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Are You Ready for a Cashless Society?


Visa is doing its part to kickstart the cashless revolution. It recently announced their Cashless Challenge. Small business restaurants, cafes or food truck owners are asked to describe what cashless means for them, their employees and customers. Visa will award up to $500,000 to 50 eligible U.S.-based small business food service owners who commit to going 100% cashless.

Visa is looking down the road. In a prepared statement Jack Forestall, head of global merchant solutions for Visa, pointed out that by 2020, more than 5 billion, or 70% of the world will be connected via mobile devices, making the case for going cashless. They’ve done their homework. Visa’s recent study found that if businesses in 100 cities transitioned from cash to digital, their cities stand to reap net benefits of $312 billion per year.

What’s the appeal of cashless?

Convenience for one thing. “One of the biggest pros of going cashless is that it can help simplify the way we pay for things. Now you can already use Apple or Samsung Pay straight from your phone in some cases,” says Alex Reichmann, CEO of iTestCash, a provider of counterfeit detectors and other products.

It doesn’t take much to see why Visa’s pushing the switch – profits.

It doesn’t take much to see why Visa’s pushing the switch – profits. “Of course, Visa wants to see a cashless society . . . that way they get a bite at the 70% consumer spending portion of the entire $14.62 trillion-dollar US GNP (2011 figure), shucks, that's only $10.23 trillion dollars,” says mortgage broker Mike Arman.

How might this affect me?

Stephen Lesavich, PhD, JD, and co-author of The Plastic Effect: How Urban Legends Influence the Use and Misuse of Credit Cards, has a cousin in Sweden, which is moving toward cashless. “He is a person in his 70's and is very comfortable with everything being cashless. One reason why the Swedes are so comfortable, is that the banks and card issuers have not charged large fees for making electronic payments. One problem he saw the last time I spoke with him, was that some Swedish banks were charging to accept cash for deposits in saving accounts and utilities were charging additional fees for paying bills with cash. He did not think it was appropriate for a bank or utilities to charge fees for accepting the national currency of the country printed by the government. With respect to Visa, think about it, if they are willing to give businesses $10K to become cashless, how much money are they going to make over time charging all their fees?”

There are plenty of concerns about cashless. “There will be a complete loss of privacy - banks, card issuers and government will know exactly what you do and when you do it,” says Lesavich.

Any broken links in a cashless society could be disastrous if people can’t make purchases, particularly in an emergency situation.

Arman envisions the possibilities, “It would be utterly trivial to use credit card information to ‘report’ transactions. I buy a box of .22 caliber rounds to go plinking at the range, BATF gets a notice that I am a gun nut because I have bought ammunition (50 whole rounds of it!!). I buy a Playboy magazine (for the articles, right?), I get reported to a potential sex offender database. I buy a bottle of anti-acids at the pharmacy, I get reported to my insurance company that I MIGHT have acid reflux, and now it is on record that this is a pre-existing condition, hence no coverage. Governments are sometimes not as stable and/or benign (or as honest or as competent) as they might want you to think, and I am by no means a conspiracy theorist of any kind. Cash always works, it is never "down", it is good anywhere, it is private, convenient.”

Security is another issue. “Hackers, data breaches and other security issues could easily disrupt large number of user accounts and remove funds, he adds,” says Lesavich.

Reichmann worries about what happens if you lose your phone. “What if someone hacks into your digital payment account? It's hard to compare the safety of having a big pile of cash vs. all of it being in your bank or digital account.”

Technology is grand when it works. Any broken links in a cashless society could be disastrous if people can’t make purchases, particularly in an emergency situation.

A big question, not so much on the radar, is what about the unbanked? Says Lesavich, “If they don’t qualify for credit, a bank account or the money to buy an electronic device, what do they do? Or what about those who will find themselves potentially trapped in an endless cycle of debt because of high interest rates, late fees and any other fees they can dream up for being cashless?”

So, while Visa is pushing cashless, others will pull, resist. Says Raeshal Solomon, author of My Little Banker, “I’m not saying that there will never be a cashless US. I'm saying to expect some push back from consumers. If the banking industry is serious about a cashless society, they will need to offer some great rewards or benefits to get everyone on board.”

