presume your business insurance also covers cash on the premises?
@whitestine only in a day to day takings way - as it gets banked daily, postoffice on site I admit is a big bonus. Postoffice then have to deal with it and it becomes their responsibility.
Im actually am over paying for the insurance as my cash takings have reduced so much. I'm also surprised how irregularly other buisness in the area bank their cash takings (once a week or less), even when they drive past us or even by their lunch with us daily.
I knew we'd started something similar...
https://singletrackworld.com/forum/topic/goodbye-to-the-cashless-society/
Another point: my daughters are 7 and 10.
They both receive pocket money as bank transfers direct to their accounts; they have contactless cards that they use in shops and online; and they check their balances etc via a phone app or Alexa.
I assume there is no fee, and you cant "go in to the red" on these.
Removes the "physical cash is a necessity for poorer people to budget their week" arguement.
Although would be an issue for the street sleeping homeless.
allowing them to provide you (as a consumer) with a free bank account,
Buisness bank accounts are not free....... Also my personal account isn't free, they have my cash in the bank to invest in any way they see fit..... Hense the crash in 2007.....🙄 Nothing is free I agree, including using a debit card.
Regards bank accounts for minors - they are 'fee less' but not free, the other bank customers and to some extent the card transaction they make pay for the small cost of creating and administration on their accounts. It also good marketing as your not all that likely to change banks.
I did hear that bitcoin was less anonymous than the more recent competition. Your friend might want to research, if he/she/it hasn’t already done so.
All the transactions are completely public as the blockchain is public (one of the great 'advantages' of crypto). The problem is tying user IDs to real people, but once you manage it, that person's entire transaction history is there for all to see. Find a dealer and you know exactly how much they've been dealing and to how many users, just not who they are in real life....
Another point: my daughters are 7 and 10.
They both receive pocket money as bank transfers direct to their accounts; they have contactless cards that they use in shops and online; and they check their balances etc via a phone app or Alexa.
My nephews and nieces all use GoHenry - a debit card for kids which their parents can control / manage. I just transfer B'day or Xmas money direct to that.
yep, allowing them to provide you (as a consumer) with a free bank account, a free debit card and a free credit card, along with free to use websites to check your balance, and view transactions in near-realtime, a free callcentre to contact if you have concerns and (in all likelyhood) a free overdraft as well.
Someone’s got to pay for it
Correct me if I'm wrong, but I thought the whole bank business model was based on you paying your wages in, and they use yours and millions of other peoples wages to make investments, that's how banks make money, that and interest payments on loans.
Charging for a current account is just taking the piss.
and they use yours and millions of other peoples wages to make investments,
no longer allowed, investment banks and consumer accounts must be kept separate.
They make their money on fees (overdrafts) and loans / mortgages, borrowing money at a lower rate than they lend it to end users.
Low interest rates are hitting consumer bank profitability, hence their share prices are all suppressed right now.
I assume there is no fee, and you cant “go in to the red” on these.
We as parents pay an annual fee (£45 a year). Their cards can't go into the red and the three digit codes that are normally on the bac of a card are one-time disposable codes generated from the app. We get notifications whenever they use the card and can see their balances at any time. The app also lets you set chores and jobs to earn pocket money.
We use https://roostermoney.com/ but there are other similar services.
Gone are the days where you pay to put cash in a vault.
Local druggies are busy round me, especially whoever sells the silver canisters
If you're referring to Nitrous Oxide canisters then you can buy them on eBay from kitchen supply companies, it's surprising the amount of people that want to make whipped cream, especially during festival season.
Wonder what the effect would be of a cashless society for Junkies and Drug dealers
As others have said there is plenty of drugs being sold online so I think for all but the poorest of drug users (that can't afford a laptop/ smartphone) then it won't make much of a difference other than probably reducing prices and making things generally less dangerous for users.
All the transactions are completely public as the blockchain is public
From what I understand there are other Crypto currencies that are more anonymous, such as Monero. Some Darkweb Markets now only accept Monero for this reason.
GoHenry is £2.99 / month charged to the parent.
no longer allowed, investment banks and consumer accounts must be kept separate.
They make their money on fees (overdrafts) and loans / mortgages, borrowing money at a lower rate than they lend it to end users.
Low interest rates are hitting consumer bank profitability, hence their share prices are all suppressed right now.
Oh I didn't realise that - there are probably loopholes though, can the consumer side of the bank make a cheap 'loan' to the investment side? 😀
I had to dig out a 1 Euro coin the other day for a trip to Sainsburys for the trolley (1 euro = £1 for unlocking them).
I did find it annoying that I had no £1 coins when I wanted to use the garage jetwash the other day but the idea of going to the cash machine to withdraw a note, going into a corner shop to break that note etc was too much like hard work.
@footflaps would you not class overdrafts, loans mortgages etc as investment for the banks. It may be domestic rather than corporate, but it's the same thing?
Edit - reread your post I see what you mean now....
Would love some data on card machine takings though 😁
but the idea of going to the cash machine to withdraw a note, going into a corner shop to break that note etc was too much like hard work.
