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What is societies obsession with carrying cash?

2456712

Comments

  • Registered Users, Registered Users 2 Posts: 7,090 ✭✭✭The Continental Op


    How do you spend cash you don't have in your pocket. OK so if you take out far more than you need but thats a choice you can make while still sober.

    Wake me up when it's all over.



  • Registered Users, Registered Users 2 Posts: 15,580 ✭✭✭✭elperello


    Pint and 20 Major and the change of a tenner used to be the drill years ago.



  • Registered Users, Registered Users 2 Posts: 15,580 ✭✭✭✭elperello


    And you were doing so well with the creative writing.



  • Registered Users, Registered Users 2 Posts: 19,542 ✭✭✭✭Tony EH


    Well, I do know that I regulated my drink spending MUCH better before I started using the card in boozers, that's for damn sure. In fact, pre Covid, my two nearest locals didn't even have card machines, and there's one near us that still doesn't.

    These days I look at my bank balance and it's shocking sometimes.



  • Registered Users, Registered Users 2 Posts: 11,022 ✭✭✭✭EmmetSpiceland


    So, it’s either another tax on rural Ireland or it’s all part of the WOKE(all caps) conspiracy?

    “It is not blood that makes you Irish but a willingness to be part of the Irish nation” - Thomas Davis



  • Registered Users, Registered Users 2 Posts: 3,426 ✭✭✭KaneToad


    A venn diagram of cash lovers and tax evaders would be interesting to see.



  • Registered Users, Registered Users 2 Posts: 30,810 ✭✭✭✭freshpopcorn


    I find those who a slow to pay with cash are even worse with a card.

    It takes them ages to put in a pin code.



  • Registered Users, Registered Users 2 Posts: 83,416 ✭✭✭✭Atlantic Dawn
    M


    I don't trust relying on cards when abroad, I will always bring enough cash to sustain myself for a week. Had 2 bad experiences while in Ireland with 2 banks having zero ATM service over entire weekends a few years back due to IT failures, if I had been abroad I would have been fookled and needing to go down the Western Union begging bowl route.



  • Registered Users, Registered Users 2 Posts: 4,548 ✭✭✭FishOnABike


    @Count Dracula @elperello ... beaten to it .



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  • Registered Users, Registered Users 2 Posts: 18,781 ✭✭✭✭kippy


    The fifty euro gets eaten up in merchant and transaction fees as it gets cycled through the system.

    Again as I've said there are situations where cashless is more beneficial but if you pay by cash to a small business it is likely they will spend that cash on suppliers and bills etc, it is of more value to them.

    You might want to review your maths there, even if the business is paying as little as one percent in transaction fees (which is unlikely in all cases) that is a fifty cent charge on the fifty euro. If that business then goes and spends the 49.50 via card transaction, there's a 49.5 cent charge on it and so on and so on. It's not a difficult concept to grasp.

    Yep, there are charges for depositing cash but depending on the business they don't necessarily deposit it. Charges for depositing cash are a tool used by banks to force people into cashless which is obviously far better for their profit margins.



  • Registered Users, Registered Users 2 Posts: 9,461 ✭✭✭pgj2015


    I find people paying by card actually take longer than people paying by cash.


    cash is king and people who only pay by card are fools.



  • Registered Users, Registered Users 2 Posts: 5,310 ✭✭✭Ardent


    Cash is not affected by negative interest rates. Rates the banks would LOVE to apply to your account but can't because of..... cash.



  • Registered Users, Registered Users 2 Posts: 2,293 ✭✭✭Mr. teddywinkles


    So something printed by government's the world over is looked at as some sort of fraud mechanism.

    It's getting ridiculous now.

    I use my card most the time but small cash in say a birthday card or gifting some1 some money to help out.

    Ffs if it's gone that bad that every penny has to be accounted for. To hell with the whole system then. Theres hidden corruption in all corners in high society.

    So to hell with them all as far as I'm concerned.



  • Registered Users, Registered Users 2 Posts: 3,274 ✭✭✭downtheroad


    If your bank account says you have €50 it allow you spend €50. Bank balances are live.



  • Registered Users, Registered Users 2 Posts: 2,450 ✭✭✭apache


    Always had cash up to a year ago and then with the card since. Still carry around a €50 note though for emergencies. Used to have to use it for taxis but thankfully they have to take card now also. About time. My local Chinese only takes cash.