Xuim   |     |   Comment #1
More worried about central bankers than hackers, when your wages go into a bank that you can't withdraw from and which charges negative interest you are worse than a slave since you might not even be fed
oldbanker   |     |   Comment #2
Amen to that, I keep cash on hand now in case I'm shout out of my accounts (60 minutes piece), to eat and pay electric.
If it comes to cashless you could not even do that.
I would not want to be young today.
Bogie   |     |   Comment #3
The younger generation won't know the difference. They practically live on "plastic" today. Many of them on borrowed money with nothing in their accounts to back them up.
deplorable 1
deplorable 1   |     |   Comment #14
@Bogie: Why does everyone assume that just because you use credit cards to make all your purchases that you are in debt? I have $0 debt and use credit cards for 99.9% of all my purchases. You can even schedule your bill to be paid on the due date a month ahead of time or auto pay if you can't be bothered to do that. I think of my rewards credit cards as a income stream just like investments. I have to buy these things anyway so why not get paid to buy them?
Bogie   |     |   Comment #23
@deplorable 1: I don't know that everyone assumes that. I for one, don't. However credit card debt statistics are often quoted on various financial outlets and news sources.

I use a credit card quite often. It's safer than flashing cash around these days. NEVER charged anything I didn't have the cash to back it up and pay it off at every billing cycle. NEVER paid a penny of interest on any credit card charge.
Bogie Man
Bogie Man   |     |   Comment #19
Which younger generation? Sounds like they've been a few come along since you were in your prime.
Youngblood   |     |   Comment #18
I'm pushing 70, I'd love to be young, ANY DAY.
Old Wanker
Old Wanker   |     |   Comment #20
Cash hoards are only worth so much. Guns, ammunition, canned goods - PRICELESS!
Jay American
Jay American   |     |   Comment #17
Never in America, land of opportunity...
Martin   |     |   Comment #65
You all heard of Bit coins, well, that is what a digital currency will look like, the value will fluctuate minute by minute and who ever has access to the algorithm of the currency can mine themselves a billion a day, without ever or anybody notices anything and there is no one to complain to. If you get wipe out, tough luck will be served on you.
Now anyone still wants imaginary currency?
GARRYOWEN4EVR   |     |   Comment #78
Anonymous   |     |   Comment #4
This is more and more an invasion of privacy. Although I use credit cards a lot now, if there is an attempt to force me to "go cashless" I will go in the opposite direction and wind up closing credit card accounts and purchasing from those establishments who take "cash." Recently they have eliminated tokens to use for toll bridges. Now if there is another way around without using the bridge since I will not sign up for EZ Pass, I use it.

This is more and more "government control" which I am completely against. The term "free society will vanish if the governments --- Federal and state --- continue on this path!
Luvcd   |     |   Comment #5
Install a device to flip the license plate, when needed.
oldbanker   |     |   Comment #7
It will continue on this path to socialism. Things like this are being introduced into the system all the time. 20 years from now free society will be in the history books.
deplorable 1
deplorable 1   |     |   Comment #15
I'm very conservative and I don't consider credit cards as Socialist in the least and here is why:
1. The credit card companies are not government owned they are businesses and as such compete with each other for your business. Competition = capitalism and is good for the consumer which is why you can find rewards credit cards now that pay from 2-7% in rewards.
2. Credit cards actually give you more individual control over your finances not less with free credit scores, monthly statements to track your spending, 0% no or low fee balance transfers, a 30 day interest free loan, online bill pay, online payments you can schedule for any day you want etc. Control = freedom
Martin   |     |   Comment #26
Do not wary deplorable 1, IRS is already informed of all of your payments and purchases done with a credit card.

Also here:
Martin   |     |   Comment #27
Deplorable 1, I forgot to tell you that all transaction done by a credit MUST be reported to IRS. The law is inserted in the fannie/freddie regulations and signed into law by Obama.

If you have received more than $600 a year in rewards on a credit card or combination of credit cards, you may get or it will be reported to IRS on 1099-Misc according to many banks in their disclosure when you open a new credit card account.
Lrdx   |     |   Comment #28
Cashback is considered discount at source, not taxable.
Miles and rewards points are not taxable as it's not your property, but of the airline/hotel chain/bank.
Yes, it can change, but in the meanwhile, it's dumb not to take advantage.

