Cash is important

Bass Reeves · 31-07-2022 8:21pm #1

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

https://www.ecb.europa.eu/euro/cash_strategy/cash_role/html/index.en.html

RTE have an article on there website about it as well

https://www.rte.ie/brainstorm/2022/0725/1312028-ireland-cash-banking-cashless-society-exclusion/

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

Overheal · 01-08-2022 4:57pm

Unless AIB is Irelands Central Bank (thats what the https://www.ecb.europa.eu/home/html/index.en.html 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?

downtheroad · 01-08-2022 5:03pm

From that article, how is it that less than 10% of people in Sweden used cash for payments in 2020. And in Norway only 4% of payments were made with cash in the same year.

Cash is slowly on the way out. Probably being kept alive by elderly folk, welfare recipients and tax dodgers.

01-08-2022 5:31pm

If its a low involvement purchase and you dont take cash then im out, ill go next door.

if its something like a car i can understand.

but anyway, can we please not do this, i dont want yet more numbers to call when a computer says no.

bring the thing to the counter, give cash, the end. this is normality, it doesn't involve a reboot or an app or a manager or a call center or an asian telling me his name is patrick. just leave the cash alone. it works.

(yes banks should be obliged to work with cash)

WealthyB · 01-08-2022 5:35pm

As we saw with the Canadian trucker protests (what they stood for is irrelevant) having a cashless society can quickly leave someone destitute for questioning government policy.

Tony EH · 01-08-2022 5:38pm

A cashless society is a dreadful idea.

Jim2007 · 01-08-2022 5:44pm

https://www.boards.ie/discussion/comment/119415878#Comment_119415878

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.

01-08-2022 6:17pm

https://www.boards.ie/discussion/comment/119415929#Comment_119415929

keep going til i find an alternative. someone will take the cash, and so they'll have an advantage over competition.

i dont know why anyone, other than some manager on a mission to cut costs and redirect them into his pocket, would celebrate no cash option.

someone in a data center can declare my account hacked, wipe me out for a week at the push of a button and leave me scrambling for old emails, household bills and 2fa texts at 11pm, im so modern.

i was about to use the jax, but someone in Nigeria got hold of my sort code. and theres no coin slot because we're too cool for that these days.

downtheroad · 01-08-2022 6:20pm

https://www.boards.ie/discussion/comment/119416061#Comment_119416061

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

01-08-2022 6:28pm

https://www.boards.ie/discussion/comment/119416069#Comment_119416069

lets live our lives based on what junkies might do.

Konny Rool · 01-08-2022 6:32pm

Ulster Bank are going a similar route I believe - saw an ad about it on telly last night

there'll be no privacy at all in ~5yrs time - Smart TV's , Smart Electricity Meters , likely be forced to have our Smartphones on our person/s at all times,,, 😒

emo72 · 01-08-2022 6:32pm

Was abroad a couple of years ago and ulster bank went down for a couple of weeks. Lesson learned.

L1011 · 01-08-2022 6:33pm

https://www.boards.ie/discussion/comment/119416111#Comment_119416111

Ulster Bank are closing entirely; the branches will be cashless for a short period before they are gone totally.

Non-smart TVs are still available, and you can just not connect them to the net. Huge amount of non-smartphones available; and mobile phone ownership is entirely optional.

Konny Rool · 01-08-2022 6:36pm

and mobile phone ownership is entirely #optional

# for now - hopefully remains that way 😊

downtheroad · 01-08-2022 6:41pm

https://www.boards.ie/discussion/comment/119416098#Comment_119416098

Manager might not want to have to drop cash to the bank every night.

Manager might not want to have to queue at a bank to get change.

Manager might not want their staff to be able to rob the till.

Manager might not want to have to reconcile the till every night for the accountant.

Manager might not want to handle filthy cash from customers.

Manager might not want to worry about counterfeit cash.