The consensus on this thread seems to be that you should have flagged down a passing coke dealer 😉
I like cash, I'd be sad to see it go. I normally draw £100 at a time which does me three weeks or more in the current regime. Typically we'll do a weekly shop in the supermarket for the boxes, tins, household stuff, and local shops and the market for fresh. Usual market shop would be: butcher, fishmonger, pie shop, bakery, veg greengrocer, fruit greengocer, cheese/dairy shop. I paid cash in the hardware store today too, finally putting up proper anchor points for the TRX after I needed the big G-clamp for an actual joinery task. No online banking for me yet, though I suspect it's getting closer. I'm content with PayPal for now as a stop gap. I like not having to worry much about phone or laptop security since neither is a gateway to accounts.
GoHenry is £2.99 / month charged to the parent.
Is that with a card? Rooster is £1.99/month without a card or £24.99 a year with card.
https://roostermoney.com/gb/pricing-fees-and-limits/
No online banking for me yet.. I like not having to worry much about phone or laptop security
I'd say that most online banking is considerably more secure than cheques, cash, and/or a deposit book. Most banking apps will require fingerprint or the like. Many require two-factor authentication. e.g. NatWest send you a physical card reader to verify certain actions such as adding new payees.
yep, allowing them to provide you (as a consumer) with a free bank account, a free debit card and a free credit card, along with free to use websites to check your balance, and view transactions in near-realtime, a free callcentre to contact if you have concerns and (in all likelyhood) a free overdraft as well.
Someone’s got to pay for it
Business bank accounts are absolutely not free!! Also, there seems to be some confusion on this thread about where the fees paid by the retailer for using card machines go. Particularly in the case of small businesses the answer is not their bank. I use an izettle card reader in my business (as do a lot of others) so the fee paid on each transaction goes to izettle - or more specifically paypal as they own izettle. They also hold on to all of the money taken via cards, usually for at least a couple of weeks, before paying it in to my business account.
Didn't visa card services go down a while ago? Going cashless is great, until there is some kind of network or software issue.
Also, if we went completely cashless, I'd bet a crisp £20 note, the banks will suddenly put their charges up.
I’d say that most online banking is considerably more secure than cheques, cash, and/or a deposit book. Most banking apps will require fingerprint or the like. Many require two-factor authentication. e.g. NatWest send you a physical card reader to verify certain actions such as adding new payees.
As a Yorkshireman I avoid most of that simply by receiving money from others and then not spending it.
Is that with a card? Rooster is £1.99/month without a card or £24.99 a year with card.
Don't know, as we don't have kids, I just did a quick Google as was intrigued to see what it was costing my brothers...
Old people like cash and they turn up to vote so it's probably going nowhere.
There couldn't be too much complaint about getting rid of coppers though. Unless there is high demand for penny sweets.
As a Yorkshireman I avoid most of that simply by receiving money from others and then not spending it.
As a Scotsman I thoroughly approve of this approach. 😁
Imagine if every transaction, large and small, in every shop, buy every vendor was by card with a 1.25% fee that’s millions/billions a year going to the banks in fees….
There's a fairly substantial global ecosystem being supported by that 1.25%.....
Someone paid me in cash a couple of weeks ago - £550. It is in my desk drawer as my bank (HSBC) have closed my nearest three branches over the last 12 months. So my local branch is 11 miles away in the city centre where parking is a real pain. I can't pay cash into my business account at the local post office for some random reason. So it sits in my desk drawer waiting for the next time I have to go into town which frankly could be months. The client had the cheek to ask if I did a discount for cash!
The only cash I have in my wallet is 60 euros from a trip to Spain in October 2019. I didn't change it back to sterling because I knew I was going to France in April 2020. I will get to spend it one day though.
That's a good point - quite often some online service or other goes down due to hacking or ineptitude, then i'm glad I keep £20 or £30 in my wallet whist everyone else is freaking out.
It's like the modern day equivelent of a powercut, it sucks if you don't have some candles and some wood to burn.
There couldn’t be too much complaint about getting rid of coppers though. Unless there is high demand for penny sweets.
Charities make millions out of coppers. All those charity tins on checkouts, pub bars, fast food tills and so on. People pay with a tenner, get a load of change including a handful of coppers, the coppers go into the tin.
They've already seen a massive dent in takings as more and more people go contactless, obviously lockdown has had a huge impact too but every time there's talk of phasing out coppers, the charities fight back big time.
Pub landlord here.... my view... (high turnover pub & hotel in a city for reference)
We considered stopping taking cash pre-covid but decided it wasn't worth the constant arguments with punters who 'didn't see' the signs, and claim not to have a debit card for a £5 drink. Since COVID we have not taken cash, and it's been brilliant. Not going back to accepting cash when things all get back to normal.
Pro's and cons:
pros:
-Card machine is cheaper (0.03 pence per transaction, plus small monthly fees)
-Most transactions are contactless so quicker to serve customers.
-No cost of buying change anymore. We typically bought £2k worth of change from bank per week at 1-1.5% withdrawal fee (£30 per week, or £1560 per year!)