And if it becomes taxable, then what? If you have a 50% marginal tax rate, it's not a 2% cashback, but 1%. Still free money.
deplorable 1
deplorable 1   |     |   Comment #49
Well I earn around $3,000 in cashback every year and the IRS has never issued me a 1099-misc or 1099-int for anything other than interest from a bank or bank bonus. Now I am aware that the Democrats were trying to pass a bill a while back that would have made credit card rewards taxable but luckily it failed. I don't like my purchases being tracked but I'm also not prepared to give up a average of 5% savings on every purchase either.
Bogie   |     |   Comment #52
And never will. The IRS does NOT issue 1099s. The companies, corporations, businesses, etc. that a person receives money from issue the 1099s when required by law. The IRS receives a copy of the 1099s and is checked against your tax returns.
DCGuy   |     |   Comment #54
You can file 1099s to anyone for free electronically. All you need is their SSN and address and you can make up "phantom income" figures so the IRS will then go after the recipient for underreporting. Same concept as filing a fraudulent return.
deplorable 1
deplorable 1   |     |   Comment #75
@Bogie: Correct I understand this I was just replying to Martin's assertion that credit card rewards are taxable over $600 which is not the case. I think he is confusing bank bonuses which are reported to the IRS with credit card bonuses and cash back which are not. Bank bonuses are taxable from $10 and up I believe. This makes credit card rewards even more valuable as tax free income IMO.
Nothing   |     |   Comment #76
Whether or not a 1099 is received does not determine if there is "income" for tax purposes. The amount received has to go on the return no matter what the amount is.
deplorable 1
deplorable 1   |     |   Comment #79
Not in this case because credit card rewards are considered a discount like a coupon or coupon code. You don't report coupon savings on your tax return do you? No 1099 no reporting on my end.........that's my personal rule. I have been doing my own taxes long paper form or now days pdf forms from for over 30 years without tax software and have never been audited.
Att   |     |   Comment #31
All the major bridges near me no longer have cash tolls or will be by end of year. Either EZ pass and if you don't have as pass you pay more when they send you a bill in the mail.
Cash is King?
Cash is King?   |     |   Comment #6
Dear Sheryl,

thanks for a great article!!
Att   |     |   Comment #8
In some ways for retail cash has many costs. Employees or robbers can steal cash. Cash has to be stored counted and deposited
Martin   |     |   Comment #9
If the cash will cease to exits, so will the value of the money. This is a globalist dream to destroy the wealth and make us subservient to the elites and work for food in exchange for our labor.
Digital currency can not be valued and would be easy to wipe it from the bank's accounts in artificially coordinated global crises. Bail-in is the law of the lend now, be careful what you wish for. The democrats and Obama made sure it can not be reversed now or in future.
It is already happening, Chase does not accept cash to pay any kinds of bills and mortgages. If you go to the teller, he/she will interrogate you of the source of the money and you will be finger printed if they allow you to deposit the cash.
Martian   |     |   Comment #21
My tinfoil hat protects me from all of that.
111   |     |   Comment #42
But remember, you must have the correct side of the foil facing up. If you get this wrong, it actually makes it EASIER for them to read your thoughts!
Not Nirvana
Not Nirvana   |     |   Comment #43
Thoughts? What's that? Thoughtlessness quiets the mind.
pua   |     |   Comment #10
I have a big desktop computer and maintain a large website. I use credit cards and pay bills through my brokerage account online billpay. But I do NOT have a cellphone and don't want one. There are times when there's no alternative but to pay cash. For example, when I play in my local ACBL duplicate bridge game, the director collects the $8 entry fee in cash -- he has no card reader. If I go to a craft fair in the park, some of the artists take only cash. And most important of all -- will the dancer in the strip club have a card reader tucked under her panties (Lots more fun to tuck the dollar bills in there rather than wave a cellphone a few inches away).
Bozo   |     |   Comment #11
Too funny, I never thought about strippers.
Att   |     |   Comment #12
In the future you may just send that payment to someone via your cell phone to the person's cell phone. Who knows what technology will be available in the future. People can even take charge or debit cards with an app and reader on a cell phone.
hank   |     |   Comment #24
you wouldn't wave a cellphone. You would have to put your credit card in and run in through the card reader....
deplorable 1
deplorable 1   |     |   Comment #13
I have been pretty much cashless ever since I got my first credit card. When you pay your bill in full and on time every month it is a 30 day 0% loan. Then with cash back credit cards I can earn about $3,000 a year in cash back rewards including gas and gift cards. I even pay all my utility bills with the Huntington voice card and earn 3% cash back on those. The only cash I carry is $10-$20 just in case there is a store that requires a minimum spending amount to use a credit card(some mom and pop stores do this). Why would anyone want to run to the ATM constantly and carry around wads of cash plus lose out on a average of 5% on every single purchase just to use cash? For online purchases I can average around 15% cash back by combining credit cards with online shopping networks and or coupon codes.
Martin   |     |   Comment #25
deplorable 1, if you can afford to spend $100,000.00 ( I assume 3% bonus on purchases) to get $3000 in bonus, it does not make any sense to most of us, you do not need the bonuses at all. Also, I assume, the big brother keep an eye on all of those purchases too and if your statement above is true, you may get a visit from a tax official.

