Coinkat - Why do you think credit card companies are so profitable? They skim a percentage on both ends of every transaction. As more people use cards instead of cash, the card companies make more money for doing almost nothing. Paypal is just an added layer of corporate theft. Credit card companies are in the same position as the "house" in a casino - they always win.
Note: In 2016 US retail sales were approximately $5,484.9 billion. If credit card companies handled all of this at a net of 1.5% for front and back transactions, they would have $82.2 billion in revenue. Their actual revenue would be greater due to sliding transaction fees, consumer interest charges and other fees, plus accrued interest.
At some point in the future cash will not exist, only in small underground circles. Those with cash will be prosecuted and put into jail. Everyone will have a RFID chip inserted in their wrist and your employer will pay you with Digidollars. You then swipe your wrist at a POS to purchase goods. Digidollars can also be transferred from person to person. Big brother will track everything you purchase, pretty much happening now with debit cards and credit cards. Wouldn't health care providers love to know what you eat? Consume large amounts of high fructose corn syrup, a reason to bump up your premiums, no? Sounds like a Ray Bradbury novel.
Seems you may have missed my earlier post in this thread.
I have a reasonable understanding how banks that issue credit and debit cards are making money. And the problem is not just fees and the percentage taken on both sides of the transaction. Nor is it just the interest rates. The real problem is the consumer debt created and that debt has grown to levels that are just not sustainable without long term economic consequences. Some debt is required for growth, but that debt cannot become such a burden that debt moves center stage to overshadow growth and fiscal responsibility. And just to be clear, I am disgusted by this.
The reason for my comic relief comment is simply that I am unable to accept that any company, whether it be Paypal or whoever, could even remotely influence elected members of Congress that cash is evil or is somehow no longer needed in our economy. I suppose this really is not funny if such an irresponsible concept is seen as viable.
Experience the World through Numismatics...it's more than you can imagine.
RE: "Big brother will track everything you purchase, pretty much happening now with debit cards and credit cards. Wouldn't health care providers love to know what you eat?" and similar.
Big Brother is corporate not government. Companies already know more about you and your property, likes, dislikes that any government agency individually or combined! You cannot control the use/misuse and distribution of your personal information and it is corporations doing this. The personal data companies make the KGB/FSB look like toddling neophytes.
I have boarded planes many, many times with over $10K in cash.... never had an issue... used to wear a money belt, but with the X-ray, I stopped that and just put it in my carry on...Although with the expedited boarding privilege, which just used the metal detector, I wore the money belt again the last time. I do not believe we will see a cashless society in the next 50-100 years... too much of a burden on the lower economic scale....
I never have an issue at my bank or credit union with cash...must be the small town environment. Cheers, RickO
Chase bank has become a real problem getting over $1500 or so in cash. They want something with a SSN on it, before they'll give it to you. Also, they only use ATM's behind the teller windows now inside of the branch. The teller will retrieve the cash from the machine, and hand it to you without even counting it. When I asked about this, I was told the machine doesn't make mistakes. They really didn't like it while I stood there and counted it anyhow.
I think this just makes the argument that bank teller will be replaced by automated robots soon enough. I think in the next 10 years they will shut a lot more branches down. They are terrible. Banks have gotten terrible. Customer service is non existent in the banking industry. Maybe the tellers know this and that's why they're so grumpy?
Well, for the most part teller activity is cost/overhead/expense and adds little to the bottom line. Sillyass policies like that don't help matters either.
I never had a problem getting cash when I had it in my account, but I'm a boyscout so have nothing to fear. The US is the biggest money laundering country for people from other countries, I don't know why they would be harassing US bank account holders unless they can prove you did something wrong. India has gone crazy with new laws, bound to backfire. There are common sense high tech methods the authorities could use to interdict improper avoidance methods, we have a lot of people out of work, why not put them to work connecting the dots on real criminals especially those from other countries who are using our systems falsely? There will always be cash and coins, too bad the next generations are so computer and virtual reality-centered instead of taking pride in numismatics and its rich history in the US.
