Cash

[leon]

Hi guys,

It has been said that in time, and not so far away we, the people of Australia will be a cashless society.

I love cash and use it daily, I cant be diddled out of my life savings by paying with cash.

I have a lot of cash, stored in my safe and other places.

So what happens to my cash if society doesn't recognize it as payment option, do i just lose the value of what i have squirreled away.

There must be Billions of dollars in Piggy banks, under the mattress and in safes, I know i have some, so what happens to that and how long is it a legal tender.

I love cash and it works for me, but maybe I am old and the younger generation just like to be lazy, cant be bothered, and think that that mobile phone is so safe :sadeyes::sadeyes:

Leon :thumbsup:

[Shasta55]

Cash and a credit card at the checkout are pretty similar time wise. OTOH I've seen people take quite a bit longer to get themselves organised with the phone pay thing. Don't know what that is or how it works - I wouldn't do it in a pink fit.

We are retired & use cash wherever possible as a convenient way of fortnightly budgeting. But keeping the majority of our funds in cash?? I don't think so. In the low interest situation we've been through - and I still see the current situation that way, compounded by inflation - even cash deposits are being eroded. And yes, there is a slim possibility of being scammed - more likely if you do something stupid. We have about half in cash investments and half in conservative super but still feels like we are going backwards.

But in general I think you're on the mark with cashless and I think it's governments that will be the major driver. 80% of the $100's ever printed are not in circulation - for obvious reasons - so it's probably coming for that one as much as any.

[pmrid]

The Big 4 Banks have a vested interest in going cashless. So do retailers. With no cash to transfer to the bank, there are no more robberies in transit and most importantly, no insurance to buy to cover cash in transit.

For the banks, this has been the long-plan for quite a while. Bank branches are closing and being replaced by hole-in-the-wall tellers that don't require unions, super contribuitions, rest-rooms, the list goes on. And they are replacing cash with cards which works for them even more. They get to charge fees for the use of cards - sometimes the retailers pass them on to the customer and some absorb it. But one way or another, the card-issuing banks take a nice percentage of every transaction - across the whole countyry. Imagine what that adds up to and it all goes on their bottom line.

We are being right royally screwed by the banks and nothing is done to make sure there is equity and fairness in this system.

Brave new world!!

[DavidTrap]

I consider my mobile phone with Apple Pay to be far safer than cash in my wallet. If I lose my wallet, the cash is gone and so are my credit & debit cards that can just be tapped to make a transaction without a PIN. (There was a dollar value limit on this pre-covid, but it was lifted or removed entirely during covid to allow "contactless payments" If I lose my phone, they need my code to unlock it and use the stored card details for Apple Pay. And if they do have my phone and PIN number I can wipe my phone remotely.

It's definitely safer. Once Qld Govt allows me to get a digital licence, I will have almost zero need to carry my wallet.

I do acknowledge it's much easier to "overspend" with this sort of payment method.

DT

[Leo.G]

I don't know whether it's applicable but I heard many a tale from old timers who lost their life savings during the war when cash just wasn't available from banks and there was no such thing as digital transfer.
My grandmother who looked after us from young till I was around 9 was born in the 1890s, my guardians after I left home at a very young age were born in 1912. I knew many of their old friends growing up and heard plenty of horror stories.


All of the preppers say hoard gold?
I'm just broke so I don't care either way.

[OzEclipse]

David

Pretty sure I heard a segment on ABC radio that some mobile phone manufacturers are in the process of changing security so you can pay with a phone without pin, fingerprint or facial ID. So it won't be any safer for much longer.

Joe

[Zuts]

What a ridiculous statement, typical conspiracy theory, what would be the point of that, and who would use such a phone?

[Zuts]

It is legal tender until the govt says it's not. The Indian government in an effort to eliminate the black economy (receiving goods/services by paying cash without paying GST and so on, illegal tobacco, drugs etc) made the 2000 rupee note (the biggest) illegal. Indians had 3 months to take all their hoarded 2000 notes and put them in the bank. After that grace period 2000 notes were to have no value. They did relax this somewhat and still allow them to be used but they are no longer issued and will soon die out.

India can do this as they have an Indian wide electronic payment system that even the poorest of the poor can use.