With a cashless society, everyone will be funneled into the national banking system, allowing the government to monitor your every financial decision, no matter how small. You will no longer be able to give money to anyone, friend or relative, that would escape the government’s notice. A simple of act of handing a downtrodden friend $100 would be impossible; it would have to be transferred from your bank account to his, presumably with a national biometric ID card, and perhaps later with a implanted chip, technology that also exists today.

Regardless of the specific system it chooses to implement, the enactment of a cashless economic system will be the final nail in the completion of our global financial coffin or, if you will, a new world order. Once the government forces us into its controlled economic system, our republic is done for.
deplorable 1
deplorable 1   |     |   Comment #55
I don't spend anywhere near $100,000 a year to earn that. Many of my purchases are online and through shopping networks like:
1. Ebates
2. Topcashback
3. Discover
4. Couponcactus
5. Citibank bonus cash center
These all give bonus cash on top of the credit card rewards plus coupon codes.
I regularly am able to beat retail prices on some items by 30-50% when combining various discounts.
Martin   |     |   Comment #59
Reply to comment #55, I'm sorry to hear you shop at places that are known for scams, but that is not the worst, I have found all of above sell at MSR price level and the same items can be bought elsewhere for much much less.
To get 3-15% discount at EBATES, you are forced to pay retail price at Macy's on the same item that can be for 50% less at Amazon or eBay (same retailer, same quality, same item and brand new).
In my opinion, you are not saving anything, but the rewards on the credit cards purchases, which are nullified by paying retail prices. It is your money, if that makes you happy, please ignore my observation and comment.
deplorable 1
deplorable 1   |     |   Comment #63
@Martin: I use google product search, ebay, Amazon and a few other specific stores to check prices before I buy. Nothing I mentioned is a scam or requires you to pay "full" prices to get discounts. By the way Amazon rarely has the lowest price on any item anymore they used to be good many years ago. Now I have had to save my receipts and fight for the cash back at times but they do all pay the advertised discount. Each company makes it's own rules with regard to discounts and sales. Ebates always gives cash back 100% of the time never had any problems with them tracking or paying.
Johnny Cash
Johnny Cash   |     |   Comment #16
It's pretty much cashless now. When's the last time you used cash? However, I'll stick to using the old fashioned credit card. There's some consumer protections in place for those. What's the law with regards to phone apps? Are there any?
Bozo   |     |   Comment #48
Johnny Cash, when's the last time I used cash? Well, about 30 minutes ago, when I put $5 in gas down at the Shell station.
Ally6770   |     |   Comment #50
Good choice "Shell". It is a tier one gas and I get 3 miles a gallon more with it. But I use Penfed's 5% cash back credit card with it. They debit my checking account and still send me the bill each month. They take the 5% right off the bill each month. That is the only thing I put on that card. Everything I purchase is on a cash back credit card (it is not taxed). I pay only with the credit card except for property taxes and hair cuts when I use checks. I have not used cash since 1955 when I was given a checking account with $50 in it for my only Christmas gift in 7th grade.
I still would be upset if I was not given a choice to use cash.  I have a lot of silver coin in the basement and the kids need to get it out of the basement and sell it if the price ever goes up again. 
Oppman   |     |   Comment #60
Please let us know when you plan to go on vacation. Oh, could you also post an address, please?
hank   |     |   Comment #61