It's not just the tax evaders and money launderers, or drug lords your bank thinks you might be doing cash transactions, "controls "also help to keep identity theives from stealing your money from your account.
For a stranger to a bank staff, don't be surprised at paperwork. If your bank people Know you and still give a non required hastle, it's cuz they think you're a PITA
Corporate banks exert influence over the government, and pull the strings in many cases. What the banks want, they often get, like trillion-dollar bailouts for example. Has the general population ever received any such thing ? No, unless you want to consider the paltry-by-comparison $300 per person Bush "tax rebate".
Banks want cashless society. You can't cut out the ever-present middleman (the bank) in a cashless transaction. But the main reason that banks don't want you to have cash is that they can't charge you a negative interest rate on your cash like they could on your account balance.
M0 is down slightly since 2014, but people are demanding less currency as cash-less transactions are more convenient . As long as the US remains a capitalist country, some of the capital will be in the form of currency. I have not had any issues.
Robert Scot: Engraving Liberty - biography of US Mint's first chief engraver
We walked to dinner last night from our hotel. After looking around we decided on two options. One was cash only. The other was cashless. They where virtually next door to each other I can see advantages in both. Neither one bothered me
mark
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
At the Baltimore coin show years ago I deposited a large amount of cash at the local bank and the bank employee seemed miffed to have to go through the form filing process: https://en.wikipedia.org/wiki/Currency_transaction_report
Also years ago I sold 3 cords of wood to a customer, stacked it, a lot of labor and they gave me a check made out to cash: I went to their bank, Chase, which after taking down my information, driver's license, etc. handed it back to me refusing to cash the check, I'm sure I got reported to. Weird, maybe a bank clerk was trying to collect a rat fink's finder's fee on a "suspicious activity report".
@topstuf said:
One of my banks won't change a 100 into 5 20's without making a deposit and withdrawal simultaneously.
The other takes the 100 and hands back 4 20's..... wait, no...... 5 20's.
Guess which bank I change bills at.
Balancing a checkbook with "mystery" entries is just confusing and silly.
Never have a problem exchanging $100s for $20s at my bank, usually $400 to $600 at a time but my favorite way to break a $100 is paying for a couple of bananas at Walmart or the grocery store.
it's crackers to slip a rozzer the dropsy in snide
to echo Bailey, why does it give people joy in aggravating other people. it reminds me of the stories that pop up every so often about the jerk who pays a bill in pennies. instead of doing that sort of stuff it seems easier and wiser to just go along to get along.
Comments
I hope that you are just trying to add a little comic relief Eagle Eye...
Experience the World through Numismatics...it's more than you can imagine.
Coinkat - Why do you think credit card companies are so profitable? They skim a percentage on both ends of every transaction. As more people use cards instead of cash, the card companies make more money for doing almost nothing. Paypal is just an added layer of corporate theft. Credit card companies are in the same position as the "house" in a casino - they always win.
Note: In 2016 US retail sales were approximately $5,484.9 billion. If credit card companies handled all of this at a net of 1.5% for front and back transactions, they would have $82.2 billion in revenue. Their actual revenue would be greater due to sliding transaction fees, consumer interest charges and other fees, plus accrued interest.
At some point in the future cash will not exist, only in small underground circles. Those with cash will be prosecuted and put into jail. Everyone will have a RFID chip inserted in their wrist and your employer will pay you with Digidollars. You then swipe your wrist at a POS to purchase goods. Digidollars can also be transferred from person to person. Big brother will track everything you purchase, pretty much happening now with debit cards and credit cards. Wouldn't health care providers love to know what you eat? Consume large amounts of high fructose corn syrup, a reason to bump up your premiums, no? Sounds like a Ray Bradbury novel.
RogerB
Seems you may have missed my earlier post in this thread.
I have a reasonable understanding how banks that issue credit and debit cards are making money. And the problem is not just fees and the percentage taken on both sides of the transaction. Nor is it just the interest rates. The real problem is the consumer debt created and that debt has grown to levels that are just not sustainable without long term economic consequences. Some debt is required for growth, but that debt cannot become such a burden that debt moves center stage to overshadow growth and fiscal responsibility. And just to be clear, I am disgusted by this.
