Is Cash Over?

[seaboy4hire]

The government seems unable to even get rid of the penny, so it seems doubtful it will get rid of cash altogether. http://www.nytimes.com/2016/10/11/insider/why-doesnt-the-united-states-finally-get-rid-of-the-penny.html?_r=0 Yes, there have been innovations in payment technology, but inertia is a powerful force, and the U.S. system of checks and balances is biased in favor of the status quo. So I am optimistic that the cash option will be around for a long time to come. I like this to be an option not only for privacy but also to allow merchants to avoid the exorbitant fees the monopolistic credit card companies charge them.

 

And with cash sales it's easier to fudge the books and pay less taxes. Not that I would eeeeevvvvver suggest such an illegal activity lol

 

Hugs,

Greg

[+ deej]

Most car rentals want a credit card. Enterprise was the only car rental place I know of that allowed debit but you had to put a big deposit down.

 

Actually, this was at the discretion of the clerk at the rental counter for years. On two successive trips to SF in the same year I successfully used a debit card (at Enterprise) one time and was refused the next at the same counter by the same clerk.

 

The only way you can be sure you'll get a car is to have a credit card in your pocket.

[+ Gar1eth]

@mike carey -I think it was back when I was in 6th grade or so in 1972/3 that they a film in class on the history of money. It started out describing barter culture, moving on to shells and pelts, to precious metals, minting metals, paper money, and finally checks and credit cards.

 

The final tag line of the film was something like "From a world without money now progressing to a world without money again" -meaning that checks and credit cards weren't actual money only place holders. So I saw that film 44 years ago. Who knew back then there would be PayPal, Venmo, or websites where you could debit your bank account directly to buy something?

 

Gman

[mike carey]

Like 20 years ago when it was predicted paper checks would completely go away. Please, tell that to the customer in front of me in the grocery checkout line

It's curious to me that cheques are still in such wide use in the US, they are virtually non-existant in Australia even though some people still have cheque books. It's long been impossible to use one in a shop. Paying bills by mail is pretty much the only place they're used, and with $1 for the stamp people tend not to do that (most bills can also be paid over the counter at post offices). Government benefits that used to be paid by cheque are only paid by bank transfer now (or in some cases in part by a government issued debit card that can't be used for tobacco, alcohol or gambling).

The government seems unable to even get rid of the penny, so it seems doubtful it will get rid of cash altogether.

One and 2 cent coins were withdrawn from circulation here in 1992. Rather than resulting in all prices ending with 0 or 5 as the article suggested, nothing changed (consider, petrol in the US is priced to the tenth of a cent per gallon, and no one has any trouble rounding the price of a tank). The law requires total bills to be rounded to the nearest 5 or 0 (up or down, whichever is closer) if paying by cash; if paying by card, cheque or electronically they have to charge you the exact amount. The withdrawn coins were melted down to make the bronze medals for the Sydney Olympics. (Maybe the US government could use that as a feel-good way to popularise getting rid of pennies next time you host the Olympics.) [NZ has now abolished 5c coins too.]

[+ Gar1eth]

It's curious to me that cheques are still in such wide use in the US, they are virtually non-existant in Australia even though some people still have cheque books. It's long been impossible to use one in a shop. Paying bills by mail is pretty much the only place they're used, and with $1 for the stamp people tend not to do that (most bills can also be paid over the counter at post offices). Government benefits that used to be paid by cheque are only paid by bank transfer now (or in some cases in part by a government issued debit card that can't be used for tobacco, alcohol or gambling).

 

 

How do you pay rent? Is it through automatic bill pay where your bank sends a check?

[+ honcho]

How do you pay rent? Is it through automatic bill pay where your bank sends a check?

 

Fidelity.com and also the management company website for the apartment in which I live have set

it up that I can do direct transfers from/to my checking out with the Bank of America (actually any bank that issues checks would work, you just need the nine-digit bank and however many digit account number). Bank of America is 121000358, and that's as much as I dare say publicly!

 

I've been able to pay college tuition directly from my BofA checking out giving the transit and account numbers, and I live in the US instead of Australia.

[+ Gar1eth]

Fidelity.com and also the management company website for the apartment in which I live have set

it up that I can do direct transfers from/to my checking out with the Bank of America (actually any bank that issues checks would work, you just need the nine-digit bank and however many digit account number). Bank of America is 121000358, and that's as much as I dare say publicly!

 

I've been able to pay college tuition directly from my BofA checking out giving the transit and account numbers, and I live in the US instead of Australia.

 

But I'm renting from a private person not a corporation.

 

Gman

[BabyBoomer]

Bank of America is 121000358

 

That's the routing number for BoA. You're doing an electronic transfer.

 

~ Boomer ~

[mike carey]

How do you pay rent? Is it through automatic bill pay where your bank sends a check?

I own my house, but banks here do not send cheques for customers, so if I were renting I couldn't do that. When last I rented, and now for my owners' corporation bills, I pay on-line through a payment management company.

But I'm renting from a private person not a corporation.

I am renting a property privately and my tenant pays by bank transfer into my account every two weeks (it's the only money that goes into that account).

[BabyBoomer]

But I'm renting from a private person not a corporation.

 

Gman

 

Aren't you moving very soon? I'd continue paying by check for the remainder of your stay in WA.

 

~ Boomer ~

[LADoug1]

There is one popular restaurant I go to that only accepts cash. There is an ATM there for those who need it. Not only do they save the credit card fees but I bet they make a bundle on the ATM.