I am with penfed also and have their 2 percent cashback card but there is no 5 percent cash back card but I also have the other penfed card that pays 5 "point? for each dollar of gas purchased. Is that the credit card you are talking about??
Att   |     |   Comment #67
You could have kept 5% on gas. If you read the terms you could refuse to change cards and keep the 5% on gas. It was in the time print. You had to inform them that you did not want to change. I did and still have 5% off of gas.
Rico   |     |   Comment #22
Where can you get 2-7% rewards cards? I just switched to get a $100 bonus and 1.5% rewards and thought that was great. I'm with you, virtually everything goes on the credit card that is possible. That makes for better and easier record keeping. Of course the balance gets paid off monthly. I do use a Lowe's card because that's a 5% discount off retail.
deplorable 1
deplorable 1   |     |   Comment #51
Well here is my list of the best rewards cards:
1. Citibank double cash card: 2% on every single purchase with no cap. This is my main card to be used only when I can't get a higher reward then 2%.
2. Chase freedom: 5% quarterly bonus categories capped at $1,500. I have multiple cards to avoid hitting the cap and use it for 5% categories only.
3. Citibank dividend platinum select: 5% quarterly bonus categories with no cap plus a rewards shopping network. Again used for 5% bonus categories only, shopping network bonus is on top of the 5%.
4. Discover it/chrome: Double cash back for first year so 10% on the 5% quarterly bonus categories plus shopping network and $20 for $25 gift cards.
5. Huntington voice card: You choose the 3% bonus category. I choose utilities and earn 3% on Gas bill, electric bill, A/C bill, internet bill, cell phone bill every month.
6.Citibank Costco Visa/Sams club MC: For the 3% cashback on restaurants and fast food and the 5% at gas stations when no Speedway is around(Sams card).
7. FNBO Speedway rewards Mastercard: For gas only. This card gives you 50 points per dollar plus free bonus points for buying gas cards plus free points for the Speedy rewards program.Bonus point offers throughout the year as well. I have calculated the points are worth around 7% when saving up points for the $200 gas cards with 3,5,7 cent off per gallon.
I have more but these are my "main" cards I keep in my wallet every day.
DCGuy   |     |   Comment #57
The US Bank Cash + card program isn't bad. However, most of the 5% categories are not ones where I spend on for most of my bills.
Rico   |     |   Comment #58
I'm impressed, you must have a very organized mind or some sophisticated app to keep on top of the various rewards permutations. I'm a retired banker and admittedly, my card selection is fairly straight forward. At this point, I'm reluctant to open new cards and suffer the inevitable reduction in my credit score. A gradual transition over a couple of years should minimize the impact. But since we're talking great deals, last year I was fortunate to grab $400 from a KeyBank new checking account promotion. I still have fond memories of that deal.
deplorable 1
deplorable 1   |     |   Comment #64
@Rico: Thanks, I just use notepad for all my finances on one page and update everything manually. I have not been able to find any program that will put everything organized on one page. Citibank had a great $400 bonus last year I got that one for the wife too. My credit score hovers around 750 even with all my credit cards and having $100,000 borrowed @0% with no fee balance transfers. I'm very organized about managing my finances and credit and it has taken a long time to get my combined credit lines to around $600,000 available(not used) credit. This way I keep my utilization ratio at 15% or less so my score doesn't take a big hit when I use it. I also manage the wife's credit for another $500,000 available. This way when a good 0% no fee balance transfer comes along I can max it out.
pineappleman   |     |   Comment #29
Personally, I barter with pineapples everywhere I go. I'm saving up for a 65" flat screen. Only 46,372 more pineapples and I've got it!

