View Full Version : Will cash, dollars and cents type currency disappear soon?
This news article https://www.theguardian.com/money/2021/aug/15/cashed-out-a-fond-farewell-to-coins-and-notes raised once again the question of going cash-free as a society.
The assumption seems to be that even the homeless, the criminals, etc., have phones to make purchases and obtain services via the internet. I use cash to pay roadside stands for local veggies and fruit, make some cash donations and pay for occasional handyman help.
I receive my bills via email, pay bills and subscriptions online, Do we need cash currency? What do you use it for? When will it completely disappear?
After I read the article, it struck me that major decisions are being made on the assumption that the internet will be easily accessible eternally. Do you agree?
Some countries like Sweden have surged ahead with going largely cashless but not totally.
Teacher Terry
8-15-21, 3:57pm
I think it’s essential for poor people. I prefer to use cash when dining out with a group of friends. I also like it for small purchases.
iris lilies
8-15-21, 4:01pm
A Chinese businessman I know claims that the homeless and the panhandlers in China even have ways to get donations that are not cash.
I work with small hobby groups who do not have Venmo or Square or any of that stuff, so when we pay dues or give donations we give a check or cash.
I went mostly cashless with the pandemic, as I didn;t want to be handling germy stuff. Now I;m back to /some/ cash. Usually at breweries. I'm already paying $7 or 8 for a beer, I think a dollar tip is enough for the 15 seconds they spend pouring it for me. When you go cashless, they have it set up with (typically) 20% as the nominal tip. You can choose otherwise, but you look like a cheapskate. The beertender just had to pour it for me, didn't need to check back to make sure it was ok, didn't have to pour me water or clear the table so 20% seems excessive to me.
ApatheticNoMore
8-15-21, 4:48pm
Cash ok kinda. But no quarters = no laundry. That's a BIG problem.
And sometimes cards are a fricken pain, say you go to the farmers market, you buy from I don't know 5 vendors, do you really want to process a card charge for all of them? What a pain. Cash is much easier for that type of situation.
In general for small purchases like a few bucks, cash is really much easier. Bah who even wants to review the credit card bill full of $2 charges or something, oh yea I was out of onions ...
I went pretty much cashless 4 or 5 years ago. My only concern with not having cash is the worry I'll be out and about during a power outage or some other network disruption that makes my credit/debit cards pretty much useless. My wife and I both carry a couple $100 bills in our wallets just for that possibility.
Out of my cold dead hands.
rosarugosa
8-15-21, 5:08pm
I was at a flea market today and made all my purchases in cash. I don't know if the vendors even took credit, but I'm sure they prefer cash. I usually use cash in thrift stores and for other small purchases as others have mentioned.
iris lilies
8-15-21, 5:44pm
I went pretty much cashless 4 or 5 years ago. My only concern with not having cash is the worry I'll be out and about during a power outage or some other network disruption that makes my credit/debit cards pretty much useless. My wife and I both carry a couple $100 bills in our wallets just for that possibility.
no o e can change $100 bills! For small purchases anyway.
carry 10’s and 20’s
Isn't something like 10-12% of the American population unbanked? Surely they will want to continue using cash. Even venmo ties in to a bank account or credit card. Personally I mostly gave up cash at the start of the pandemic, the last thing being gas stations. But even they are finally getting on board with the chip credit card readers, so I don't have any reason to use cash there anymore except that it's cheaper.
I keep $75-$150 in my wallet at all times. There are a couple of bars that we used to go to in the city that only take cash. While we haven't been in 18 months at some point I'm sure we will. And I keep a couple grand at home in case we need to leave quickly during some sort of disaster where credit cards may not be helpful. I've done that ever since I got stuck in NJ on 9/11 and couldn't get home.
no o e can change $100 bills! For small purchases anyway.
carry 10’s and 20’s
I've thought about that but it really doesn't work for me. Tens and Twenties never seem to last long in my wallet, the Hundred's have been there for years. lol
I think checks would go away before cash did.
gimmethesimplelife
8-15-21, 6:46pm
I really hope cash does not go away any time soon. As I just experienced, it is entirely too easy to experience fraud on a debit card or a credit card - though I will say that one reason I love my current credit union is that you can at any time at will freeze or unfreeze your debit card. I will be making more use of this wonderful feature going forward. Rob
happystuff
8-15-21, 7:15pm
I am like others that use cash for smaller purchases. I also know the limit I can go on my credit card so that I can pay in full every month. While I usually pay for gas with the credit card, I know many stations in my area offer different prices per gallon for cash versus credit - cash being a few cents cheaper.
