Cashless Society

[kev1974]

I've noticed that all the independent restaurants and cafes near me strongly want cash now, and they'll either blatantly ask for cash when they bring the bill, or offer to round it down a bit for cash. Chain restaurants don't care, they probably prefer cards.

Same pattern with takeaways, if they're one offs / family businesses / kebab shops etc they prefer cash. Some Chinese takeaways and fish and chip shops I go to are strictly cash only but always have been. Chains like McDonalds steering everyone to cards on their order terminals.

 

[Kim Mild]

I think the Barclays issue teaches us not to put all our money in one place, rather than as a caution against internet banking.

After all, an IT issue could impact all activities of a particular bank, so even if you're a 'cash is king' person you might not be able to withdraw cash either from an ATM or at a branch if their systems are down and they can't verify your balance.

So I think, in addition to keeping some cash aside for emergencies, having at least two bank accounts is a good idea just so you've got something to fall back on in case one bank is temporarily impacted.

With this topic it sometimes feels you should be a 'contactless only' or a 'cash only' person, whereas I think most people are a bit of both. For example, I pretty much always use my card if the option is available, but I always carry some cash so I can use it if the seller doesn't take card or their systems are temporarily down.

I think it's a good idea to have more than one account in case you aren't happy with them and their services.

 

[emm]

Have all the traditional "cash only" businesses around you guys had to switch?

I've noticed that nearly all takeaways have, by either taking card or opening cashpoints outside of their stores.

Taxi driving has been taken over by the apps.

Only hairdressers and car related businesses are hanging on from what I've seen.

I live in South East London and various food shops near me only take cash still

 

[Notworthy]

Sweden backtracking a little.

Sweden has been at the forefront of countries moving towards a cashless society, with the New York Times reporting in 2018 that about 4,000 Swedes had implanted microchips in their hands to pay for travel or food, or enter keyless offices. Mounting cyber crime and the rising threat from Russia have led to a rethink, with residents now advised to keep enough cash at home for at least one week.


While cash can help provide resilience in the event of an attack or collapse in the financial system, many consumers also turn to coins and notes for budgeting. A system known as “cash stuffing” – using envelopes for different categories of spending – has racked up hundreds of millions of views on TikTok, but security experts advise against keeping large amounts of cash at home.

May Fairweather, a financial coach and executive director at the nonprofit organisation Talk About Money, said the financial industry wanted “frictionless” purchases because it made it easier for people to spend money.

“Cash adds friction, and that can be a good thing,” she said. “It gives people time to think and time to make proper decisions.” She also said thatnotes and coins remind people trying to budget that money is “finite”.


The bold bit is interesting too, often when people are budgeting returning to cash helps.

 

[emm]

Sweden backtracking a little.

Sweden has been at the forefront of countries moving towards a cashless society, with the New York Times reporting in 2018 that about 4,000 Swedes had implanted microchips in their hands to pay for travel or food, or enter keyless offices. Mounting cyber crime and the rising threat from Russia have led to a rethink, with residents now advised to keep enough cash at home for at least one week.


While cash can help provide resilience in the event of an attack or collapse in the financial system, many consumers also turn to coins and notes for budgeting. A system known as “cash stuffing” – using envelopes for different categories of spending – has racked up hundreds of millions of views on TikTok, but security experts advise against keeping large amounts of cash at home.

May Fairweather, a financial coach and executive director at the nonprofit organisation Talk About Money, said the financial industry wanted “frictionless” purchases because it made it easier for people to spend money.

“Cash adds friction, and that can be a good thing,” she said. “It gives people time to think and time to make proper decisions.” She also said thatnotes and coins remind people trying to budget that money is “finite”.


The bold bit is interesting too, often when people are budgeting returning to cash helps.

Definitely agree with the part in bold, the worst thing to happen to me personally in terms of spending was contactless, I'm.more careful now but initially just a couple of pounds here and there you don't notice really adds up!
Interesting (and terrifying) about thr Russia thing, but good they're addressing it and how dangerous it would be just to rely on cash

 

[Rockin' Robin]

A couple of years ago, I went into my local bank, and noticed that some of the cashiers desks had been blocked off. There were employees seeing customers at temporary points around the bank. People were becoming irritated at having to wait in the queue for an available assistant. When it came to my turn, I asked when they were going to completely close the branch. "There are no plans to close this branch at this time" I was told.

I guess you know what is coming next. The main branch of my bank, the only one left in our town, is to close in December, moving to much smaller premises not far away!

How long before this new branch closes, and we have to do all our banking on line. Another blow for those of us who oppose a cashless society.