Manager might just like the convenience of an EPOS that takes a huge volume of work and hassle out of running a business.

PalLimerick · 01-08-2022 6:44pm

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?

wotzgoingon · 01-08-2022 6:47pm

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.

L1011 · 01-08-2022 6:49pm

https://www.boards.ie/discussion/comment/119416180#Comment_119416180

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

Gant21 · 01-08-2022 6:52pm

https://www.boards.ie/discussion/comment/119416203#Comment_119416203

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

L1011 · 01-08-2022 6:53pm

https://www.boards.ie/discussion/comment/119416210#Comment_119416210

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

01-08-2022 6:54pm

https://www.boards.ie/discussion/comment/119416154#Comment_119416154

manager might not like to do his job.

manager might want to automate and sit back and let the customer deal with the problem.

manager might just be lazy and greedy.

manager might have a competitor who actually does work and does give a tiny care about the customer.

manager might not have much to manage.

Vestiapx · 01-08-2022 6:59pm

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.

downtheroad · 01-08-2022 7:00pm

"Just to let you know my Revolut is down at the moment I’m hoping to have a card machine in the coming weeks but is cash ok for you tomorrow ?"

That's a message I got from a service provider last week. I messaged back to say both my personal and business Revolut were working perfectly, so it was bizarre that his was malfunctioning. Obviously this lad just wanted to pull a fast one and not declare income.

Eradicate cash and we can eradicate tax fraud.

01-08-2022 7:06pm

Why would a business risk losing customers by not accepting cash?

My business is primarily card transactions, but if someone wants to pay cash, then cash it is. Virtually everyone below the age of 30 pays by card/phone, but above that age, we have a few people every day who want to hand over notes. What benefit to me would it be to refuse cash? None, from a business perspective it is better to mildly inconvenience us by lodging in the evenings than to refuse a method of payment preferred by many.

Incidentally, in relation to staff theft. There was a recent case in a business down the street from me. The owner told me a staff member had stolen tens of thousands from a builders wholesalers by putting fictitious refunds onto his own card. The owner said he would more likely have noticed if it was cash missing.

bad2thebone · 01-08-2022 7:06pm

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.

01-08-2022 7:17pm

https://www.boards.ie/discussion/comment/119416240#Comment_119416240

Don’t be so naive, nothing will eradicate tax fraud, eradicating cash will just make fraudsters use other methods.

downtheroad · 01-08-2022 7:57pm

https://www.boards.ie/discussion/comment/119416298#Comment_119416298

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.

SEPT 23 1989 · 01-08-2022 8:09pm

cashless society = control

can people not see this or do they not care anymore?

Ubbquittious · 01-08-2022 8:15pm

https://www.boards.ie/discussion/comment/119416480#Comment_119416480

They're all addicted to the convenience of not having to carry a few bits of paper in their pocket and relish the chance to show off their fancy new phone/apple watch to everyone in the queue behind them

breezy1985 · 01-08-2022 8:15pm

https://www.boards.ie/discussion/comment/119416061#Comment_119416061

https://www.boards.ie/discussion/comment/119416098#Comment_119416098

Let's live our lives based on what some lad in a call centre or Nigeria might do.

growleaves · 01-08-2022 8:18pm

https://www.boards.ie/discussion/comment/119416154#Comment_119416154

What about what the customer wants?

downtheroad · 01-08-2022 8:18pm

https://www.boards.ie/discussion/comment/119416501#Comment_119416501

No we just aren't sitting at home wearing tinfoil hats worrying about the masons stealing the contents of our Revolut accounts.

Why are you posting on Boards, that means you're connected to the Internet and now the big bad scary government might be able to control you.

downtheroad · 01-08-2022 8:18pm

https://www.boards.ie/discussion/comment/119416480#Comment_119416480

Elaborate please?

growleaves · 01-08-2022 8:20pm

https://www.boards.ie/discussion/comment/119416261#Comment_119416261

Liberated from cash?? I hope they enjoy bartering goods and food for survival when the s* hits the fan

01-08-2022 8:20pm

Cash is not f*cking important, for Christ sake.