I think checks would go away before cash did.
Absolutely. I’m not really sure when I last wrote a check but it was probably over a year ago. The last time I bought new checks, a couple years ago, the previous ones had my address from 2003.
I still use some cheques for monetary gifts or donations to organizations or memorials. They can be scanned by the recipients' phone straight into the bank account.
Haven't gone to an ATM in a long time. Use my debit card for everything (big and small purchases). Better to keep us out of debt as we have to think before we buy something unlike when using a credit card. Husband writes checks frequently because he pays friends for doing odd jobs for us. Can't tell you the last time I wrote a check as all my bills are auto pay through my debit card or bank account.
iris lilies
8-16-21, 10:23am
How many here refuse to use a debit card tied to their bank account? I don’t use one, security risk. Don’t need it.
Teacher Terry
8-16-21, 10:51am
Your husband could use Zelle or Venmo to pay people. I had people use it at my garage sale. My chiropractor and groomer don’t take cards so I write checks to them.
catherine
8-16-21, 10:52am
How many here refuse to use a debit card tied to their bank account? I don’t use one, security risk. Don’t need it.
I have debit cards I use all the time. I would guess Dave Ramsey would completely disagree with you on the risk issue, since he advocates ONLY using debit cards. My fear of a security risk with debit cards is pretty much non-existent.
As for checks, I hate using them. It slows down my bill-paying process, as my water bill requires checks because they don't have online paying, but all my other bills are paid online.
I have debit cards I use all the time. I would guess Dave Ramsey would completely disagree with you on the risk issue, since he advocates ONLY using debit cards. My fear of a security risk with debit cards is pretty much non-existent.
I'm with you. I use a debit card for all every day purchases, whether it's a re-stock trip to the grocery store or a trip through the Dairy Queen drive-thru for a large vanilla cone.
How many here refuse to use a debit card tied to their bank account? I don’t use one, security risk. Don’t need it.
I have had better luck with the security of my debit card than I ever did with my credit card. Credit card company even refused to reimburse me for an illegal purchase that I could prove wasn't me. That reminds me, the only thing I have tied to my USAA card is Geek Squad. Need to call them and get it switched over to my debit.
Simplemind
8-16-21, 11:15am
I have never had an issue with our CC company reimbursing me for an illegal purchase. In every case they have spotted it before I did. They have also covered me in purchase disputes. We use it for everything unless it is a cash only situation. It is a travel card so the FF miles have allowed us to do a lot of traveling with little out of pocket.
iris lilies
8-16-21, 11:54am
I have debit cards I use all the time. I would guess Dave Ramsey would completely disagree with you on the risk issue, since he advocates ONLY using debit cards. My fear of a security risk with debit cards is pretty much non-existent.
As for checks, I hate using them. It slows down my bill-paying process, as my water bill requires checks because they don't have online paying, but all my other bills are paid online.
Dave Ramsey is not someone I take financial advice from. His target audience has trouble controlling their spending, so debit card (spend only what you have) is good for that crowd.
iris lilies
8-16-21, 11:59am
I have never had an issue with our CC company reimbursing me for an illegal purchase. In every case they have spotted it before I did. They have also covered me in purchase disputes. We use it for everything unless it is a cash only situation. It is a travel card so the FF miles have allowed us to do a lot of traveling with little out of pocket.
Me too. I actually love my credit card company’s alerting system. They send me appropriate questioning emails only as often as they need to. Last year I left a giant tip at a Hermann restaurant because of pandemic, and they sent a questioning email saying “is this tip correct? “They catch double charges. They question me if I’m buying things that are outside the norm such as years and years ago, I went to a furniture store and bought —gasp —new furniture. That is not my pattern and they questioned it.
Last year I disputed an overseas purchase and they were entirely supportive of that. That’s the only dispute I have ever done in my life.
iris lilies
8-16-21, 12:03pm
Refresh my memory, what happens if someone steals my debit card? Is there a security code on that? How quickly can they wipe out my bank account?
I've been using ApplePay on my phone or watch for the past several years for most transactions at formal businesses, and it just smoothly works.
I've been using ApplePay on my phone or watch for the past several years for most transactions at formal businesses, and it just smoothly works.
Well, that answered a question that had come to mind when I set up Apple Pay.
My understanding of debit card is that there is no recall or protection. The money is gone. I only use it at an ATM and very rarely at that since I am mostly cashless.
Well, that answered a question that had come to mind when I set up Apple Pay.
