@5lab – I’d not looked into the cost of card readers, I’m not a race organiser.

@monkeyboyjc – I presume your business insurance also covers cash on the premises? Most smaller shops have a floor limit on how much cash may be on the premises – cue regular trips to the night deposit box of the local branch to pass that responsibility onto the bank.

Yep – it’s amazing how often our local Chinese takeaways card machine is ‘out of order’! 🙂

I mentioned something similar about Turkish barbers and kebab shops at the end of the first lockdown and was accused of perpetuating stereotypes…

I may be being a little slow but how does being unemployed relate to the need for cash?

As formal, long-term employment slides, people turn to ad hoc, ‘cash in hand’ work to get by, or have done in the past.

Certainly the cruel way JSA / UC is used now, people will be more likely to want to take cash for a couple of days of work, rather than risk signing off and trying to get back on again.

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.

In short, being cashless is normal to them.

You’ll forgive me if I trust the opinions of the big four Accounting Organisations over an anonymous bloke on the Internet who, the only thing I know about is, likes a Greggs. 😉

And you’ll forgive me if I ignore the predictions of PWC and KPMG, two of the said four firms who all failed to see the banking crisis coming down the tracks, having just signed off the accounts of most of the organisations that caused it.

I may be a pie-eating fat bastard, but I’ve yet to be instrumental in causing a global financial crisis 😀

Quite frankly, I can’t think of anyone, other than the Tory party, who’s predictions I’d trust less! I’d rather take the word of that scary looking bloke down the park who shouts at buses

Regards chip shops the local one I use has only just got a card machine for the opposite reason, people weren’t using them as they were cash only – worries of Covid and nearest cash machine a 100yrd walk away next to the competition (who already have a card machine)

I dont know the specifics of your shop, but I’ll add to this. I’m a (fairly) high disposable income millenial. Unless you have a captive audience, like being the only shop in the village, I’d actively avoid a cash only or cash prefered establishment.

My wallet hasnt left the house since Covid, and didnt frequently before that. Apple pay for general/incidental spends, if I’m expecting a big purchase – supermarket, or specifically going to the shops – I’ll take an actual credit card.

Went to the brecon beacons with some friends last winter, made a specific trip to a cash machine incase we encountered some backwards rural pub, and had a “does anyone actually have any coins” moment before we left in anticipation of cash only parking meters. Neither were used.

I think the two places that I did use cash in 2019 (B1ke network, and my local cricket club bar) have since embraced electronic payment.

that’s millions/billions a year going to the banks in fees…

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

I may be a pie-eating fat bastard, but I’ve yet to be instrumental in causing a global financial crisis 😀

So NOT Peston then?

HSBC have just announced they’re shutting 82 branches this year and cutting counter services in lots of others. When one bank does that the others usually follow with their announcements.

Wonder what the effect would be of a cashless society for Junkies and Drug dealers. Most burglaries are committed to fund a drug habit. Surely would reduce.

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…

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.

@toby1 hsbc app does cheques, go to move money and “deposit a cheque”

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/

@binners
It’d be no use, they only take apple pay now.

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.