|
Post by steelpony10 on Aug 22, 2023 19:52:43 GMT
|
|
|
Post by Chahta on Aug 26, 2023 12:37:38 GMT
Cashless is just a matter of time IMHO. They'll need to wait for the old folks to die off that don't understand the digital world. Cash now is like lp's or cd's in the music world, everyone thought they wouldn't go away. I don't know the percentage but I think the majority of music is now digital streaming.Yep and they lost me as a customer. I don't even have any idea how to play my own music in my newer Chevy pickup. If I was a collector of music and bought a new "record" where would I keep them?
|
|
|
Post by Capital on Aug 26, 2023 12:39:59 GMT
Well - I guess you can call it a surrender. I created both Venmo and Zelle accounts for myself in the last week.
|
|
|
Post by roi2020 on Aug 26, 2023 19:22:36 GMT
I've rarely used cash over the past 4 years or so.
Purchases are made via two cash-back credit cards.
Some local restaurants/food trucks would only accept cash a few years ago. It seems like most of these businesses have now implemented Square credit card terminals.
I generally like being "cashless" but would appreciate an option to pay cash in certain situations. My barber very recently imposed a $5 surcharge for all credit card transactions. From now on, cash will be used to pay for haircuts by this barber.
|
|
|
Post by gman57 on Aug 26, 2023 19:49:39 GMT
Yup, that's what will keep cash around longer. Businesses offerings discounts when paying by cash. I see it more and more often. A new local sports bar I just went to had a 2.5% cc fee on the bill. I didn't ask but I'm guessing it was a pay by cc fee.
|
|
|
Post by catdog on Aug 26, 2023 22:38:39 GMT
Two things somewhat opposite of each other.
1. Our town clerk charges 2.5% if you use credit card.
2. Fidelity credit card occasionally offers a 20% bonus cash back on anything you charge over $4000 during a two month period. The best part is it's not limited to one category, however you are only allowed to benefit an extra $20.
Catdog
|
|
|
Post by waffle2 on Aug 27, 2023 19:36:15 GMT
Yup, that's what will keep cash around longer. Businesses offerings discounts when paying by cash. I see it more and more often. A new local sports bar I just went to had a 2.5% cc fee on the bill. I didn't ask but I'm guessing it was a pay by cc fee. Not really. You could do digital payment. PayPal venmo etc in USA. India has govt run digital payment system which is hugely successful. Even street hawkers in india take digital payments. I tried to give check to plumber and he was like you are joking right. Please venmo.
|
|
|
Post by bizman on Sept 8, 2023 1:37:17 GMT
I must have some Swiss in me, as the following article talks about a movement in Switzerland to guarantee the ability to pay in cash. Not that everyone will for every transaction (including me), but to eliminate the choice would be a rather radical thing that even many youngsters wouldn't seem to want, at least if they thought about it deeply. What about negative interest rates, the state eliminating all privacy, power outages especially circa natural disasters or cyber wars or something? What about the 3%-5% of GDP rake that goes to the credit card companies? Better as a choice than a birthright, no? Those most eager for the elimination of cash seem to want total control. Pair that with the surveillance state and no wonder you have phenomena like Oliver Anthony and his viral hit "Rich Men North of Richmond." Just my $.02, which is not yet only digital. Can Cash Ever Die?
|
|
|
Post by Mustang on Sept 8, 2023 14:48:20 GMT
Technically, cash can not go away in the United States and someone who refuses to take cash in the settlement of a debt may be breaking the law. Printed on every US dollar is "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE."
I wonder what the outcome would be if a no cash policy was challenged in court?
|
|
|
Post by gman57 on Sept 8, 2023 14:56:46 GMT
Technically, cash can not go away in the United States and someone who refuses to take cash in the settlement of a debt may be breaking the law. Printed on every US dollar is "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE." I wonder what the outcome would be if a no cash policy was challenged in court? Things change.... they also used to be silver certificates. No worries.... we'll be loooooonnnggggg gone by that time. Another item to put on the "do not care or think about" list. :^)
|
|
|
Post by yakers on Sept 8, 2023 15:08:41 GMT
Technically, cash can not go away in the United States and someone who refuses to take cash in the settlement of a debt may be breaking the law. Printed on every US dollar is "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE." I wonder what the outcome would be if a no cash policy was challenged in court? The dollar could just be defined as also/only digital and still be 'legal tender'
|
|
|
Post by Mustang on Sept 8, 2023 15:22:48 GMT
Technically, cash can not go away in the United States and someone who refuses to take cash in the settlement of a debt may be breaking the law. Printed on every US dollar is "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE." I wonder what the outcome would be if a no cash policy was challenged in court? The dollar could just be defined as also/only digital and still be 'legal tender' Yes, but they would have to change federal law. Neither individual companies nor state governments have authority over our currency.