    It's just so much handier with the card.



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  • Posts: 0 [Deleted User]


    Obsession?



  • Registered Users, Registered Users 2 Posts: 13,503 ✭✭✭✭Mad_maxx


    How else are we to pay for tarmac or gutter cleaning jobs ?



  • Registered Users, Registered Users 2 Posts: 3,274 ✭✭✭downtheroad


    Cashless businesses pay per transaction so there may not be a saving to pass on. Merchant fees are not cheap.



  • Registered Users, Registered Users 2 Posts: 29,903 ✭✭✭✭Wanderer78


    digitisation of our monetary systems is having some serious negative outcomes, since we ve largely handed it over to the global financial system, which has lead us into a serious credit/debt trap, which is now causing serious instabilities in our global financial systems, and is now highly susceptible to serious shocks, which of course lead us towards 08! from the crash, we have also learned that this digitisation has also showed us that levers of power, such as the troika, can in fact effectively shut off a countries monetary system, if they refuse to meet certain requirements, i.e. greece.....

    ....so is cash important, fcuk yea!



  • Registered Users, Registered Users 2 Posts: 15,393 ✭✭✭✭Fr Tod Umptious


    I used to think I cared if he was paying all his due tax. **** that, i care about what i have left over.

    This is a brilliant line.

    It's perfect.

    It's so so true.



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  • Registered Users, Registered Users 2 Posts: 9,865 ✭✭✭hynesie08


    The fifty euro gets eaten up in merchant and transaction fees as it gets cycled through the system.

    How would the same logic not apply to cash through ATM and lodgement fees?

    Again as I've said there are situations where cashless is more beneficial but if you pay by cash to a small business it is likely they will spend that cash on suppliers and bills etc, it is of more value to them.

    After they lodge it into the business account (that they pay monthly fees on). The amount of B2B transactions paid out of the till are negligible.

    You might want to review your maths there, even if the business is paying as little as one percent in transaction fees (which is unlikely in all cases) that is a fifty cent charge on the fifty euro. If that business then goes and spends the 49.50 via card transaction, there's a 49.5 cent charge on it and so on and so on. It's not a difficult concept to grasp.

    Except things like processing fees, Lodgements, Withdrawals would all be under a different section in the accounts (And would be factored into the price)

    Yep, there are charges for depositing cash but depending on the business they don't necessarily deposit it. Charges for depositing cash are a tool used by banks to force people into cashless which is obviously far better for their profit margins.

    What above board businesses are not depositing money?



  • Registered Users Posts: 332 ✭✭jt69er




  • Registered Users, Registered Users 2 Posts: 9,865 ✭✭✭hynesie08


    Grand, you were able to regulate with cash, But theirs many a lad who spent the weeks wages or hit an extra 0 on the drinklink, Drunk tapping is just the newest way of doing it.



  • Registered Users, Registered Users 2 Posts: 18,190 ✭✭✭✭Dohnjoe


    Hmmm

    1. Find right amount of cash, hand it over, person opens till, finds the change, hands back the change and shrapnel, count it, stuff into wallet and pockets
    2. Pull out card, tap it on a machine.




  • Posts: 13,688 ✭✭✭✭ Elisha Sour Eyebrow


    FDR was a great president but abandoning the gold standard was a disaster.



  • Registered Users Posts: 1,244 ✭✭✭Brid Hegarty




  • Registered Users, Registered Users 2 Posts: 18,190 ✭✭✭✭Dohnjoe


    Digitalisation of cash didn't really have much to do with the causes of the 2008 systemic crisis.

    The current system is a much more resistant to shocks than it was in 2007/2008. Not to say it's completely fail-safe (nothing is), but that there are better shock absorbers, early warning systems, better understanding of complex financial instruments, far safer credit systems, far better collateral rating systems, generally better capital requirements and so on and so on.

    Comparing 2007 to now is like comparing air travel security pre-911 to now. Not 100% safe, but a lot better than it was before.



  • Registered Users, Registered Users 2 Posts: 18,190 ✭✭✭✭Dohnjoe


    Let's base a financial system on something we dig out of the ground. Yeah, wasn't really the best system.



  • Posts: 13,688 ✭✭✭✭ Elisha Sour Eyebrow


    Let's replace it by an imaginary number on a machine we manufactured.



