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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 19, 2012 4:41 pm 
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knuckles_95 wrote:
doggie wrote:
I use my bank card for just about everything. There are no fees and I have not paid one cent in service charges in twenty years. Can't say the same for credit cards. They bumped my interest rate to 23% for absolutely no reason.

It depends on the bank and the area of the country you live in. Wells Fargo is rolling out a $7 a month fee for the privilege of having a debit card and a couple years ago BOA did the same thing.

You pay nothing as a user for your bank card because the seller pays something to the bank, a % of the price, not you. So of course, in reality, you pay it even if you don't see it. At least, that's how that works here in France.


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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 19, 2012 4:54 pm 
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KAding wrote:
EUBanana wrote:
When you go to a convenience store they dont like electronic payment at all. They gain nothing but bank charges, though for the customers sake they have to offer it of course. I've been asked a few times in one if I minded paying cash as they prefer it. Fortunately for them I always carry a bit of cash around.

Of course electronic cash has it's pluses, like everybody else I use cards all the time. That doesn't mean you should get rid of cash, though.


Over here that changed a lately. Handling cash is not free either as it needs to be taken to the bank. An even more compelling reason is safety. Many shops prefer electronic payment because of that.

Here they have armored pick ups. Very rarely do you see someone doing a drop off at the bank.


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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 19, 2012 4:56 pm 
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EUBanana wrote:
When you go to a convenience store they dont like electronic payment at all. They gain nothing but bank charges, though for the customers sake they have to offer it of course. I've been asked a few times in one if I minded paying cash as they prefer it. Fortunately for them I always carry a bit of cash around.

Of course electronic cash has it's pluses, like everybody else I use cards all the time. That doesn't mean you should get rid of cash, though.

A lot of the gas stations I've been seeing lately has one price if you use cash and one if you use your card. It's normally 10 cents a gallon cheaper with cash.


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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 19, 2012 5:43 pm 
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Every cc (dd) transaction a retailer processes - they have to pay approx 1% to the cc processor. I'm not sure if everyone already knew that?

That's why retailers offer a discount to pay w/ cash. Everything about it is fair on the retailer's end. Paying w/ cash just means they're going to give 1% to their customers rather than a cc bank.

I like the system the way it is - w/ smaller transactions being cash and larger transactions being cc transactions.

Some bidnesses refuse to take a CC w/ the purchase being under 5 beans. That's b/c cc processors charge more % for small transactions.

Like I said - to make this very simple - when a retailer gives a better price if u pay cash - it's b/c they'd rather give the 1% to you (their customer) rather than a bank. So the retailer isn't 'charging you more' for paying w/ a CC, they give the customer a lower price for cash b/c it's not costing the retailer any money to conduct the transaction.

I hope that makes sense.

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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 19, 2012 6:36 pm 
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doggie wrote:
I use my bank card for just about everything. There are no fees and I have not paid one cent in service charges in twenty years. Can't say the same for credit cards. They bumped my interest rate to 23% for absolutely no reason.


You realize that if you've got a contract they can't raise your interest rate like that, unless the terms allow it.

I just read from a series of mortgage rate increases that weren't mentioned in the contract and which weren't disclosed as a possibility to the clients. As a result the interest rate raise was illegal -> null and void. They had to compensate for it if someone had paid them.
But this only applied to customers who complained. For a lot of people the rate increase just went through and they paid it nicely without a fuss and never got their money back.

It's good to know if your bank is in the habit of "let's try to pull off a scam on our customers and see if we can get away with it".

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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 19, 2012 6:40 pm 
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knuckles_95 wrote:
EUBanana wrote:
When you go to a convenience store they dont like electronic payment at all. They gain nothing but bank charges, though for the customers sake they have to offer it of course. I've been asked a few times in one if I minded paying cash as they prefer it. Fortunately for them I always carry a bit of cash around.

Of course electronic cash has it's pluses, like everybody else I use cards all the time. That doesn't mean you should get rid of cash, though.

A lot of the gas stations I've been seeing lately has one price if you use cash and one if you use your card. It's normally 10 cents a gallon cheaper with cash.


A lot of the gas stations I've been seeing lately don't accept cash.

I guess the rates for electronic payments are lower over here.

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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 19, 2012 6:49 pm 
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What irritates me is when a retailer charges 3.78 rather than 3.77 for whatever product.

So it adds up (w/ fl sales tax) to $4.01 rather than a even 4 beans.

Some bean counter reckons earning 1 extra cent per every 80 billion transactions will result in a crapload of extra money. But the guy's so dumb and non-pragmatic that he doesn't realize it costs 50 cents just to pay the clerk to count out 99 cents change every forkin time :roll:

It's stupid.

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 Post subject: Re: Is cash obsolete?
PostPosted: Mon Mar 19, 2012 7:09 pm 
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C_S wrote:
What irritates me is when a retailer charges 3.78 rather than 3.77 for whatever product.

So it adds up (w/ fl sales tax) to $4.01 rather than a even 4 beans.

Some bean counter reckons earning 1 extra cent per every 80 billion transactions will result in a crapload of extra money. But the guy's so dumb and non-pragmatic that he doesn't realize it costs 50 cents just to pay the clerk to count out 99 cents change every forkin time :roll:

It's stupid.


World is full of business people who think they can find profits with their calculations but in fact end up losing a lot more.

Best example is when you entirely ditch customer service and replace one pivotal component in a full metal construct with a plastic one because you saved 5c on a 5.000$ machine.

When customers, consumers and businesses, are faced with getting no support, the smart ones switch supplier. Same if the products are shite for endurance in professional use. How does that annual saving of 10.000$ count towards loss of reputation and long term clients?

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 Post subject: Re: Is cash obsolete?
PostPosted: Tue Mar 20, 2012 3:24 pm 
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it would be possible one day perhaps where the value of what an individual does and represents is measurable in some quantative amount to the whole of existence...
and one could exchange goods and services by their own assurance ...
I could see banks and finance, middle men service positions, and investment become direct without a need for outside management...
wait, I think the Vogans are listening...gotta dash...

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 Post subject: Re: Is cash obsolete?
PostPosted: Sat Mar 24, 2012 9:42 am 
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robpost3 wrote:
it would be possible one day perhaps where the value of what an individual does and represents is measurable in some quantative amount to the whole of existence...
and one could exchange goods and services by their own assurance ...
I could see banks and finance, middle men service positions, and investment become direct without a need for outside management...
wait, I think the Vogans are listening...gotta dash...


I think there will be legislation that will be so complex that common Joe will always need to hire a specialist to get all the forms and official reporting right or he will be severely penalized.

What wouldn't a government be ready to do to ensure that there are (by definition futile and parasitical) jobs for the less than bright people with the right degrees. All those hard working but not so creative rich kids need someplace they can get paid higher than average wages without creating any value to the economy.

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