The Cashless society?

[Bob Womack]

I heard on the news that the City of Philadelphia is considering a law to make acceptance of cash mandatory because a large portion (quoted as 60%) of their population is below the poverty line and can't afford electronic payment means. Of course, take a look at your dollar bill:

"This note is legal tender for all debts, public and private."

That is Federal law, by the way.

Bob

[jpd]

Originally Posted by Silly Moustache

Just listening to a report about shops becoming reluctant to handling cash.

I noticed that when I visited the "pound shop" and bought four small items - total £4 they preferred that i swiped my card rather than paid cash.

Pubs and cafes, and even our local fish and chip shop and local car parks prefer swiped credit cards.

I can't remember when I last used the few notes in my wallet.

Thoughts?

It's very clear to me that the physical transfer of paper and coin is getting obsolete. Scares me to think that my financial investments can be easily tampered with by changing a few ones and zeros on a computer screen. I don't know about the majority of you, but my wallet can carry the same $20 for weeks without ever being transacted!

[bostosh]

Originally Posted by Otterhound

How will illegal transactions take place ?
Will this put an end to the oldest profession ?
Will this put an end to the illegal drug trade ?
Will this put an end to illegal gambling ?
There are more aspects to this and I have already brushed some taboo subject matter .
I say that the cashless society is farther away than you think once a few of these items are considered .

My big issue is "Why is a 10¢ candy bar a $1, 5¢ gum 95¢ "
and "Everything is rounded up to the nearest Dollar"
Next thing is to truncate the decimals

[RedJoker]

Originally Posted by Bob Womack

Of course, take a look at your dollar bill:

"This note is legal tender for all debts, public and private."

That is Federal law, by the way.

Bob

It's not federal law that you HAVE to accept it, just that it is legal to.

https://www.federalreserve.gov/faqs/currency_12772.htm

[Dirk Hofman]

Originally Posted by RedJoker

It's not federal law that you HAVE to accept it, just that it is legal to.

https://www.federalreserve.gov/faqs/currency_12772.htm

A fairly important distinction. Thanks for posting that.

[chistrummer]

Father gave me a credit card when I turned 16 got my own at 18 have been using nothing but that card for financial transactions since. Keep some cash in the house but there really is no need for it in the states.

[robj144]

In the last 5 years, I've maybe done a dozen transactions in cash. Credit card is FAR better for so many reasons. For one there's a record, second, it's more secure and you have a layer between you and the merchant, and the most important reason, is the cash back if you pay your balance off every month. I get anywhere between $600 to $1,000 in cash back every year. I even open up new cards just for the sign up cash back once or twice a year.

Never use a debit card though... you should always use credit.

[Kerbie]

Please leave the prohibited topics off the AGF.

[Dru Edwards]

I use my credit card for everything, even a $2 coffee purchase (and I pay it off full every month). I always carry at least $100 cash because you never know when you're in an emergency.

Now bitcoin is introducing something new into society.

[Mr. Jelly]

I also have seen it both ways. There are some restaurants here that will only accept cash. Personally I/we use our card for most everything. Cash back and protections etc. I find it odd now when I buy something for $1.50 and I use cash because it feels so over the top to use the card for it.

[Bob Womack]

Originally Posted by RedJoker

It's not federal law that you HAVE to accept it, just that it is legal to.

https://www.federalreserve.gov/faqs/currency_12772.htm

True. Philly is considering making it their law.


Bob

[TNO]

So how are people supposed to tip performers? Throw Amazon gift cards in the tip jar?

[Pitar]

A pizzeria I visited (1st time) today has a cash-only lunch special. If you use plastic (even a debit card) it's a $1.00 up-charge. I'm speculating it's the owner's scheme to pocket some unreported income. It's a popular lunch spot and the tables were all occupied.

[Riverwolf]

And then there is that person ahead of you in line and writing a check...

[Otterhound]

Originally Posted by Riverwolf

And then there is that person ahead of you in line and writing a check...

That could be me .
Patience is a virtue .