Cash is important

redlough

https://www.boards.ie/discussion/comment/119433397#Comment_119433397

Credit is only available if you ask for it. If you don't want to have credit card you don't need it anymore. Revolut/prepaid cards etc are all available when years ago you had no options.

Cash is still in circulation and at this stage, people are building up more and more credit than ever before.

Dav010

https://www.boards.ie/discussion/comment/119433345#Comment_119433345

Were you after a joint when you typed that?

85603

https://www.boards.ie/discussion/comment/119429277#Comment_119429277

well it requires a secured and constantly monitored and updated communications IT network. Sometimes such networks hit a glitch. You may be in a pharmacy when it happens, or getting a taxi. Cash will save the day in such an event.

Business can add a cost for cash if they want. But I'd advise them to hide it in the product prices for all customers, cause cash payers will avoid such charges by going elsewhere.

Lots of people claimed we'd all be walking around spending crypto on conveniences by now. In reality few do.

Marcos

well it requires a secured and constantly monitored and updated communications IT network. Sometimes such networks hit a glitch. You may be in a pharmacy when it happens, or getting a taxi. Cash will save the day in such an event.

Exactly, and you can bet the ditch cash cheerleaders on here would be very happy to have some cash in such a situation.

Lots of people claimed we'd all be walking around spending crypto on conveniences by now. In reality few do.

It's too volatile and the price can too easily be manipulated by the likes of Elon musk tweeting. Also the history of certain exchanges like Mt Gox which closed overnight in 2014 and all those bitcoins people stored there disappeared. It was opened in 2010 and by 2014 it handled 70% of all crypto trades. It turned out that bitcoins were being stolen from 2011. That would make most wary.

Plus most people don't really understand cryptocurrencies while cash is something concrete.

Like a lot of people, I have had to leave Ulsterbank and made the mistake of opening an account with Bank of Ireland. It's like stepping 20 years back in time, I half imagine the people I eventually speak to there as sitting at an old wooden desk with fingerless gloves on ala Bob Cratchett.

When you read threads like this though, you can see why. cash is still king to the backwards hicks that hold this country back and this results in the banking industry being forced by populist politicians to pander to their wishes.

does anyone wonder why every foreign bank is pulling out of this back water?

Dav010

https://www.boards.ie/discussion/comment/119453725#Comment_119453725

It surprises you that politicians “pander” to their electorate? At the risk of stating the obvious, they are elected to represent the people of their constituencies, if democracy makes Ireland a backwater, then perhaps to yearn for dictatorship.

Considering our banks are now all offering internet banking for those who want it, it is reassuring to know that traditional branches remain in some form for those who don’t want to use the internet. Why didn’t you just open a Revulut bank account as opposed to the standard payment account? Your banking could then be 100% online with no branch network. A quick search of the interwebby thing would have meant you could have avoided stepping back in time.

I suspect the foreign banks grew increasingly frustrated with bad debts/non performing loans and the difficulty with recovering an asset from non paying mortgages.

growleaves

https://www.boards.ie/discussion/comment/119453725#Comment_119453725

What does poor service on a BoI phone-line have to do with your thirst to eradicate cash and limit options for other people? What do you the customer service at banks will be like when they have an excuse to lay off most of their staff, which you're desperate to give them.

Jim2007

https://www.boards.ie/discussion/comment/119453725#Comment_119453725

Why are services poor and why are banks pulling out? Because you are not willing to pay them enough to make it worth their while. Ireland is not a back water nor is this an Irish problem, you are just poorly informed.

This is a European wide issue. The banking industry has turned into a commodity industry over the last couple of decades and we have are now at the beginning of a consolidation phase which will likely see the emergence of about eight tier 1 banking groups and perhaps up to maybe 16 tier 2 groups. Will Irish banks remain beyond name plates, I don’t know, but for certain as with all consolidations, you can expect to pay significantly more for services as a result.

The Continental Op

https://www.boards.ie/discussion/comment/119454287#Comment_119454287

I look after 4 UK high street bank accounts, all free banking. It IS and Irish problem.

Bass Reeves

https://www.boards.ie/discussion/comment/119453725#Comment_119453725

The reason those banks left were they had to hold more equity than is common than elsewhere in the EU and UK. As well you now cannot repossess a house where an owner occupier is not making repayments. I imagine that Brexit has effected there compliance rules as well

https://www.boards.ie/discussion/comment/119454517#Comment_119454517

Brexit has nothing to do with it.

Banks in Ireland have to hold three times more equity because of poorly performing loans thanks in no small part to banks not being able to repossess homes.

If the luddites just learnt how to tap a piece of plastic on a machine, then it would do the banks equity position the world of good and possibly help reduce mortgage rates.

but f course, it isn't about any mistrust of banks or fear of online banking, it is all about cash being king and keeping it away from "The man" so he can't tax it.

Meanwhile, those of us who do everything right, get screwed even more.

https://www.boards.ie/discussion/comment/119454287#Comment_119454287

I'm poorly informed?

LOL

Bass Reeves

https://www.boards.ie/discussion/comment/119454629#Comment_119454629

Brexit was probably an issue with Ulster bank leaving it would have to do EU and UK compliance separately. The main reason was equity and repossession. People who use cash has nothing to do with it. It's quite likely the EU will legislate to do insist on availability of cash it validity and its acceptable in the next short while.

irishproduce

I'd say the Aviva stadium organisers are regretting being cashless tonight.