P.S. I rarely use cash. I'm lucky to have a few dollars in my wallet.
|
|
|
Post by Chahta on Sept 9, 2023 0:13:27 GMT
Technically, cash can not go away in the United States and someone who refuses to take cash in the settlement of a debt may be breaking the law. Printed on every US dollar is "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE." I wonder what the outcome would be if a no cash policy was challenged in court? ....unless there is a change in law. I would not put that past anyone.
|
|
|
Post by archer on Sept 9, 2023 0:40:44 GMT
Technically, cash can not go away in the United States and someone who refuses to take cash in the settlement of a debt may be breaking the law. Printed on every US dollar is "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE." I wonder what the outcome would be if a no cash policy was challenged in court? Business are not really equipped to handle large quantities of cash. I can imagine if you went to a car dealership and tried to pay cash for a new car, you could run into some difficulty. Even obtaining large amounts of cash has some obstacles compared to paying with checks due to home land security. For small transactions, many businesses have signs that they reserve the right to refuse services to anyone. There are laws prohibiting some of the possible reasons for refusing service, and as of yet, the customer insisting on paying with cash isn't one of them. The law might need to address this before too long.
|
|
|
Post by Mustang on Sept 9, 2023 12:14:18 GMT
Technically, cash can not go away in the United States and someone who refuses to take cash in the settlement of a debt may be breaking the law. Printed on every US dollar is "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE." I wonder what the outcome would be if a no cash policy was challenged in court? Business are not really equipped to handle large quantities of cash. I can imagine if you went to a car dealership and tried to pay cash for a new car, you could run into some difficulty. Even obtaining large amounts of cash has some obstacles compared to paying with checks due to home land security. For small transactions, many businesses have signs that they reserve the right to refuse services to anyone. There are laws prohibiting some of the possible reasons for refusing service, and as of yet, the customer insisting on paying with cash isn't one of them. The law might need to address this before too long. I agree. We have been moving away from cash a long time now. Just as we moved away from gold we will move away from printed paper.
|
|
|
Post by FD1000 on Sept 10, 2023 11:21:28 GMT
We always embraced technology. We hardly use cash anymore. Our CC (credit cards) have cashback. The Fidelity CC pays 2% on everything. The Pended CC pays 5% on any gas if you fill at the pump. Another Pended CC pays 2% around the world and there are zero fees when you use abroad. See ( www.penfed.org/credit-cards) It gets better. We started using Google pay a couple of years ago, which means no one sees our card and less likely to lose them. We also use PayPal, Vemno and Zelle for years now. Last year when we were in vacation in the UK(England, Wales, and Scotland) we used our CC almost every where. In London we used Google pay for their public transportation and loved it. Using CC is safer, easier, faster and we make money with the cashback. I also found a very thin wallet on Amazon because I don't carry coins anymore. I just carry several cards and $20 just in case.
|
|
|
Post by bizman on Sept 14, 2023 13:30:43 GMT
Interesting that the cyberattacks in Las Vegas have reduced things to an analog-only mess. The slot machines can't spit out the paper vouchers so employees are rushing around paying cash to gamblers. Doesn't sound like a lot of fun. Sounds like it would be worse without the old standby of analog cash. Hopefully our betters thoroughly think through the edge cases before they trap us in a gleaming digital-only tomorrow that means hackers can bring life to a halt. The Cyberattack That Sent Las Vegas Back in Time - WSJ
|
|
|
Post by yakers on Sept 14, 2023 15:13:40 GMT
Interesting that the cyberattacks in Las Vegas have reduced things to an analog-only mess. The slot machines can't spit out the paper vouchers so employees are rushing around paying cash to gamblers. Doesn't sound like a lot of fun. Sounds like it would be worse without the old standby of analog cash. Hopefully our betters thoroughly think through the edge cases before they trap us in a gleaming digital-only tomorrow that means hackers can bring life to a halt. The Cyberattack That Sent Las Vegas Back in Time - WSJGood time to insert counterfeit paper currency?
|
|
|
Post by Norbert on Sept 14, 2023 22:36:00 GMT
I mostly use cards for convenience and to avoid foreign exchange hassles.
A big exception is on Crete, where prices are often very different depending on whether I pay cash and get no receipt; or pay with a card. It's a widespread practice with an obvious motivation.