 

[Notworthy]

A couple of years ago, I went into my local bank, and noticed that some of the cashiers desks had been blocked off. There were employees seeing customers at temporary points around the bank. People were becoming irritated at having to wait in the queue for an available assistant. When it came to my turn, I asked when they were going to completely close the branch. "There are no plans to close this branch at this time" I was told.

I guess you know what is coming next. The main branch of my bank, the only one left in our town, is to close in December, moving to much smaller premises not far away!

How long before this new branch closes, and we have to do all our banking on line. Another blow for those of us who oppose a cashless society.

I switched to Nationwide a few months ago purely because they guaranteed to keep branches open unitl 2028, they've now extended that to 2030 so it must be an account winner.

 

[StephenTJackson]

I switched to Nationwide a few months ago purely because they guaranteed to keep branches open unitl 2028, they've now extended that to 2030 so it must be an account winner.

The opening hours of my local nationwide are crap these days, but at least it is still there and open so I can work around it when I do need to go in. Unlike all the others which have closed completely.

Make sure you meet the criteria for Fairer Share so you get the £100 pay out each year that they've done the last few years.

 

[Notworthy]

The opening hours of my local nationwide are crap these days, but at least it is still there and open so I can work around it when I do need to go in. Unlike all the others which have closed completely.

Make sure you meet the criteria for Fairer Share so you get the £100 pay out each year that they've done the last few years.

I did and I do. I also got the £150 for opening an account with them.

 

[StephenTJackson]

I did and I do. I also got the £150 for opening an account with them.

Good, the opening bonus is good as well. Nationwide giving a bit of money back each year is such a nice little bonus treat.

 

[emm]

Good, the opening bonus is good as well. Nationwide giving a bit of money back each year is such a nice little bonus treat.

I have a mortgage with them and a couple of years ago got 40£ or something as a thank you. It's not like it's loads of money but still is a nice gesture

 

[StephenTJackson]

I have a mortgage with them and a couple of years ago got 40£ or something as a thank you. It's not like it's loads of money but still is a nice gesture

Better than a kick in the teeth I always say.

 

[Onestorytoomany]

I went to the seaside last week one chip shop basically begged people to pay cash as it didn't want to pay fees. I like paying with cash but didn't like the beggy post. Everywhere should have both options and they need to stop being so lazy!

 

[Rockin' Robin]

Seen at a local pub recently.

Cash is still worth fighting for.

 

[BearOnChair]

We have a business and the real problem with taking cash is it's hard to bank it with no branches. You can use the post office but it costs more than at the bank so the rate per £1000 banked cash is actually higher than card transactions for the same amount. The business we have means we need to bank it and we can't use cash to buy stock in. It's very frustrating.

 

[Inghamtat]

We have a business and the real problem with taking cash is it's hard to bank it with no branches. You can use the post office but it costs more than at the bank so the rate per £1000 banked cash is actually higher than card transactions for the same amount. The business we have means we need to bank it and we can't use cash to buy stock in. It's very frustrating.

If what your saying is true, the businesses that ask for cash only surely must be making themselves worst off. Or do we reckon business asking for strictly cash are the ones who are misleading authorities when it comes to their earnings.

 

[BearOnChair]

If what your saying is true, the businesses that ask for cash only surely must be making themselves worst off. Or do we reckon business asking for strictly cash are the ones who are misleading authorities when it comes to their earnings.

It's 100% true and very frustrating for us because we cant use cash to buy stock.

I guess if you're at the cash and carry for stock and can use cash to pay that it's better because it keeps the value. Or you can pay staff or other suppliers in cash it'll be the same, you don't loose out on transaction fees. But it is being managed out in my opinion for exactly what you've said, under the guise of reclaiming tax. In reality the biggest issue it super companies using loop holes to legally avoid it, not small businesses trying their best to keep going.

 

[emm]

I went to the seaside last week one chip shop basically begged people to pay cash as it didn't want to pay fees. I like paying with cash but didn't like the beggy post. Everywhere should have both options and they need to stop being so lazy!

There's an interesting thing (maybe someone posted here) but it's the money that, if you pay in cash, goes to the local community vs with card just goes to a bank. It's minor amounts but really adds up

 

[Homebird44]

I'm with nationwide, they've finally phased out the stupid card reader when adding a person you want to transfer money to. I don't visit the bank inshore as I don't have cash to deposit.

 

[ClockworkDolly]

Nationwide are great, been with them for long time. I am very much for cash transactions, always have been. I don’t have a credit card, no use for them, don’t want to get in debt. If a shop is card only, they don’t get my custom. Give people the choice, if people want to be enslaved to card only payments their whole life, that’s their choice. Some of us don’t and prefer the freedom which cash gives.