Bass Reeves

https://www.boards.ie/discussion/comment/119531420#Comment_119531420

Do tell

Fr Tod Umptious

https://www.boards.ie/discussion/comment/119531587#Comment_119531587

American college football game on there today.

40k odd attendance, maybe more, maybe less.

At some stage (after I had paid e10 for a fanta a water and a big bag of Maltesers ) the network went down and all the cashless terminals stopped working.

There was no cash alternative so they gave everything away, food, beer sweets, soft drinks etc etc.

Huge queues for everything, seeing as they were giving it away.

Bass Reeves

https://www.boards.ie/discussion/comment/119531609#Comment_119531609

WTF I was not there. Hope you had a great night🤣🤣🤣🤣🤣🤣🤣🤣

xxxxxxl

https://www.boards.ie/discussion/comment/119531609#Comment_119531609

Free swag always great to hear hope you had a great time.

Fr Tod Umptious

https://www.boards.ie/discussion/comment/119531613#Comment_119531613

Didn't partake.

I was driving so no interest in drinking.

The queues were massive though as you'd expect, and not just for drinks, for food also.

But I wonder what the knock on effect for the Aviva are with regards cashless policy, if any.

The only sales infrastructure they had there were tablet type devices that the staff used to enter the sale and small "sumup" card readers for the customer.

Having one cash till at the end of the food stand would have made feck all difference yesterday.

I'd say they will write it off and have it out with whoever was responsible for the network failure.

brokenangel

https://www.boards.ie/discussion/comment/119531613#Comment_119531613

A few mates text me saying they had free beer and food. They said it was a nightmare and you could get no food or beer, people ended up wasting the money they paid to see the game to stand in a queue instead.

They watched the game!!

https://www.boards.ie/discussion/comment/119531902#Comment_119531902

This would be covered I would expect in insurance and how much in reality is it going to cost an insurance company? 10k

It's not like the Aviva would have a stack of food to provide enough for free for the entire stadium

This is probably a once in a lifetime event, having worked around the aviva for years and gone to plenty of games. You can't imagine how many times you can't get cash in and around the area with broken cash point or on game day the cash points run out of money.

So which is the more likely to happen next week?

...Ghost...

https://www.boards.ie/discussion/comment/119416697#Comment_119416697

Wrong. Your assumption is 2 people of the same age with no declared underlying conditions, but even this is wrong. I briefly worked as a sales trainer and executive at a health insurance firm. If you were a smoker, your premium doubled. If you were above a certain weight, you couldn't get insured, or your policy would be invalid if you were found to be a smoker (even an occasional one) or over the weight threshold (regardless of your height or muscle mass to fat ratio). These instruments were very blunt, but it was in the policy terms signed by the customer. Back then (about 15 years ago), the company was salivating over the prospect at being able to peer into the spending habits of their customers by using marketing companies and social media to monitor customers and increase premiums, or deny claims based on their profile. It was horrendous stuff and I walked because of it....but they weren't the only ones with this vision.

...Ghost...

https://www.boards.ie/discussion/comment/119454308#Comment_119454308

When it's free, YOU are the product.

brokenangel

https://www.boards.ie/discussion/comment/119454308#Comment_119454308

No banking is free.

Do you honestly think banks are sitting around the world and just want to give customers free banking? no they offer free banking because they are charging the person in another area. They all have to make profits

The Continental Op

https://www.boards.ie/discussion/comment/119532005#Comment_119532005

The market in the UK is such that banking is free, on two of the current accounts the banks pay interest. The Irish are being ripped off as usual.

brokenangel

https://www.boards.ie/discussion/comment/119532018#Comment_119532018

I have had free banking on my current account for I don't know how many years now

I am moving and again I will have free banking and that is using banks in Ireland.

Actually thinking back I don't think I have ever paid for a current account and banking!!

The market in the UK is how many times the size of Ireland? plus it is not free. The reality is a Bank gets you to sign up and then you get a loan/mortgage etc and do it via them so you end up paying.

Banks handing out free banking for everyone with no pay back means a what bank?

The Continental Op

https://www.boards.ie/discussion/comment/119532047#Comment_119532047

What banks in Ireland provide free banking on a current account with a debit card?

brokenangel

https://www.boards.ie/discussion/comment/119532054#Comment_119532054

KBC for years.

AIB are doing the same for me now

Before that I had Ulster Bank, it was free

I had a short stint with AIB which I can't remember but it was free

Before that I had BOI which was free

As I said, I never paid banking fees for a current account

Sammy2012

https://www.boards.ie/discussion/comment/119532068#Comment_119532068

I have free banking with one of my AIB accounts but its tied to my mortgage. So even though they are giving me it foe free I'm paying for it by paying mortgage interest.

brokenangel

https://www.boards.ie/discussion/comment/119532142#Comment_119532142

I know, Im the same.....

Just pointing out that "free" banking does not exist. In the UK or in Ireland.

Sammy2012

https://www.boards.ie/discussion/comment/119532148#Comment_119532148

Ah...but it's not free! I'm paying higher interest rates than the rest of Europe for "free" banking. But we will agree to differ.