  • Registered Users, Registered Users 2 Posts: 914 ✭✭✭Dramatik


    Honestly it's not any slower than waiting for some of these women to fish their card out of their bag of tricks.

    Time stands still as they plunge their arm into the eternal clatter of makeup, deoderant and hairbrushes



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  • Registered Users, Registered Users 2 Posts: 18,495 ✭✭✭✭bucketybuck


    I intend to always keep cash as a **** you to the sanctimonious, pompous, interfering **** who constantly preach about its evils.

    They always have something to say about how others live their lives, **** the lot of them.



  • Registered Users, Registered Users 2 Posts: 19,542 ✭✭✭✭Tony EH


    That's more of a drink problem and not a way of paying for drink problem.

    That type of lad has more issues going on than just choosing to use cash or card for their booze.



  • Registered Users, Registered Users 2 Posts: 935 ✭✭✭bog master


    I have experienced both sides of cash n card delays at the till. Most recently at the off-license where this paritcular individual took over 15 minutes to conduct his transaction. Time after time the transaction would not complete, insisting the problem is the card machine, the elderly gentleman behind the counter was not entering the details correctly, then bashing the internet connections in this bog of town a and stone age time. Eventually he was asked to step aside and allow me to pay with my exact change. Continued to mutter and and complain until he eventually realised after checking his bank balance that there were not funds in that particular card account. Used another card and presto. At least he admitted it, tho still was some scene, some eejit!


    And yes, have seen some sorting thru purses, wallets, bags, pockets to find the money to pay in cash.



  • Registered Users, Registered Users 2 Posts: 12,464 ✭✭✭✭blade1


    Asked to pay several thousands for something a few weeks ago and they said no, they'd prefer a bank transfer.

    I think he said they would get charged to lodge the cash.



  • Registered Users Posts: 793 ✭✭✭French Toast


    I suppose cash gives a sense of independence and privacy.

    The cash vs. card debate doesn't bother me much but it is a somewhat grim thought that if someone flipped the switch on digital banking/currency this minute I'd only have about €300 to my name.



  • Registered Users, Registered Users 2 Posts: 18,781 ✭✭✭✭kippy


    The fees are no where near as high for a start and for a secondary point, you don't have to lodge/use an ATM/it is easier to avoid these types of fees with cash.

    1 percent of 50 euro is 50 cent - no matter what section inthe accounts it goes into. If that 50 euro is spent 100 times in card transactions, it's eaten up in fees. Spend 50 euro cash 100 times, it's still 50 euro. Granted possibily a hard thing to actually visualise.

    The banks want to push people to card only (as indeed do some businesses for obvious reasons) but it's not "better" for the consumer in any way.



  • Registered Users Posts: 728 ✭✭✭20Wheel


    "The whole ordeal took nearly 10 minutes"


    No it didnt.

    Putin is a dictator. Putin should face justice at the Hague. All good Russians should work to depose Putin. Russias war in Ukraine is illegal and morally wrong.



  • Registered Users, Registered Users 2 Posts: 32,634 ✭✭✭✭Graces7


    Housebound here so little use for cash. Interesting that when cash comes my way unexpectedly so does a need for cash. Also old person so did not grow up with cards. Cash or cheque. or Postal Order. in the years before i had a bank account . It was then harder to buy things! Made for greater thought.



  • Registered Users, Registered Users 2 Posts: 29,903 ✭✭✭✭Wanderer78


    you d be living in cloud cuckoo land if you think we re in a far safer place than 08, with central banks globally deciding the best way to tackle primarily supply side lead inflation, is to raise rates, and qt, do you really think this is gonna end well, seriously!

    again, the majority of the money supply comes from our global financial system, in the form of credit, and the majority of that is in digital format, this has been the case for decades now, pre 08! oh and central banks are still largely refusing to accept this reality!

    keep a very close eye on global financial markets over the coming months, with many markets starting to already show serious strain!



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  • Registered Users, Registered Users 2 Posts: 7,592 ✭✭✭MrMusician18


    The cost of managing cash in a business goes well beyond the lodgement fees banks charge - there's the whole administrative overhead associated with it too - the time to count and bag it, and deliver it to the bank as well as the cost of the risk of having cash on premises. For most businesses, cash is the most expensive way of paying.

