Urban75 Home About Offline BrixtonBuzz Contact

The end of cash?

StoneRoad said:
Some interesting comments in this beeb piece.
Notably the small business owner, who says that her bank takes a cut of each and every card transaction instead of the one fee for paying in cash each week that they would prefer.
Which is one of the reasons why I will always offer cash at a small business.

www.bbc.co.uk

Banks face fines if they breach rules on access to cash

The Treasury says people should be able to get cash within three miles for rural areas, or one mile in towns.
www.bbc.co.uk

This coming weekend will include a day at a steam rally, which will be in a field [as they always are] so I'll see how many stalls will take cash.
Some of the rally organisers {especially after covid} have been able to use cash-less terminals for admission - or get you to book online, with a discounted cost.
Click to expand...
This is a bit of a myth though isn't it about bank charges? The truth is that banks / payment machine providers generally offer a range of options to businesses, with a combination of fixed monthly fees / charges per transaction / charges for cash. The businesses that are dealing with high percentage transactions on cards have often chosen that package.

My friend who has a local shop hates cash, because she doesn't pay a lot on card transactions but does end up paying loads on cash, mainly because of the time it takes her to do the physical deposits and withdrawals.
 
lazythursday said:
This is a bit of a myth though isn't it about bank charges? The truth is that banks / payment machine providers generally offer a range of options to businesses, with a combination of fixed monthly fees / charges per transaction / charges for cash. The businesses that are dealing with high percentage transactions on cards have often chosen that package.

My friend who has a local shop hates cash, because she doesn't pay a lot on card transactions but does end up paying loads on cash, mainly because of the time it takes her to do the physical deposits and withdrawals.
Click to expand...
Yeah unless you want to risk getting mugged then you probably need to pay securicor to take your cash takings to the bank.
 
lazythursday said:
This is a bit of a myth though isn't it about bank charges? The truth is that banks / payment machine providers generally offer a range of options to businesses, with a combination of fixed monthly fees / charges per transaction / charges for cash. The businesses that are dealing with high percentage transactions on cards have often chosen that package.

My friend who has a local shop hates cash, because she doesn't pay a lot on card transactions but does end up paying loads on cash, mainly because of the time it takes her to do the physical deposits and withdrawals.
Click to expand...

Nope, ime bank charges to businesses are extortionate - and always have been.
The charges are there to make the bank itself profitable.
It can take up quite a bit of time to find and maintain an account in ways that would be to your advantage, especially if your operational circumstances keep changing.
 
SpookyFrank said:
I've noticed a lot of car parks now say, 'pay with app X, no convenience charge!' which sounds like there's no extra charge relative to paying with cash. What it actually means is that the extra charge is called something else besides a 'convenience charge'.

There must be lots of places where paying with cash for parking isn't even an option any more, as it saves operators maintaining machines, collecting cash from them. Meanwhile a bunch of apps are getting paid a shit ton of 30p fees to do really not much of anything at all. I don't even use my car that much and I still somehow need four different parking apps.
Click to expand...

I'm not really a fan of cash, but yes it's shit when you have to faff to get another app.

The most bonkers I've had to deal with recently was parking in Langdale. It took cash but you needed £8.50 in change. No option to pay by contactless. You can use an app but there is no phone signal.
 
StoneRoad said:
Nope, ime bank charges to businesses are extortionate - and always have been.
The charges are there to make the bank itself profitable.
It can take up quite a bit of time to find and maintain an account in ways that would be to your advantage, especially if your operational circumstances keep changing.
Click to expand...
But the point is this isn't limited to card / contactless - it's just as much an issue for cash deposits, potentially, depending on your account. And then in comparing cash and contactless charging you have to take into account the extra time that dealing with cash requires. Its not the case that people paying in cash is necessarily cheaper for small businesses.
 
liquidindian said:
Just checked and I've withdrawn and spent £80 in cash in the last three years, none in the last year.
Click to expand...
I think this week is the first cash I’ve withdrawn for years. I get a little bit of cash for playing gigs (like, a few hundred quid a year) and that’s been more than plenty for both of us put together over the last few years.
 
brogdale said:
feel a bit sorry for you card types that you miss out on the joy of being able to pay for your shopping in loose change; always feels like a win😃
Click to expand...
But I have my account set up so it rounds all transactions up to a pound, and the 'loose change' is swept into a special savings account. When you have a big unexpected purchase to make and realise there's a hundred quid sat there, it's joyous.
 
lazythursday said:
Much as I hate banks, in this case I just don't care. It benefits me as well as the bank.

And you are basically making an argument against the concept of savings accounts.
Click to expand...
I was expressing the joy of sometimes being able to pay for my shopping with loose change and how that always, possibly irrationally, feels like a win to me; in other words the joy of cash.

You countered that with you own joy from the scheme that allows the bank to have your money. If you want an argument against savings accounts, we're living in times when price inflation more than erodes any interest that may accrue to savings.
 
brogdale said:
I was expressing the joy of sometimes being able to pay for my shopping with loose change and how that always, possibly irrationally, feels like a win to me; in other words the joy of cash.

You countered that with you own joy from the scheme that allows the bank to have your money. If you want an argument against savings accounts, we're living in times when price inflation more than erodes any interest that may accrue to savings.
Click to expand...
I don't see that there's an awful lot of difference between savings that are trouser pocket/pot on the table based and those that are bank based. But your method has terrible security and doesn't pay any interest.
 
brogdale said:
I was expressing the joy of sometimes being able to pay for my shopping with loose change and how that always, possibly irrationally, feels like a win to me; in other words the joy of cash.

You countered that with you own joy from the scheme that allows the bank to have your money. If you want an argument against savings accounts, we're living in times when price inflation more than erodes any interest that may accrue to savings.
Click to expand...

See people like you are why I prefer to scan as I go. :p
 
brogdale said:
What's the obsession with savings FFS?

Savings, really?
Click to expand...

Yeah I wish really. My car might blow up tomorrow and it would have to go on credit card. But I'm in my early 40s and think things will be way more fucked for us then it is for you by retirement.

I don't earn enough to not be able to count on not having it, but the whole idea frankly terrifies me so I'm doing the best I can.
 
strung out said:
Yeah, who the fuck needs to save for retirement, or in case of losing your job, or just to buy an expensive item that takes a while to get the money together for. Wankers, each and every saver.
Click to expand...
Well some of us need to save so the banks have money to loan to those who don't
 
MickiQ said:
Well some of us need to save so the banks have money to loan to those who don't
Click to expand...

I mean the whole system is fucked, but I don't think those the little tokens of capitalism in bits of paper/coins or on as an app on your phone make any real difference to the outcome.
 
UnderOpenSky said:
I mean the whole system is fucked, but I don't think those the little tokens of capitalism in bits of paper/coins or on as an app on your phone make any real difference to the outcome.
Click to expand...
They do to those who are excluded from the smart phone/app technology.
 
You must log in or register to reply here.

Similar threads

hash tag
The end of scab tills
26 27 28 29 30
Replies
874
Views
31K
hash tag
hash tag
story
A thread for posting memes and pisstakes of the current government, and the end of the world
9 10 11 12 13
Replies
378
Views
22K
elbows
elbows
editor
Petition: End "Prince of Wales" title out of respect for Wales
Replies
2
Views
516
spellbinder
S
RileyOBlimey
The Tories and Russian cash
Replies
19
Views
1K
The39thStep
The39thStep
elbows
End-to-end encryption propaganda campaign
Replies
1
Views
471
NoXion
NoXion
Back
Top Bottom