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Should we get rid of cash?

Started by muwarrior69, September 24, 2019, 10:41:29 AM

Previous topic - Next topic

Cheeks

I still use cash a lot, it is accepted just about everywhere.  What do we do fo people that don't have means to qualify for a credit card?  Or the penalties that come with them.  If you lose a card, can take several days to get replacement. 

Massachusetts and Pennsylvania have laws requiring cash must be an option.
"I hate everything about this job except the games, Everything. I don't even get affected anymore by the winning, by the ratings, those things. The trouble is, it will sound like an excuse because we've never won the national championship, but winning just isn't all that important to me." Al McGuire

MU82

For the record (not that it matters), I am absolutely against eliminating cash and applaud states that have laws requiring that cash be an option.

Lots of people cannot get credit cards.

I was just stating that I, personally, hardly ever carry cash. Just about the only time I use it is for our friendly monthly poker get-togethers.
"It's not how white men fight." - Tucker Carlson

"Guard against the impostures of pretended patriotism." - George Washington

Dr. Blackheart

Quote from: Cheeks on September 25, 2019, 09:00:06 AM
I still use cash a lot, it is accepted just about everywhere.  What do we do fo people that don't have means to qualify for a credit card?  Or the penalties that come with them.  If you lose a card, can take several days to get replacement. 

Massachusetts and Pennsylvania have laws requiring cash must be an option.

I use cash too. First, it's safer from electronic fraud than a debit card. Two, it is more appreciated in service or the trades to pay cash—wait staff, a tradesman who give discounts for cash, hair cut. Third, and this is especially true in Europe but in the US, restaurants want to be paid in cash and will charge extra for credit cards. Points 2 and 3 are usually grey market related to avoid taxes.

Lastly, what happens to the vices when they stop taking cash? Office MM or Fantasy Football pools? I guess that could migrate to PayPal and Vegas to all electronic. Some of this may be good because of the bad vices, but there can be unintended negative consequences as a new bartering system evolves (which already is with the Opioid Economy). "Brother can you spare a dime" turns into "hand over your cell phone" or barters paid in human slavery.

More so, physical cash reserves on hand is the backbone of the US banking system and Federal Reserve system.

jesmu84

Quote from: Dr. Blackheart on September 25, 2019, 09:45:26 AM
I use cash too. First, it's safer from electronic fraud than a debit card. Two, it is more appreciated in service or the trades to pay cash—wait staff, a tradesman who give discounts for cash, hair cut. Third, and this is especially true in Europe but in the US, restaurants want to be paid in cash and will charge extra for credit cards. Points 2 and 3 are usually grey market related to avoid taxes.

Lastly, what happens to the vices when they stop taking cash? Office MM or Fantasy Football pools? I guess that could migrate to PayPal and Vegas to all electronic. Some of this may be good because of the bad vices, but there can be unintended negative consequences as a new bartering system evolves (which already is with the Opioid Economy). "Brother can you spare a dime" turns into "hand over your cell phone" or barters paid in human slavery.

More so, physical cash reserves on hand is the backbone of the US banking system and Federal Reserve system.

1. I can't think of a single restaurant that ever has told me my bill is cheaper if I pay by cash.

2. Every pool or fantasy league I've been in for the last 3-4 years is run through PayPal/venmo

Billy Hoyle

if we get rid of cash what will cocaine users use to sniff their nose candy?

https://academic.oup.com/jat/article/20/4/213/838490
"You either smoke or you get smoked. And you got smoked."

StillAWarrior

Never wrestle with a pig.  You both get dirty, and the pig likes it.

The Hippie Satan of Hyperbole

Quote from: StillAWarrior on September 25, 2019, 12:19:38 PM
Plastic straws...no, wait...

LOL

Anyway, we aren't going to become a cashless society anytime soon. 
Matthew 25:40: Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.

Dr. Blackheart

Quote from: jesmu84 on September 25, 2019, 11:56:52 AM
1. I can't think of a single restaurant that ever has told me my bill is cheaper if I pay by cash.

2. Every pool or fantasy league I've been in for the last 3-4 years is run through PayPal/venmo

It is common, especially outside the US, for credit card companies to add on surcharges to your meal bills. In the US, this takes the form of "we only take cash--no credit or debit cards. Many reasons for this (exchange rates, VAT avoidance, income tax, credit card company surcharges on a penny profit business).