Gee, I wonder why Visa might be interested in a cashless society? Nothing is "free", folks. The reason your credit cards give you rewards or cash back (I have a 1.5% cash back card too) is because they charge merchants MORE than that (over 2%) so what you're getting for "free" comes off the back of merchants (who then just raise prices to compensate). And if you guys didn't know, credit cards take their cut regardless if an item is returned or not. So if you buy a $100 item from a store, Visa is getting their 2%-4% cut. If you return the item, you get all $100 back -- but not the merchant, they're still out the cut they had to give the credit cards.

I have nothing against either cards or cash (or checks or ACH -- or pineapples, for that matter). Various entities (companies, people, governments) will naturally try to push their own preferred method that they have a stake in (WalmartPay, AmazonPay, ToyotaPay, FredPay, whatever) but cash isn't going to disappear anytime in our lifetime, and there's never going to be just one way to pay for something.
Don Ho
Don Ho   |     |   Comment #37
Where do I sign-up for PinneapplePay?
deplorable 1
deplorable 1   |     |   Comment #53
@Pineapple: So you would rather be losing the 5% average discount that I get for using cashback credit cards vs. cash. So you can what feel better about keeping prices down? Are they giving you a discount for using cash? Probably not so I will keep charging my bills then.
pineappleman   |     |   Comment #62
If you actually read my post before replying to it, you'd see not only did I say I had nothing against cards, but that I too have a 1.5% cash back card myself. I'm glad you enjoy proclaiming to all that you're getting 5% off in "this bonus category" or "that bonus category". If that works for you, great. I, on the other hand, prefer a card that doesn't play games, and simply gives you 1.5% cash back on ALL categories, all the time, for every type of purchase (and like keeping my excellent, top-notch credit score by not opening lots and lots of different credit cards just to play their games). Some of us have EV cars that don't use gasoline anymore, and rarely go out to dinner. But maybe instead we put things like a $6,000 large yearly insurance bill on a card, or a purchase of 5,000 cases of Super Mighty-Os. To each his own.

That said, if I'm buying a $12 Lawrence Welk Meets the **** Pistols CD, I'm just as happy to use cash if I have it in my pocket than a card. And while I realize Americans are known for gross over-shopping (usually beyond their means), keep in mind that not ALL of us shop, shop, shop until we drop.

If Pineapple futures keep going the way they are, I may switch my currency of choice over to Guavas...
deplorable 1
deplorable 1   |     |   Comment #68
So getting a straight 2% cash back on everything with no limits with the Citibank double cash card vs. the 1.5% for using the Capital one quicksilver card is too much playing games? The 5% bonus categories can add up to a lot very quickly which is why I have 3 different cards with different 5% categories. This way you max out rewards and don't even need to spend that much. I keep all the reward info on my cell phone for quick access so I don't forget what card to use. Well worth the extra effort IMO.
D. Quayle
D. Quayle   |     |   Comment #30
This article is dumb. I picked blueberries at a farm yesterday, I paid cash. I don't think a mom& pop farmer want a credit card machine. The server I tipped at the restaurant prefer cash. How about that gumball machine my kids like to use at the store?
Att   |     |   Comment #32
A guy who has a small cart in the mall near me sells wood carvings from Bethlehem. He attaches a card reader to his cell phone and processes charges. With RFID tags in products becoming more prevalent one day you will go shopping put what you want in a bag a have no checkout and be billed to your account with no checkout. I use a hand scanner at the market near me. Scan the items. At checkout scan a barcode on the hand scanner pay and walk out.
deplorable 1
deplorable 1   |     |   Comment #56
Yep any small business can use a cellphone to accept credit cards although you need to be careful and ask if they will be charging you extra. I had a guy try to charge me a extra 5% for using a credit card vs. cash once. Usually cash is still king for mom and pops.
Att   |     |   Comment #33
The servers want cash so they don't report the tips for tax reasons. Even soda and candy machines take charges, debits and tap and pay. Gumball machines coins only but that is no big deal and I think the world could live without them. Even street parking is done at pay stations where you can pay with a charge card. Money can be lost, stolen. Toll takers steal cash and so do meter people. Cash has disadvantages too.
Martin   |     |   Comment #34
Att, I will just say one thing to you, CASH represents freedom, credit indicate submission to Government and control of your life.
Att   |     |   Comment #35
I don't understand why cash is submission to government. Please tell us why. For me to deposit cash my checking I must use my ATM card and PIN even with a teller. No one except for myself (unless I give them my ATM card and pin) can make a cash deposit to my checking account. Also, large cash transactions at financial institutions are reported to the federal government. Even smaller amounts can be reported. Federal guidelines say suspicious activity could include a deposit or withdrawal of $5,000 or more by a customer who doesn't normally make transactions that big.
D. Quayle
D. Quayle   |     |   Comment #36
RU insane? I would NEVER deposit cash at an ATM. Where's the proof that you inserted the cash if there's an issue? Just go to the teller, it's safer.
Att   |     |   Comment #39
Even if you use a teller at Chase you must use your ATM card and Pin to make a cash deposit or withdrawal. I use ATMs for cash deposits and have done so for over 12 years. I get a confirmation of what is counted and I believe copies of the bills I deposited. Then if I agree The funds are deposited and I get the exact receipt a teller gives me. I can also logon and see the deposit. I was on a grand jury in federal court and we inditited many tellers for theft from accounts and even doing short period transfer if funds to their accounts to show they have large balances in accounts and then move the funds back.

