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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!!
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