On gambling, many folks don't want an electronic trail for illegal or against company policy betting, let alone the IRS.

warriorchick

In the U.S., you can't add a surcharge for using a credit card.  I am not sure if that's the law, or part of the Merchant Agreement every bank uses with businesses that accept their card.

I don't think it's enforced that strictly, but once I was in charge of a large group theater outing where I collected money from everyone for the tickets and put it in the bank. When I went to the box office, I was told there was a $2 per ticket fee for paying with plastic.  I didn't have enough cash, so I paid the fee and called the credit card company the next day.  They immediately credited those fees to my statement, and my guess is that the theater got a chargeback and a nastygram from the card company.

Have some patience, FFS.

The Hippie Satan of Hyperbole

You can't add a surcharge for using plastic, but you can discount for using cash.  Pretty much the same thing I know.
Matthew 25:40: Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.

MU82

A fairly significant number of gas stations charge less for cash than they do for credit.

Because the credit card I use (Costco Visa) gives a 4% rebate for gas purchases, it's STILL cheaper to use the credit card if I desperately need the fuel and I'm where only pay-more-for-credit stations are. Usually, though, I can avoid those stations.
"It's not how white men fight." - Tucker Carlson

"Guard against the impostures of pretended patriotism." - George Washington

JWags85

Quote from: warriorchick on September 25, 2019, 02:25:38 PM
In the U.S., you can't add a surcharge for using a credit card.  I am not sure if that's the law, or part of the Merchant Agreement every bank uses with businesses that accept their card.

Unless you're a government agency of course.  Then you can slap on processing fees for credit card payments with impunity.

And while I agree with the thought that we are nowhere near becoming a full cashless society, the options are not cash or credit card.  Mobile phone payments, debit cards, etc.. give plenty of options for those that "dont have access" to a credit card.  I sent a pair of employees on a trip abroad recently, and neither of them had a CC.  But both had debit cards and iPhones.   They ended up exchanging currency and taking an emergency company card.

Pakuni

Quote from: JWags85 on September 25, 2019, 03:36:42 PM
Unless you're a government agency of course.  Then you can slap on processing fees for credit card payments with impunity.


That's OK with me. Credit card companies charge transaction fees. I'd rather the card user pick up that fee than the taxpayers.

ZiggysFryBoy

With no cash, how ya gonna pay the dancing nekid girls?

WI inferiority Complexes

My dispensary (I believe, all of them) only accepts cash.

warriorchick

Quote from: WI inferiority Complexes on September 25, 2019, 04:02:30 PM
My dispensary (I believe, all of them) only accepts cash.

That's because the marijuana industry in general is basically a cash only business.  Banks won't deal with them; unless things have changed in the last year or so, most of them can't even open a checking account in their company's name.
Have some patience, FFS.

Billy Hoyle

Quote from: warriorchick on September 25, 2019, 04:07:39 PM
That's because the marijuana industry in general is basically a cash only business.  Banks won't deal with them; unless things have changed in the last year or so, most of them can't even open a checking account in their company's name.

Federally chartered banks do not but some start chartered banks will. My go to dispensary does accept cards (with a surcharge), but I'd rather us cash.
"You either smoke or you get smoked. And you got smoked."

MUBurrow

Quote from: warriorchick on September 25, 2019, 04:07:39 PM
That's because the marijuana industry in general is basically a cash only business.  Banks won't deal with them; unless things have changed in the last year or so, most of them can't even open a checking account in their company's name.

Among the insane things about the patchwork regulatory environment that current applies to the marijuana industry, this is probably the most unbelievable to me. I understand how we got here and why banks don't want to take any risks with this - but we should really have a safe haven for banks to deal with these folks. Its not good to have an industry that sees that much business forced to operate exclusively in cash.

#UnleashSean

Quote from: Dr. Blackheart on September 25, 2019, 09:45:26 AM
I
Lastly, what happens to the vices when they stop taking cash? Office MM or Fantasy Football pools? I guess that could migrate to PayPal

This isn't already a thing?

jesmu84

Quote from: JWags85 on September 25, 2019, 03:36:42 PM
Unless you're a government agency of course.  Then you can slap on processing fees for credit card payments with impunity.