 

Also as a side note I was taught my addition and subtraction in fourth grade by being given a phony checkbook. We would make deposits and withdrawals. I loved it and it was actually good training for the future. I felt so grown up!

[jjkrkwood]

Maybe cause Im of a younger generation but I can whip out my plastic and pay that way faster than writing out a check. I havent writtwn a check since 1996.

 

Hugs,

Greg

 

 

I still WRITE checks, but only because of my emotional attachment to my Louis Vuitton checkbook cover.

[liubit]

I basically use cash only for escorts.....which means that I use cash often :)

[mike carey]

Not only do they save the credit card fees but I bet they make a bundle on the ATM.

No doubt they do make money from the ATM, but if I had to use it and it had a withdrawal fee, that would come straight off my tip. And you're right about saving the CC fees, but that only works for small businesses. Handling cash also has a cost that for larger businesses could be as great as the CC costs.

[MikeBiDude]

But I'm renting from a private person not a corporation.

 

Gman

My B Of A online banking will transfer via ACH when it can, will send a paper check (i.e. to your landlord) when direct electronic transfer isn't available. I've also been doing this via Quicken for I can't even remember it's been so long! The Quicken Bill Pay service is the same, electronic when they can, snail mail check when not electronic.

[slightly]

Still sorta new to the whole escort/client relationship dynamics, both here and internationally....I wondering, dependent on the legality where the escort is, whether these professionals would be happy to switch to virtual money when the time comes (and if it does, its probably like 30-40 years down the line)? As I said before, my first escort had a chip and pin reader, so would that possibly become the norm, or would we clients become more comfortable with paypal and the like?

[+ Charlie]

With rare exceptions, I still prefer to live in the last century. I don't trust most electronic banking, so I pay my bills with checks or cash. I use credit cards rather than debit cards to make purchases. I pay expenses that will eventually need to be organized on my tax returns, like medical fees and charitable donations, with checks rather than cards, because it is easier for me to keep track of them that way. I usually use an ATM to get cash, but I always keep enough cash on hand to ride out a power outage or natural catastrophe which would empty the ATMs or make them inoperable, and would make credit and debit cards useless.

[+ Just Sayin]

there's an article in the October 10 issue of The New Yorker (Letter from Stockholm: Cashing Out by Nathan Heller) about this; one of the benefits appears to be bringing the underground economy to ground level; that would seem to make sense, but do wonder how that would change our financial transactions with our providers

[gezellig4u]

"Everybody knows the scene is dead

But there's gonna be a meter on your bed

That will disclose

What everybody knows"

Leonard Cohen ("Everybody Knows" 1988, Columbia Records)

[Bargara Leatherboy]

I pay everything I can by card - preferably my Bank Issued American Express or if they do not accept Amex I use a Mastercard.

The reason I do this is for Frequent Flyer cards - earlier this year we flew to Europe - a 24 hour flight from Australia - in Business Class on Singapore Airlines, if we paid cash it would have been $16500, but we used points from our everyday spend. (yes it took us 6 years to save the points but its was still a freebie) We would not have been able to pay that in cash - we would still be saving.

Today with modern technology, its only a couple of places that I go that do not accept cards. Typically its a small Vietnamese bakery - which I go to for Banh Mie or Vietnamese Salads while I am at work, but most corner shops or petrol stations now use tap and go or paywave or whatever they call their brand for payements.

Now - I am a great advocate for a cashless society.

It eliminates the crime factor, no hold ups, no violence in robbery, no black market.

We have crime families - dealing drugs who have many millions of $$ is sealed plastic bags hidden in the roof. If those transactions were made electronically, they would have to pay taxes, and maybe would not be dealing in drugs.

I have used escorts who accept cards - and my current stable of boys - one does - and he is often chosen over others for the convienence of not having to carry a few hundred or go to the ATM prior to a visit.

personally I take out a few hundred every month, and that pays for lunch's, maybe a takeaway from a cash business, and paying my landscaper cash as we have a under the counter arrangement.

 

I guess the only issue is that if you are running a business in an area where its not legal - its a problem.

 

When travelling internationally I prefer to just use my credit card - again more points - and load cash onto a card for ATM use. So in the 6 weeks we were in the UK and Europe we had $2700 on the prepaid card - and only spent $2000 of that in English Pounds, and Euros.

 

The rest was on Amex or Mastercard, and our points balance is already looking great for our next trip.

[+ poolboy48220]

Don't think it'll ever be completely over unless we find an alternative to slipping bills into dancer boys' underwear.

[slightly]

Hypothetical future with no cash but digital money: I guess in the case of the strip club, they'd have printed tokens you would purchase that you can slip into the jockstrap, and then the dancer can convert it back aftwerwards?

[Bargara Leatherboy]

yeah we dont have male strip joints in Australia otherwise I would be joining you on that case.

 

Our smallest paper (polymer) note is a $5 - as we have the $1 and $2 coins

[+ Charlie]

Don't think it'll ever be completely over unless we find an alternative to slipping bills into dancer boys' underwear.

Perhaps you can stuff Green Dot cards in there.

[+ poolboy48220]

Now that you mention it, we managed in Windsor, Ontario, Canada at the long-gone Happy Tap. Canada's smallest bill is the $5 (they have $1 and $2 coins) but the guys were happy to take American singles, Windsor being just across the river from Detroit.