My understanding of debit card is that there is no recall or protection. The money is gone. I only use it at an ATM and very rarely at that since I am mostly cashless.
I am pretty sure I've read that the FDIC also protects debit card losses.
Actually, check this out. https://www.fdic.gov/consumers/consumer/information/ncpw/cardchart_print.pdf
iris lilies
8-16-21, 1:48pm
I am pretty sure I've read that the FDIC also protects debit card losses.
Actually, check this out. https://www.fdic.gov/consumers/consumer/information/ncpw/cardchart_print.pdf
”you could lose up to $500 or much more…” IF you go beyond two days of reporting fraudulent charges.
no thanks. This doesn’t fit my lifestyle, I won’t watch anything that closely. Also, I do not see the advantage TO ME over credit card.
ApatheticNoMore
8-16-21, 2:01pm
Yea I don't really see the advantage over a credit card either. Is it supposed to change your spending psychologically? I use such tricks sometimes, but seems a lot of bother in this case.
When I say that I have never carried (I don't mean the month by month float of a credit card paid off that month) any debt in my life, I mean it. Maybe there has been a month or two in my life where I forgot the credit card bill that month and paid it next, sure when getting the hang of it when young. But carried debt other than a months forgetfulness? No.
If I ever ended up carrying debt except as an investment (say property) it would be because of tragedy (say major health problems and medical bills) and using debit or credit cards don't prevent fate from having it's say in that case.
How many here refuse to use a debit card tied to their bank account? I don’t use one, security risk. Don’t need it.
I use mine for Costco gas, nothing else. If I were going to use it regularly I would have an account just for that purpose and keep the balance low so that if a hacker gets it they can't clean out a lot of money. There are still protections for them, as their are with credit cards, but unlike a credit card it's your money that is gone and has to be replaced by the bank. I'd rather not have to deal with the crisis of having my account cleaned out the day before our mortgage payment is due.
frugal-one
8-16-21, 5:54pm
I have debit cards I use all the time. I would guess Dave Ramsey would completely disagree with you on the risk issue, since he advocates ONLY using debit cards. My fear of a security risk with debit cards is pretty much non-existent.
As for checks, I hate using them. It slows down my bill-paying process, as my water bill requires checks because they don't have online paying, but all my other bills are paid online.
Clark Howard gives his take on why not to use debit cards...
https://clark.com/personal-finance-credit/never-use-debit-card-pay/
Clark Howard gives his take on why not to use debit cards...
https://clark.com/personal-finance-credit/never-use-debit-card-pay/
That's helpful information. I was going to say that I don't really use debit that much, but actually, the more I think about it, I probably use it more than I realize.
happystuff
8-16-21, 6:11pm
I received a debit card when I first opened my local checking account. Never used it, so was notified that it was cancelled. I use my credit card as I get cash back at varying percentages dependent on purchase and it is paid off every month.
I prefer using debit card over credit card because it feels like I am paying for stuff twice with a credit card. Once when I buy it and then again when the bill comes a month later and I have to pay that. Plus we like to keep at least $10,000 in our checking account so using the debit card and having charges removed instantly, it helps us monitor our balance.
iris lilies
8-17-21, 9:26am
That's helpful information. I was going to say that I don't really use debit that much, but actually, the more I think about it, I probably use it more than I realize.
If you have a debit card, it is probably best to use it regularly so that you know where it is. If it disappears you should know that immediately.
frugal-one
8-17-21, 3:17pm
I prefer using debit card over credit card because it feels like I am paying for stuff twice with a credit card. Once when I buy it and then again when the bill comes a month later and I have to pay that. Plus we like to keep at least $10,000 in our checking account so using the debit card and having charges removed instantly, it helps us monitor our balance.
My debit card at the ATM lets me see my balance without any transaction. For me, the protections offered by a credit card if the product or service I purchased is not up to snuff and the 2% free cash (minimum) I get for just using it are great incentives.
ToomuchStuff
8-17-21, 7:20pm
I've thought about that but it really doesn't work for me. Tens and Twenties never seem to last long in my wallet, the Hundred's have been there for years. lol
I keep five 20's in my wallet, because when you first open up, you need to be able to break a hundred dollar bill, and the other owner, can't leave twenties there to do that.
I think checks would go away before cash did.
Well, in the UK, that was the plan:
http://news.bbc.co.uk/2/hi/8414341.stm
How many here refuse to use a debit card tied to their bank account? I don’t use one, security risk. Don’t need it.