The reason for my comic relief comment is simply that I am unable to accept that any company, whether it be Paypal or whoever, could even remotely influence elected members of Congress that cash is evil or is somehow no longer needed in our economy. I suppose this really is not funny if such an irresponsible concept is seen as viable.
Experience the World through Numismatics...it's more than you can imagine.
RE: "Big brother will track everything you purchase, pretty much happening now with debit cards and credit cards. Wouldn't health care providers love to know what you eat?" and similar.
Big Brother is corporate not government. Companies already know more about you and your property, likes, dislikes that any government agency individually or combined! You cannot control the use/misuse and distribution of your personal information and it is corporations doing this. The personal data companies make the KGB/FSB look like toddling neophytes.
I have boarded planes many, many times with over $10K in cash.... never had an issue... used to wear a money belt, but with the X-ray, I stopped that and just put it in my carry on...Although with the expedited boarding privilege, which just used the metal detector, I wore the money belt again the last time. I do not believe we will see a cashless society in the next 50-100 years... too much of a burden on the lower economic scale....
I never have an issue at my bank or credit union with cash...must be the small town environment. Cheers, RickO
Well, for the most part teller activity is cost/overhead/expense and adds little to the bottom line. Sillyass policies like that don't help matters either.
Baley, that's a POTD!!!
I never had a problem getting cash when I had it in my account, but I'm a boyscout so have nothing to fear. The US is the biggest money laundering country for people from other countries, I don't know why they would be harassing US bank account holders unless they can prove you did something wrong. India has gone crazy with new laws, bound to backfire. There are common sense high tech methods the authorities could use to interdict improper avoidance methods, we have a lot of people out of work, why not put them to work connecting the dots on real criminals especially those from other countries who are using our systems falsely? There will always be cash and coins, too bad the next generations are so computer and virtual reality-centered instead of taking pride in numismatics and its rich history in the US.
It's not just the tax evaders and money launderers, or drug lords your bank thinks you might be doing cash transactions, "controls "also help to keep identity theives from stealing your money from your account.
For a stranger to a bank staff, don't be surprised at paperwork. If your bank people Know you and still give a non required hastle, it's cuz they think you're a PITA
Liberty: Parent of Science & Industry
Corporate banks exert influence over the government, and pull the strings in many cases. What the banks want, they often get, like trillion-dollar bailouts for example. Has the general population ever received any such thing ? No, unless you want to consider the paltry-by-comparison $300 per person Bush "tax rebate".
Banks want cashless society. You can't cut out the ever-present middleman (the bank) in a cashless transaction. But the main reason that banks don't want you to have cash is that they can't charge you a negative interest rate on your cash like they could on your account balance.
M0 is down slightly since 2014, but people are demanding less currency as cash-less transactions are more convenient . As long as the US remains a capitalist country, some of the capital will be in the form of currency. I have not had any issues.
We walked to dinner last night from our hotel. After looking around we decided on two options. One was cash only. The other was cashless. They where virtually next door to each other I can see advantages in both. Neither one bothered me
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
At the Baltimore coin show years ago I deposited a large amount of cash at the local bank and the bank employee seemed miffed to have to go through the form filing process: https://en.wikipedia.org/wiki/Currency_transaction_report
Also years ago I sold 3 cords of wood to a customer, stacked it, a lot of labor and they gave me a check made out to cash: I went to their bank, Chase, which after taking down my information, driver's license, etc. handed it back to me refusing to cash the check, I'm sure I got reported to. Weird, maybe a bank clerk was trying to collect a rat fink's finder's fee on a "suspicious activity report".
Never have a problem exchanging $100s for $20s at my bank, usually $400 to $600 at a time but my favorite way to break a $100 is paying for a couple of bananas at Walmart or the grocery store.
it's crackers to slip a rozzer the dropsy in snide
to echo Bailey, why does it give people joy in aggravating other people. it reminds me of the stories that pop up every so often about the jerk who pays a bill in pennies. instead of doing that sort of stuff it seems easier and wiser to just go along to get along.