[leon]

Thank you for your efforts to respond, however I still like cash and am probably not up to the digital world, at 73.:shrug:

Anyway as time goes on I am sure i will catch up.:thumbsup:

Have a great day to all.:)

Leon:thumbsup:

[Shasta55]

With our use of cash, I don't need to a card or to carry large amounts of cash. But I get your point and will look into it further as I'm a fan of fingerprint tech in Android phones. In fact I hope the day is not too distant where nobody can access another persons account of any type without biometric ID. Iris scans would probably be cost prohibitive but fingerprint should not be. I admit to being on edge about this as we have been affected by a couple of data breaches. I'm an old fart too Leon (70), but I think it's vital to at lest try to keep up. I'd like to keep stargazing through my eye floaters for a fair while longer. :)

[Max Vondel]

I'm a great believer in Cash but must admit that I tap n Go a lot!

[Bobbyoutback]

CBDC ( central bank digital currency ) are coming soon .

Would silver bullion/coins be a good option for future bartering ?

Bobby

[xelasnave]

The holding of bullion will be declared illegal so dont count on it:D
If I were you I would be getting rid of that stuff immediately...when the crash comes...any day now... gold wont help..nothing will...food will be the only currency..

In any event as the gold supply grows...as it does each day every day, the price is due for a huge fall...just check how much gold is produced each day every day.

Cash is old fashion and just dirty...horded foolishly by folk who dont trust the reliable banks and fail to understand the new civilized world economy ....

alex

[Startrek]

My Uncle ( who was a bachelor) didn’t trust banks , he kept his cash in Bensen and Hedges cigarette tins buried under his house for years and years
In his Will he mention the location of the cash ( nearly $12,000 worth ) and when family recovered it , the paper notes were decayed beyond recognition, the banks wouldn’t deem these blobs of rotted paper as legal tender. This was back in the late 70’s
He was a kind and generous Uncle and I’m glad he didn’t live to see the outcome of his estate.

Another family story about cash , my sisters partners father ( passed away 15 years ago now ) used to store his cash inside the tube of curtain rods all around the house. Now that’s clever , as long as they didn’t change curtains to blinds and forget about the money.

Things older folk used to do to hold their money.

Shows the level of trust the older folk had in banks even in the past.

[alan meehan]

Oh well i suppose it had to come ,although i do not agree with what Alex has said is entirly true about dirty money rediteller machines are used every minute of the day they are far worse than dirty money ,and hoarding money ive been collecting coins all my life at least its value will most probably triple.

[Leo.G]

But you can always trust the Commonwealth bank:



https://i.postimg.cc/85wP92bv/Screenshot-2023-09-28-at-13-00-28-Net-Bank-Message-details.png

I haven't yet decided what to do with my new found wealth but it will definitely go towards something worthwhile.
Maybe towards the frame I'm putting the actual paper letter in sent via post.

[xelasnave]

This is wonderful evidence in support of the proposition that the Banks are very honest and indeed offer a behaviour unparalleled in all the modern world as who else would go to such trouble to ensure that a proper accounting be undertaken rather than just overlooking the matter for mere convenience...we are indeed very lucky to live in an age where the Banks are so dedicated to look after our interests.

AND the other matter most people conveniently ignore is the fact that Banks lend money to a non business enterprise such as buying a home for ones family thus enabling many folk to own a home when they simply did not have sufficient funding to buy a home without a loan taken from the bank.

We should take the time to thank the wonderful institution of banking for the improvement in the lives of the general populace.

alex

[sharkbite]

So funny....considering it probably cost them around $2 to mail it to you.

Can't find verification of this story on the internet as it was back in the 90's but im sure a whichbank employee got busted transferring all the rounding error to his own account.....something that a customer would likely not notice as it could only be +/- AUD$0.01...since then they take more notice of small sums.....

Even sub one cent rounding errors add up, considering the number of transactions, and this would only have been picked up by reconciling the ledger some time down the track....

They probably picked it up in an audit and made good for anyone with a "Greater than zero" amount before the regulator came in and busted them.

[Leo.G]

Yes, I believe from memory it was a pair of very high level accountants and they effectively made millions of dollars but were eventually caught out and went to jail.
Probably white collar jail (I think that's a golf club isn't it?, LOL) but still.