L1011 wrote: Most people under 40 would never have had a chequebook and the cheque guarantee card was removed years ago - they're about as relevant now as fax machines.
charlie14 wrote: » What can I tell you, from many business`s I have dealt with they prefer cash and I prefer paying in cash as I find it has more advantages than card. I withdraw my salary in a few transactions, and as much as it annoys me, that is the only charge I pay banks. If business`s do not wish to take legal tender for their products, best of luck too them. I have never found a problem finding ones that do. Even quite a few that will give a discount for cash.
L1011 wrote: » Most people under 40 would never have had a chequebook and the cheque guarantee card was removed years ago - they're about as relevant now as fax machines. If places like coffee shops start taking it again I'd expect a 'card discount' to come in (coupled with an across the board price increase) to cover the cost and effort of cash.
Dav010 wrote: » Would you really expect a card discount in coffee shops considering a high percentage of their transactions would be tap? Seems a poor business decision.
L1011 wrote: » We live in very different worlds.
L1011 wrote: » The cost to retailers for card transactions was slashed some years ago.
addaword wrote: » Still is high enough. You will find most retailers are charged hundreds if not thousands of euro each month for taking cards, by the banks.
L1011 wrote: » Once they've ramped up the base prices to include the actual cost of cash handling. Rather like how base prices were upped to "offer" reusable cup discounts - when we could still use them!
Mrs OBumble wrote: » Do any of you remember the Ulster Bank systems meltdown from a few years ago ..
charlie14 wrote: » What do you think they will do if they manage to get rid of cash. Raise or cut card fees? It`s not in the nature of banks when they have you over a barrel not to screw you for every cent they can.
L1011 wrote: » Banks have huge volumes of fintech rivals for card payments. They don't for cash. Taking out cash is going to continue to get dearer.
charlie14 wrote: » Amazing how rivals in the financial sector can all pay such an equally small rate on deposits, yet can charge a very simila rrate in interest with them all being rival.;)
L1011 wrote: » Interest rates are all based on ECB policy. Card usage fees are not. You are going to find it dearer and harder to use cash in a manner that will not apply to card payments no matter what you may think
Dav010 wrote: » I think you are being a bit naive. As we move more toward reliance on electronic payments, it leaves the banks free reign on costs associated with those transactions. There will be no downward pressure on electronic transaction costs if they become the norm.
L1011 wrote: » Except the effort and capital to become a bank in the cash world is sufficient to keep out proper competition - and that doesn't exist in cards. Someone who can shave a tenth of a percent off and still make money will pop up. That's how we've ended up with some of the cheapest mobile packages in the world for instance
charlie14 wrote: » Well if card usage fees are not based on ECB policy, then if the opportunity availed itself there does not seem to be much to stop them charging whatever they feel like.
Dav010 wrote: » Phones are disposable and when contracts run out, mobile providers know that customers look at other providers, often with deals associated with phone purchase. The same does not happen in the banking sector. I don’t have any data to back this up but I would imagine that the number of people who change their bank current accounts, or even consider it on a yearly basis like they do their mobile packages, is quite small. Edit: In the first 6 months of 2017, there were 5 million current bank accounts in Ireland, approx 2800 changed banks during that period. I would suspect a lot more changed mobile phone providers in that period.https://www.moneyguideireland.com/switching-bank-accounts.html
L1011 wrote: » Look beyond the main banks Most people that use the alternative card providers have just left their current account in place and don't appear in the stats
meeeeh wrote: » I'm pretty sure that those who like to gamble and are applying for a mortgage wouldn't want cash to disappear. I'm also not sure comparisons with Sweden are relevant. Where I come from cheques are not legal tender for at least 30 years and yet they are still used in Ireland. Every country has their own specifics. I also find it entertaining how Revolout is considered the only electronic option. A company based in London (out of EU) and underpinned by Lithuanian central bank is preferable to EU based bank (Berlin) underpinned by German Central Bank (n26).
L1011 wrote: » Look beyond the main banks
gmisk wrote: » To gamble you could put money onto a revolut/tide/monese or similar in about 10 seconds if you don't want it to show up on a bank statement...
charlie14 wrote: » From what meeeeh has posted in relation to a card favored here by some, Revolout, it would not fill me with a lot of confidence or faith either.
meeeeh wrote: » In fairness Revolout is probably perfectly safe but for me N26 is preferred option and the options and interface they offer are more attractive than traditional banks. However I tried to set up direct debit for bin collection and they don't accept non irish Ibans so with any of them you still need irish account. I use so little cash I'm stuck when trying to pay for parking or daughter's gymnastics (cash only) but there is something I like about anonymity cash offers. I just like the option even though I almost never need it. Plus there is something satisfying about coin jar. Btw takeouts we used all accept cash and while I don't overly pay with cash unless I have to I didn't notice anyone having issues paying with it.
charlie14 wrote: » I thought that statement about takeouts a bit strange. I cannot see Chinese for one, being the fine entrepreneurial people they are, turning away business because they would not take cash.
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