    Cash has its place, but if the benefits of electronic payments did not exceed those of cash, then you wouldn't see the move towards electronic payments.

    If a business chooses to be cashless, I think that's a perfectly reasonable decision for them to make tbh, and see no reason why anyone should interfere.

    It's completely mad that this is another battleground in the culture war. Who cares what way you pay? No-one.



  • Registered Users, Registered Users 2 Posts: 30,810 ✭✭✭✭freshpopcorn


    If you think somebody who's slow to pay with cash is slow waiting until you'll see how slow they are to put in a pin.



  • Registered Users, Registered Users 2 Posts: 18,190 ✭✭✭✭Dohnjoe


    I don't live in cloud cuckoo land but I do work closely with banks and the central bank. Not saying everything is perfect now, but it's a hell of a lot better than it was. Light years better. I'm speaking chiefly for European banks and financial plumbing. The world is a series of interconnected systems, some better than others, some more robust than others, almost all of which is certainly better than pre-2008 in terms of spotting a systemic FC, coping with it and fire-fighting it.

    As for digital cash, it's been that way internally since the 80's. Numbers on a screen. Physical cash will still be around a long time but it's inevitably going the way of the Dodo.



  • Registered Users, Registered Users 2 Posts: 18,190 ✭✭✭✭Dohnjoe


    That's basically it. Of course the pound has been around for centuries, but it's now backed by government which gives us control over our monetary policy rather than sailing rudderless dependent on a volatile rare earth ore, in a system which sucked for economic growth, which everyone ditched.

    Almost all currencies and financial assets are now created digitally - literally just numbers on a machine.



  • Registered Users, Registered Users 2 Posts: 18,781 ✭✭✭✭kippy


    I don't disagree. The costs of being card only aren't just transaction fees either. Theres a whole infrastructure required.

    My point stands on the fifty euro stands. Once one hundred transactions are made with that note the bank own it.



  • Registered Users Posts: 70 ✭✭asdfg22


    The other side of this is was in Lidl a couple of weeks ago when a teenager/secondary school could not pay for the stuff she had bought for lunch. It was an app on smartphone. I offered to pay for the stuff but after the person in front of me and i got through, she didn't mind if she held ujp the whole shop. I offered to pay as i had an appointment and in a hurry. I do agree with you with going throughj all the pockets dor change, i think if people want to do this they need to have the money ready.

    I would never feel comfortable unledd i had a few €100 cash available.



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  • Registered Users, Registered Users 2 Posts: 29,903 ✭✭✭✭Wanderer78


    ...then how come we re still in the situation whereby most central banks, in particular the major ones such as the ecb and the fed, are still refusing to accept the reality that the majority of our money supply comes from the financial sector itself, and not from themselves?

    ...again, yes most money has been digital for decades, but again, most dos not come from the central banks directly themselves!



  • Registered Users, Registered Users 2 Posts: 7,592 ✭✭✭MrMusician18


    The same is true of cash though. If a business repeatedly lodges 50, it will be completely eaten by fees as well.

    Transaction charges are not a phenomenon unique to electronic payments



  • Registered Users, Registered Users 2 Posts: 18,781 ✭✭✭✭kippy


    I appreciate that, however I'd argue it would take a lot more transactions to use up that fifty euro.

    A business particularly a small one, can avoid a heap of banking related fees by dealing in cash primarily while the customer can do the same.

    This rush to cashless only really helps one group and it ain't the consumer.



  • Registered Users, Registered Users 2 Posts: 7,592 ✭✭✭MrMusician18


    I'm sorry, but they can't avoid the expense. On the consumer side dealing in cash primarily involves having sums of cash to hand and/or using ATMs frequently. Having large sums of cash on hand carries risk which has a cost and using ATMs frequently has transaction charges, not mentioning the time wasted on these activities.

    For the business, they need to have the equipment, people and processes to handle cash. They need to carry the risk of having cash on premises, they need to maintain a float and they need to pay banks for cash services. When you add up all the time and effort it takes to manage cash, it is much more inefficient than epayments. That's why the rush is to cashless - it's easier for all involved.

    The only true benefit of cash is the privacy it affords and a means of simple exchange for those that do not have the volume to have an epayments system. These are legitimate benefits but it is by no means cheaper than epayments. Even with transaction fees.



  • Registered Users Posts: 330 ✭✭JizzBeans




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