And while I agree with the thought that we are nowhere near becoming a full cashless society, the options are not cash or credit card.  Mobile phone payments, debit cards, etc.. give plenty of options for those that "dont have access" to a credit card.  I sent a pair of employees on a trip abroad recently, and neither of them had a CC.  But both had debit cards and iPhones.   They ended up exchanging currency and taking an emergency company card.

This has become a big thing with me and my social group in the last year plus. We convinced our local bar to get setup for payments by phone. The convenience and security is awesome. I actually get a little annoyed when somewhere doesn't have the option.

I know international credit cards were way ahead of the curve with paying by chip. Is it big internationally to have phone payment?

WarriorFan

I live in Russia and the payment systems here are so far ahead of the USA in terms of security and convenience that it's amazing.  I go everywhere with just my phone.  I pay US bills with Venmo or Zelle.  In Russia I use apple pay for everything.  The Babushka who sells fruit in front of my apartment building has a payment machine and I pay with apple pay.  Horrible road-side rest stops 1000km from the nearest city that don't even have indoor toilets allow you to pay for your blini with apple pay.  Every restaurant takes apple pay.  They even do a separate charge for tips using apple pay so you really never need cash.  The payment terminals are mobile so no-one ever disappears with your credit card... they bring the terminal to your table. 
No surcharges, either.
I even bought a car using apple pay. 

As I travel around I always ask if I can use apple pay.  NYC and Chicago are better than 50%, but most of the rest of the USA is pretty backwards.  Korea and China are pretty good, Singapore has it nearly everywhere, Malaysia and Thailand are adopting, Indonesia has developed its own payment systems, and Europe is rapidly improving.  The USA is so noticeably behind. 

Cash?   OK, I do have the emergency $100 in my wallet, just in case. 
"The meaning of life isn't gnashing our bicuspids over what comes after death but tasting the tiny moments that come before it."

Herman Cain

No. Gives too much power to politicians. Also there are still a lot of people who "cash" their paychecks.   That said , I only carry a modest amount with me as the ease of use of credit and the banking system make it convenient to operate that way.  I see lots of people using cash at Costco.
"It was a Great Day until it wasn't"
    ——Rory McIlroy on Final Round at Pinehurst

Golden Avalanche

Quote from: warriorchick on September 25, 2019, 04:07:39 PM
That's because the marijuana industry in general is basically a cash only business.  Banks won't deal with them; unless things have changed in the last year or so, most of them can't even open a checking account in their company's name.

Relevant to this discussion, the House of Representatives passed a bill today allowing banks to do business in the Mary Jane industry. Sure it's dead in the water in the Senate, and of course the White House, but formalized and legalized banking seems not too far off in the future. 

Marquette Fan

Quote from: MU Fan in Connecticut on September 24, 2019, 12:50:20 PM
When I was in Malmo, Sweden last year we went to a restaurant that had sign posted "Cashless Restaurant".

There's a place my family and I go to every year for their Pumpkin Farm that posted they are going cashless for their pumpkin farm season.

MU82

Quote from: WarriorFan on September 25, 2019, 07:26:32 PM
I live in Russia and the payment systems here are so far ahead of the USA in terms of security and convenience that it's amazing.  I go everywhere with just my phone.  I pay US bills with Venmo or Zelle.  In Russia I use apple pay for everything.  The Babushka who sells fruit in front of my apartment building has a payment machine and I pay with apple pay.  Horrible road-side rest stops 1000km from the nearest city that don't even have indoor toilets allow you to pay for your blini with apple pay.  Every restaurant takes apple pay.  They even do a separate charge for tips using apple pay so you really never need cash.  The payment terminals are mobile so no-one ever disappears with your credit card... they bring the terminal to your table. 
No surcharges, either.
I even bought a car using apple pay. 

As I travel around I always ask if I can use apple pay.  NYC and Chicago are better than 50%, but most of the rest of the USA is pretty backwards.  Korea and China are pretty good, Singapore has it nearly everywhere, Malaysia and Thailand are adopting, Indonesia has developed its own payment systems, and Europe is rapidly improving.  The USA is so noticeably behind. 

Cash?   OK, I do have the emergency $100 in my wallet, just in case.

Why don't you have 100 rubles, comrade?
"It's not how white men fight." - Tucker Carlson

"Guard against the impostures of pretended patriotism." - George Washington