One teller at a Chase bank became a trusted person. He even let my kids behind the tellers booth. He is now in prison for theft.
Bank Chaser
Bank Chaser   |     |   Comment #46
Stole your children, did he?
RU Insane
RU Insane   |     |   Comment #45
Yes, I am. The little man in the box will vouch for the deposit (his name is Jack). You don't really believe in computers do you? Those are just a ruse used by the elves. They run the global financial conspiracy! Their leader is a man called Elvis.
Bogie   |     |   Comment #38
Att, while money (cash) can be lost or stolen, the more frequent a credit/debit card or other electronic payment device is used, the chances of being hacked also is increase either directly by skimmers or the stores and institutions a person is dealing being hacked or information being stolen by employees.

Also, I truly believe there is way too much tracking of our personal finances and dealings by our government, financial institutions, and retailers. As long as we come by our money honestly and don't spend it on illegal commodities or activities, it is nobody's business how much money we have or what we do with it.
Att   |     |   Comment #40
I have never had a penny lost when my charge cards have been lost or stolen. I have lost my wallet and cash. You see a charge that you did make challenge it And it is removed. With some institutions this can be done online. And if you have a problem with a vendor you can challenge payments. I don't use a debit card. If you use email such as hotmail or gmail you are tracked. Also sites leave cookies on your machines that can allow them to track. Do you use a supermarket discount card or other loyalty card? A great source of customer behavior. I have done IT work as an outsourcer for a large bank and they data mine on your accounts and charge cards. If you give someone cash, they are not tracked. When you take out your cash their is a record of your transaction. And if the government needs to do and investigation and need info and need nank information they can just get a warrant and see your transactions. One last thing. Your bank, hospital can also be hacked and even if you don't have online access. So eesr the foil hat. It doesn't work.
Att   |     |   Comment #41
I meant charge you did not make.
Out Sorcerer
Out Sorcerer   |     |   Comment #47
Mine does. From asteroids, space junk and deposit accounts bloggers.
Martin   |     |   Comment #66
Why don't you buy some Bit coins, it will suit your life style and you will be the first to experience what is like to live of digital (imaginary) currency.
Blue Berry
Blue Berry   |     |   Comment #44
No, you is dumb (and, dumber). Y'all's supposed to eat 'em, not pick 'em. A truly cashless transaction. Unless they catch ya.
peacejogger   |     |   Comment #69
I am pretty close to cashless already. I carry a bit around with me but rarely dip into it. I put everything on reward credit cards, pay them off every month and cash in the rewards. I can't pass up free money when it is so easy. The only time I might use cash would be for a drink at a convenience store or something similar. Otherwise, it all goes on the credit cards. I do not use a debit card for anything other than as an ATM card. So bring on the cashless society. I am already there.
Martin   |     |   Comment #70
I'm sorry to disappoint you, but cashless means lot more than a society without currency. For starters, how the value of the digital numbers will be valued? What can stop the Government from confiscating your digital numbers or make them without any value or freeze any purchases or payments. How would you use your credit card if the digital value fluctuate on daily bases. How your employer will value your work if there is no present reference currency, how you will call them, Bit dollars and who will vouch for them and with what, if you pull the dollar (cash) out as present currency, the reference value will disappear at once?