-Our managers spend around 10 hours per week cashing up and doing banking. They cost about £20ph so that's £10.4k per annum of labour cost saved.
-No money goes missing from theft.
-Not taking cash all acts as a 'virtual bouncer' in that the customers most likely to harass staff, shit themselves on the gents floor, linger at the bar hassling young barmaids etc now have no method of buying something so leave immediately without causing hassle...
Cons:
-We lose some sales. There is type of customer who pays in fifty pound notes as a status thing, and they walk out. The South Wales tourists seem to use cash a lot too.
Other thoughts: a lot of pubs/takeaways etc that only accept cash are obvs taking the piss and underdeclaring their income from it for tax purposes, very easy to do. First pub/club I worked in twenty years ago had a 'card and cash till' and 'just cash till' quite obviously so that they could not declare the cash till but still show income, easily hidden in poor GP%, excessive line cleaning that never happened etc.
My friend paid his builder £25k cash for an extension, I'm sure that never saw HMRC so I feel like I'm helping society stopping the tax-dodgers who don't wan't to chip in to society like I do. But at the very lowest level I do feel the government should create a bank (the post office??) for those in society the banks won't allow to have even accounts & basic debit cards. Everyone should have access to a bank account and debit card as a right I feel.
Overall though we won't be going back.
We were having a discussion maybe 20 years ago that the only folk worth mugging in the future would be the poor as no one else would be carrying cash. I can't recall the last time I carried cash. Maybe when a group of us were going out for a meal as that made it easier to split the bill but the restaurants are all fine with multi card payments now. There's a reusable token in the car for shopping trolleys and a few coins for parking meters where they don't take contactless or app payment.
Pub landlord here….
In my local (when such things were allowed) my drinking group just has a pot behind the bar with our name on it. We all stick in £20 when we arrive. There will usually be a second round of £10 or £20 put in if it is a decent session. Anything left over is just left in the pot for next week.
So that's cash.. but in a pretty minimalist, no change kind of way. 😀
In my local (when such things were allowed) my drinking group just has a pot behind the bar with our name on it.
My friends and I use splitwise.
Doesnt actually transfer the money, just keeps track of it. So you can add every spend by every person, and then it will tell you who owes who what.
If its and ongooing group, just a quick look at who's in the red and who's in the black can determine who's round it is, and you can keep going indefinitely, never actually transfering any money, potentially only being a few quid up or down at any point.
Didn’t visa card services go down a while ago?
Yes, but some acquirers stood in for them. MasterCard have also gone done in the last 3 years - which is why I have more than one card brand in my wallet. And £30 in cash.
I’m looking forward to the day that cash, cards and phones are all gone. Just whack a chip in me that lets me use my eyes to pay or something. The less crap to have to shove in my pockets the better.
I actually got given cash at Christmas by the MIL, because the shops were too covid riddled to go and buy an Amazon voucher, but cash points are clean as a whistle? Not that I wanted or needed either. It's still sat in my wallet being useless, where am I going to spend it eh? I joked about rolling a note up really right and cramming it into my phone to use online...
All our food is delivered at present, I barely ever went to the pub before it was shut, anything else I want to buy I tend to go online.
When the apocalypse kicks off properly money (physical or on a server) will have zero value, the only things that we'll be using as currency will be shotgun cartridges, bog rolls and nectar points I assume...
But at the very lowest level I do feel the government should create a bank (the post office??) for those in society the banks won’t allow to have even accounts & basic debit cards
Instead they forced the big banks to offer Basic Bank Accounts - a bit like a prepaid card, you can't spend the money that you don't have, every transaction is authorised online. Not perfect but could be made universal - and costs the government nothing, they just tell the banks it's a condition of doing business.
The US did something similar at the end of the 90s, paying benefits onto special purpose debit cards that could only be used in certain types of shop e.g. supermarkets but not liquor stores.
As a small business I still take cash. And I still pay for things in cash on a regular basis.
Indeed, that's one of the key reasons for getting rid of it IMHO. (Not you specifically, but cash transactions in general)
Everyone should have access to a bank account and debit card as a right I feel.
Metro Bank do a basic cash account for exactly this purpose
I hate cash - I pay for pretty much everything by phone now.
I transfer £100-150 from my business account to my revolut card and use that in Google pay to buy everything non-business as it doesn't charge me a transaction fee unlike my business account.
My girls never use cash either.
Conversely the (rich builder) husband of a friend has loads of cash literally everywhere... For example £20k in the hidden safe in the house, about £10k in the roof of his campervan in the garage, etc!
He pays cash for everything he can while, interestingly, his wife uses a credit card for 90% of her purchases 🤷🏻♂️
Get rid, now.
If anyone has cash laying around that they want recycled in a professional way you can send it to me 😀
Even the big issue seller outside my front door takes contactless cards now too. I imagine there must be huge decline in cash given to beggars though surely? I used to give spare change years ago (or notes when drunk!) but since I don’t carry cash, ever, anymore I haven’t for about 5+ years.