With one builder I wasn't even given a choice: cash only please! No receipt. (As far as honesty goes, no Greek will ever go back on his word. No worries on that front.)
|
|
|
Post by anovice on Sept 16, 2023 9:05:58 GMT
|
|
|
Post by Mustang on Sept 16, 2023 9:41:05 GMT
I don't use many paper checks but I still use them. Mostly for donations to charities. I use cash mostly for tips and I absolute refuse to put a two dollar charge on my credit card. I reconcile my credit cards every month and those little charges make it take a lot longer. But I probably one of the few that do that. The younger generation simply swipe their phones and walk away leaving the receipt behind.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Sept 16, 2023 12:59:49 GMT
I write two checks per year for property taxes. My county charges a fee for card use. I had a habit of keeping cash in the house for emergencies. I'm now laundering it via gifts to children and grandchildren.
|
|
|
Post by Chahta on Sept 16, 2023 13:11:25 GMT
I write two checks per year for property taxes. My county charges a fee for card use. I had a habit of keeping cash in the house for emergencies. I'm now laundering it via gifts to children and grandchildren. You can give $17k each, per year, to whomever you want. Only requirement is that you don't go over $11-12m total lifetime (forget exact amount). No laundering required.
|
|
|
Post by Chahta on Sept 16, 2023 13:14:27 GMT
Business are not really equipped to handle large quantities of cash. I can imagine if you went to a car dealership and tried to pay cash for a new car, you could run into some difficulty. Even obtaining large amounts of cash has some obstacles compared to paying with checks due to home land security. For small transactions, many businesses have signs that they reserve the right to refuse services to anyone. There are laws prohibiting some of the possible reasons for refusing service, and as of yet, the customer insisting on paying with cash isn't one of them. The law might need to address this before too long. I agree. We have been moving away from cash a long time now. Just as we moved away from gold we will move away from printed paper. The only "difficulty" would be any cash transaction over $10k must be reported to the IRS. Quite sure any car dealer can handle it and is most likely common. I have never run into any business that refuses cash. They are stupid business people if they refuse. We had a business property we sold 5 years ago. The buyers had cash but the escrow company did not want that much cash. The buyer got a shill buyer to pay with a check.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Sept 16, 2023 13:23:30 GMT
I write two checks per year for property taxes. My county charges a fee for card use. I had a habit of keeping cash in the house for emergencies. I'm now laundering it via gifts to children and grandchildren. You can give $17k each, per year, to whomever you want. Only requirement is that you don't go over $11-12m total lifetime (forget exact amount). No laundering required. The "laundering" comment was meant in jest. I laugh every time I give them cash because they look at me quizzically wondering what the stuff is. BTW, they do accept it.
|
|
|
Post by FD1000 on Sept 16, 2023 13:27:22 GMT
In my city "Please note: Effective March 1, 2023, a 3% service fee will apply to online and in person debit/credit card payments". This is why I need to go in and pay with a check. It used to be free paying online if you used your bank.
|
|
|
Post by Chahta on Sept 16, 2023 13:50:04 GMT
You can give $17k each, per year, to whomever you want. Only requirement is that you don't go over $11-12m total lifetime (forget exact amount). No laundering required. The "laundering" comment was meant in jest. I laugh every time I give them cash because they look at me quizzically wondering what the stuff is. BTW, they do accept it. Got it. I have to be honest. My 93 YO mother does the same for her kids.
|
|
|
Post by Chahta on Sept 16, 2023 13:51:59 GMT
In my city "Please note: Effective March 1, 2023, a 3% service fee will apply to online and in person debit/credit card payments". This is why I need to go in and pay with a check. It used to be free paying online if you used your bank. My utility companies charges a fee. I use Schwab Bill Pay or auto pay for any payment that has a charge.
|
|
|
Post by archer on Sept 16, 2023 15:14:54 GMT
Some businesses are not yet set up to receive payment electronically. I pay online through my bank for my propane bill (rural area) When I request my bank to send them a payment, my bank writes them a paper check and mails it to them. My GF is building a house and pays the contractors the same way. It's a free service from the bank and less hassle on our end.
|
|
|
Post by yakers on Nov 1, 2023 1:58:22 GMT
From my favorite financial writer, Matt Levine, it looks like coins are not always legal tender:
Pennies, nickels, dimes and quarters might be legal tender but more than 6,500 pounds of loose change is not a proper form of payment, a Colorado judge ruled last week after a defendant attempted to deliver $23,500 in coins to settle a legal dispute.
The judge, Joseph Findley, of Larimer County, said that the delivery of more than three tons was done “maliciously and in bad faith,” and that the defendant, a welding company, must now pay more for its act. ...
JMF Enterprises attempted to make a “nighttime delivery” to Fired Up Fabrications but company officials rejected it because they at first thought it was a forklift being delivered, according to the judge’s order.
On Aug. 28, the following Monday, “an attempt was made to deliver a heavy metal container of coins that required a forklift to move” to lawyers for Fired Up Fabrications, the order said, but it was “physically impossible” to deliver. …
In the order, Judge Findley said that while coins were legal tender, paying such a large settlement in coins would reduce the settlement because of the time and expense required to accept it.
He said photographs showed that the coins had also been removed from neatly organized boxes and dumped “loosely and randomly” into a metal container.
The judge ordered JMF Enterprises and Mr. Frank to pay additional fees related to the costs of extending the case and dealing with the coin payment.
|
|