This is a small examples of the problem a cashless society will bring. Without anything solid to be written on, like:
This is a legal tender to pay for all goods and services and In God we trust, a digital currency will be like a Bitcoin, it is not money nor commodity nor has anyone to back it up with anything, in other words you will put your life in the hands of an Algorithm that few people have access to and will manipulate and will assign a daily value according to their superior' orders.
What will stop the Government from liquidating its present debt and make our digital "money" worth a penny or two instead of the present value.

How do you measure the workers productivity (and salary), without a base reference to a solid reference point like dollar or gold and how do you value the gold with an Algorithm as a measure to digital "currency" ?
Cashless also means subservient and dependent on the Government, they will decide for your retirement benefits, salaries and taxes that will be taken at the source of income. Savings will be out of question, because you will be valued at asset level for your future income benefits, in other words, we all become equally (un)wealthy and the privacy will become null and void.
deplorable 1
deplorable 1   |     |   Comment #71
@Martin: Well one could argue that the U.S. dollar lost all value when it stopped being backed by gold or silver. I'm not really for a cashless society I like the way it is now where we all have a choice on whether to use cash, credit or debit. Choice = freedom
Martin   |     |   Comment #73
deplorable 1, Every currency in the world is designed to lose at least 2-3% per year, if not, there will be no growth and the capitalism will cease to exists, however, the lost of the currency value is supplemented with interest paid, COLA, raises in the payroll and investments gains (if you invested in the stock market 50 years ago only $1.00 it will be worth at least $150 today), (my parents paid for the house they lived in only $5000 in the 50s and sold it recently for over $800,000), no the dollar did not lose any value if you are smart person . The dollar did not lose any value, it is supplemented with alternative gains, everything is relevant and has a reference point that might be worth more today than in the past, it all depends how smart we are.
Att   |     |   Comment #74
I agree. I use rewards charge cards for any purchases that I can. No change and no cash to worry about. Most bills are paid with Bill pay using my checking account. If you take cash out of a bank or ATM you can be tracked and under certain circumstances reported to the feds. People who receive cash for payment are the ones who make out as they don't report the income. The Costco near me doesn't even take cash for payment. I watched the other day as a cashier received a check for payment. Scanned the check and refined the paper check to the customer. The register did a debit of the account. We are talking about not using paper money .VS no currency. No one has total privacy. If you use the internet your site visits are logged. Easy pass at the tolls and they have just readers only on the road. Money transactions. If the government wants and can easily get a warrant if they see illegal intent your life is an open book. A major mall near me has a license reader that checks license plates when you enter the mall parking lot. I prefer not carring cash.
Bogie   |     |   Comment #72
What ever happened to the idea or rumor that our Federal Government was going to print new currency looking nothing like our existing currency with the idea that all the old currency would have to be exchanged by a certain date before the old became worthless?

What a scam and windfall that would have been for police departments with the current forfeiture laws we are subject to today regarding cash.
Nothing   |     |   Comment #86
Bad guys deal in dollars...
Bogie   |     |   Comment #87
Nothing, not all people who deal in dollars (cash) are bad guys.
Nothing   |     |   Comment #88
But w/o dollars there would be fewer cash and carry bad guys.
Bogie   |     |   Comment #89
But it doesn't mean fewer bad guys. The more times and places a person uses an electronic means for money transactions, the better the odds of being defrauded either personally or through the entity you are doing business with by hackers, skimmers, scammers, etc..

And I personally don't like the government and businesses tracking all my purchases and other money transactions even though none of which is done illegally. Although much of the "tracking" done today is unavoidable. I call it spying!
HappyTimes   |     |   Comment #85
The appeal of a "cashless" society is based in taxation. Goodbye underground economy. It's also a great way to track and control behavior.

The danger is the delicate nature of technology based on wires, transformers and circuitry. Major power outages will render such a society impotent and that, in a word, is dangerous. On the bright side, a major loss of power will result in clear skies for astronomical observations.

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