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Cash is important

  • 31-07-2022 8:21pm
    Registered Users Posts: 15,874 ✭✭✭✭ Bass Reeves

    After the recent attempt by AIB to cut the number of there branches handling cash in half now is a good time to look at the importance of cash. Its interesting that the ECB is now pointing to the importance of cash

    RTE have an article on there website about it as well

    It seems that 17% of the population is virtually totally dependent on using cash. Should the government now before banks manage to go further pass legislation enshrining that right for the public. Should Banks and financial institutions be obligated to provide a certain level of management of cash for those who require it. Should shops be obligated to accept cash up to certain limits anyway.

    After all should cash remain king

    Slava Ukrainii



  • Registered Users Posts: 72,094 ✭✭✭✭ Overheal

    Unless AIB is Irelands Central Bank (thats what the is right) then no I don't even think they have an obligation to stay in business. My primary checking account is with an online only company, to say they don't handle cash at all is an understatement. People can still use cash but their local AIB was never an Entitlement Program was it?

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  • Moderators, Business & Finance Moderators Posts: 8,856 Mod ✭✭✭✭ Jim2007

    And when you go next door and they don't take cash either? Retails will dump cash as soon as possible, having cash on premises, having to move cash to banks etc... all risks that can be avoided by going cashless. It will also deter home invasions once people know there is no cash there to steal.

    I was in Luzern, Switzerland last week and I need to use the toilets. I was already with by two Franc coin, but no slot to drop it in... ye you now need to card to use the toilets.

  • Registered Users Posts: 1,649 ✭✭✭ downtheroad

    Manager might not like the shop being held up by a junkee looking for quick cash?

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  • Registered Users Posts: 716 ✭✭✭ Konny Rool

    and mobile phone ownership is entirely #optional

    # for now - hopefully remains that way 😊

  • Registered Users Posts: 497 ✭✭ PalLimerick

    I use a card and Google Wallet but cash is king.

    NDLS centres card only too so does that mean if you have no card no licence?

  • Registered Users Posts: 13,966 ✭✭✭✭ wotzgoingon

    I honestly haven't used cash in years all online banking and paying with debit card or credit card. I did sell a car over a year ago and got paid in cash though and it was strange looking at the money since it was so long since I held any. I ended up depositing that to the bank. But that is how the guy wanted to pay so wouldn't exactly turn it down like.

  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 63,150 Mod ✭✭✭✭ L1011

    You can buy a voucher for the NDLS at Payzone agents. Theory test takes postal orders. So no, they accommodate that tiny % without cards

  • Registered Users Posts: 1,261 ✭✭✭ Gant21

    Are postal orders still on the go? Last time I used one was 25 years ago.

  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 63,150 Mod ✭✭✭✭ L1011

    Yes, although I think they actually stopped and then restarted them

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  • Registered Users Posts: 732 ✭✭✭ Vestiapx

    Ran a retail business for years, always what's the cash price ? Told them it's the same probably better for me to get card than cash for a while load of reasons. "But yet man will do it for x for cash"!. Sound, let him cos he gives no warranty and honestly when he gets done he will take a lot of cash deposits with him.

    Changed jobs and ended up working for a retailer and again all cash, to the point where they thought they were loosing money cos the books had such small figures while the cash was tens of grand a week.

    Now I'm happy, business to business and it's all EFT card or cheque if you are old. Revenue are a beast they are the only govt department apart from the pdf that I respect and they will catch all the cash people.

    I pay my taxes you pay your taxes and let's not worry about cash.

  • Registered Users Posts: 1,442 ✭✭✭ bad2thebone

    Some people want to be liberated from cash, more are a bit conservative about it.

    Cash is handy for farmers markets local take aways etc I don't.

    Criminality works well with cash, bank robberies, fraud, selling dodgy goods etc, buying them.

    If it was a cashless society there's going to be a lot more white collar crime, or else the creation of banks under the radar where criminal's can filter their credits and create money out of thin air. One part it sounds great, get rid of cash, but there's absolute latent geniuses out there who could take advantage of it.

    Or else crime goes down it becomes a more fluid society... but I suppose only the future will tell.

    I'm more for keeping cash, never did me any harm.

  • Registered Users Posts: 1,649 ✭✭✭ downtheroad

    A hell of a lot harder to do it when there's an electronic record. In my example there, had I paid cash it was as if I never was there, but by paying electronically it can be traced.

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  • Registered Users Posts: 6,815 ✭✭✭ growleaves