carrying cash on a daily basis when I have no need.

No, but it should be in your emergency kit.

 

[wabbott]

Wish I had never clicked on this thread, LOL!! I was at the bank this morning, and as I was putting the cash in my wallet, I carefully put the bills in order and all facing the same way. I used to never bother with that, until I read this thread. All y'all DisBoarders know how to push my OCD buttons!!

 

[tvguy]

Well, I have a new issue as a cash user. I got alerts over the weekend that my debit card had been involved in an attempted fraud. Someone tried to withdraw $4,000 from my checking account at an ATM. The bank declined that. So my card has been shut off and a replacement should be here in a week. Fortunately, I had about $150 on hand, I usually have $300. But I am cut off from getting cash until the new card gets here.
I only have preliminary information on the investigation, the bank says they will call me when their investigation is complete. But the fraud officer noted that my debit card has ONLY been used inside branches of their bank. Never anywhere else, so my information had to have come from a hack in THEIR system. And the attempted fraud was at a branch of their bank, not sure if it was in branch, or an ATM. But that branch is in a city 150 miles from here.
So I will have to depend on my credit cards. I was supposed to go to lunch with friends today, at a cash only restaurant, but that got canceled due to illness.