CASH IS KING 💸

Ubbquittious · 01-08-2022 8:23pm

https://www.boards.ie/discussion/comment/119416513#Comment_119416513

The masons can ensure the silly fiat currencies we have become accustomed to get further debased. Negating the need for individual accounts to be plundered.

downtheroad · 01-08-2022 8:23pm

https://www.boards.ie/discussion/comment/119416512#Comment_119416512

How many people in Ireland don't have a bank account or a debit card? Bertie Ahern probably the only one. So take out your card, tap it off the terminal, and complete your transaction. Or find a different shop.

01-08-2022 8:25pm

https://www.boards.ie/discussion/comment/119416440#Comment_119416440

Does Revulot report account activity to Revenue in this State the same way AIB/BOI etc do? If not, then your transaction may not be taxed if the seller does not declare it.

Revulot got an Irish bank license earlier this year, but as long as the account remains a payment account only, rather than a bank account, the account is still based in Lithuania. From looking at the Revulot website and their FAQs, seems they only have to report to Revenue in Lithuania.

downtheroad · 01-08-2022 8:25pm

https://www.boards.ie/discussion/comment/119416530#Comment_119416530

So you don't like fiat currency? What would be your preferred method, barter?

I see you've got a Telecom Eireann logo beside your username. Are you actually stuck in the 90s?

Ubbquittious · 01-08-2022 8:26pm

https://www.boards.ie/discussion/comment/119416534#Comment_119416534

How did you end up so worked up about this? Do you work high up in a bank and are looking forward to the day the entire bank is hosted in the cloud and it's just you and a couple of directors sunning themselves in a Barbados resort with a big massive 7-segment LED display on the wall that shows your bank balance and the rate at which it is increasing?

01-08-2022 8:28pm

https://www.boards.ie/discussion/comment/119416503#Comment_119416503

1-1 then.

so why are some trying to get rid of cash again? other than for their own convenience above yours or mine.

growleaves · 01-08-2022 8:28pm

https://www.boards.ie/discussion/comment/119416540#Comment_119416540

Five major banks went down simultaneously in Canada recently.

We'll be at risk of a reversion to barter when there is no fallback option of cash.

downtheroad · 01-08-2022 8:29pm

https://www.boards.ie/discussion/comment/119416546#Comment_119416546

That sounds lovely. Unfortunately I don't work in a bank. I just live in 2022 and can see the way the world is moving.

Ubbquittious · 01-08-2022 8:29pm

https://www.boards.ie/discussion/comment/119416540#Comment_119416540

I wish I was stuck in the 90s. No silly tapping and GCHQ monitoring back then. Honestly the need to pay for things and squabble of resources is far from ideal, I am still hoping for the post-scarcity economy with unlimited resources obtained from asteroid mining

SEPT 23 1989 · 01-08-2022 8:30pm

https://www.boards.ie/discussion/comment/119416515#Comment_119416515

Why should any money lender be allowed to record and track how I conduct my life?

I withdraw cash and spend it where and when I want

to argue against this right is unsettling

Ubbquittious · 01-08-2022 8:30pm

https://www.boards.ie/discussion/comment/119416561#Comment_119416561

The world is moving in the way that is desirable for the government's/megacorps. Not necessarily in any favourable direction for the ordinary Joe on the street

downtheroad · 01-08-2022 8:34pm

https://www.boards.ie/discussion/comment/119416565#Comment_119416565

I remember this kind of argument when Leap cards were introduced. Oh its terrible Joe, the government will be checking where I travel to. A) they don't care B) they could find out by other means, e.g. who is your employer.

This big bad government conspiracy stuff is actually laughable. Newsflash lads, your lives are so dull that no government or politician would want to know what you're up to.