So what would a debit card be tied to? A prepaid one, is still an account.
Yea I don't really see the advantage over a credit card either. Is it supposed to change your spending psychologically? I use such tricks sometimes, but seems a lot of bother in this case.
When I say that I have never carried (I don't mean the month by month float of a credit card paid off that month) any debt in my life, I mean it. Maybe there has been a month or two in my life where I forgot the credit card bill that month and paid it next, sure when getting the hang of it when young. But carried debt other than a months forgetfulness? No.
If I ever ended up carrying debt except as an investment (say property) it would be because of tragedy (say major health problems and medical bills) and using debit or credit cards don't prevent fate from having it's say in that case.So no mortgage then?
I certainly can't say that. Between a mortgage that I paid off, being told that a $350 washing machine was six months interest free if I applied for their credit card, as well as 10% off, and my use of a CC to buy discounted stuff, that I would pay off when I did my remodeling, I have had debt.
I learned with the appliance purchase, with which I went in with cash to buy, that the CC companies will try to screw you. I got it straightened out and paid it off when the first, "no payment due" thing came in the mail. A lawyer friend who they tried the same thing with, wrote a letter on his letterhead, and they forgave the entire debt (wish I would have known that)
Clark Howard gives his take on why not to use debit cards...
https://clark.com/personal-finance-credit/never-use-debit-card-pay/
So does the fraud guy who that movie Catch Me if You Can, is based on.
https://youtu.be/3Ga-M2CpRgY
part 1
ToomuchStuff
8-17-21, 7:22pm
Where Dave, recommends Debit cards only, yet has never stated where he found a processor who handles debit cards only (love to hear the response to that), to those who think debt is license to spend. (not everyone thinks of credit cards that way) He is not the only one that believes one shouldn't use CC. Warren Buffet also thinks that.
https://youtu.be/WBDmlgcdLMM
LEO relative, did one thing when young, and now believes to protect oneself, they just use prepaid cards, because their banking place does not offer one use numbers. (wish more places did)
Use of plastic, either, is a reality, with today's online world. However it is rare that I find places that won't take cash, in person. I have never used an ATM, paid for gas with plastic and still use cash quite a bit. Not to mention we are cash or check only, at the business, because the other owner, isn't dead yet.
Part 2, because of multiple video issue.
Thanks, ToomuchStuff. Interesting perspectives from Warren Buffett, and I love seeing The Real Frank Abagnale. I love the movie.
Sounds like you've handled cash/debit/credit pretty well!
iris lilies
8-17-21, 9:06pm
Warren Buffet Is cautioning against credit cards when people pay high interest on the balance. There’s nothing wrong with using a credit card if you pay off the balance every month.
Catch Me If You Can Was a great book,, so much fun! I thought the movie was awful.
I still write a few checks during the year. My horse's board and some vet bills are paid with a check. Car insurance, DMV stuff, car repairs (small business, so I try to spare them the cc fees). My cc is automatically paid from my checking account.
During the pandemic I used my debit card to withdraw cash from my bank's ATM. This was the only place I used it and it got hacked with Amazon purchases. The bank took care of it but when I got my new debit card, it tucked it into a drawer without activating it.
This week I went to a Walmart and went to use the self-checkout and none of them accepted cash. I hope others won't do the same. Usually I'll pay cash for most purchases in-store unless it's an unexpected purchase. If I can get a discount for cash I'll go for it.
I'm a heavy user of Apple Pay. I have an Apple Watch and it's so easy to use it on my Watch, rather than pulling out my phone. Some gas stations accept Apple Pay at the pump. I use it a lot that way. Don't have to worry about putting my card in the pump
I use online payments for all my bills.
Keep a small amount of cash on me for small stuff - McD's coffee, that sort of thing.
I still write a few checks during the year. My horse's board and some vet bills are paid with a check. Car insurance, DMV stuff, car repairs (small business, so I try to spare them the cc fees). My cc is automatically paid from my checking account.
During the pandemic I used my debit card to withdraw cash from my bank's ATM. This was the only place I used it and it got hacked with Amazon purchases. The bank took care of it but when I got my new debit card, it tucked it into a drawer without activating it.
This week I went to a Walmart and went to use the self-checkout and none of them accepted cash. I hope others won't do the same. Usually I'll pay cash for most purchases in-store unless it's an unexpected purchase. If I can get a discount for cash I'll go for it.
You may want to activate it. If you wait too long and then try to do it the bank may be suspicious and decline the activation, presumably at a time when you need it for something.
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