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Old 06-07-2023, 12:48 PM
sharkbite
Look up!

sharkbite is offline
 
Join Date: Jul 2013
Location: All around, Sometimes up, sometimes down, But always around.
Posts: 412
There are plusses and minuses...

Cash needs to be printed, distributed, guarded and Insured as part of getting it to an ATM. The ATM itself needs to be built, installed, powered and maintained. All this comes at a cost, which , one way or another, the bank customer is paying for, either via a direct fee, or whether through higher or lower interest rates depending on whether its a credit or debit account.

The ATM system, as well as any bank branch are linked to the same (electronic) general ledger, and if Eftpos is not working - chances are neither will they.

Supermarkets for example - factor this in to the price of their goods - and there is no difference in the price on your bill between cash or eftpos...

So if you are paying cash at woolies - bet your "Bottom Dollar" you are paying this hidden cost twice - once at the atm and again at the checkout.

Don't get me wrong - cash still has a place in terms of peer-to-peer, like if you owe a mate $50, or if you need to buy your unscripted medicine from that bloke underneath the sneakers on the power line....

I personally have not carried cash since the start of 2020, and before that only used it to buy lunch....and its kinda nice knowing i dont have someone elses manky germs in my pocket...

Before the flames start - if you like cash - no judging - thats up to you - live your life and be happy!

P.S. Funny story.....we were at the local shops where an elderly lady was in the process of withdrawing $1Ks of notes from an ATM. Presumably she didn't trust that the machine had delivered the correct amount, so she toddled over to the nearest seat, put her handbag down and proceeded to count it. In full view. In a crowded shopping centre.
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