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Cash now used for fewer than half consumer payments...

MickeyW

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Britain has passed another milestone on the path to a cashless society, with 2015 the first year that cash was used for less than half of all payments by consumers.

Cash usage will be eclipsed by debit cards and contactless payments by 2021, according to Payments UK, which represents the major banks, building societies and payment providers.
Cashless Britain advances as contactless and debit cards thrive | Money | The Guardian
 
And being the maverick that I have always been, I'm going the other way.....cash, checks and my free money orders. My card transactions are very limited......and nothing online whatsoever.
 
And being the maverick that I have always been, I'm going the other way.....cash, checks and my free money orders. My card transactions are very limited......and nothing online whatsoever.

Why?
.
 

Probably afraid of Identity theft. Which funny enough it is just as easy to pick up the RFID chip signal in debit cards with a cell phone app, as it is to commit check fraud. So just owning and carrying a debit card is riskier than shopping online and never taking the debit card outside of your house. Money Orders are checks with additional steps and anonymity and usually only accepted by criminals or utility companies. And Checks work like a debit card, in the Grocery store they run it through a machine and then hand you the check back. Which an identity thief can accomplish with a smart phone camera. Cash has downsides as well, the paper variety is a germ carrier and inflation has rendered coins valueless in practical terms. Plus it can be stolen.

It is all moot as all of your money, except cash and money orders, is insured up to 250,000 dollars. So don't have more than that in anyone account that can be accessed. Also remove any identifying or personal info from your social media. And change your typing style between websites, mess up your grammar so tracking software can't link your information together and build a password profile on you. The databases your information is stored on are super encrypted and usually hackers get in through studying the people, not breaking the code.
 
And being the maverick that I have always been, I'm going the other way.....cash, checks and my free money orders. My card transactions are very limited......and nothing online whatsoever.

Cash is for drug dealers and prostitutes
 
Britain has passed another milestone on the path to a cashless society, with 2015 the first year that cash was used for less than half of all payments by consumers.

Cash usage will be eclipsed by debit cards and contactless payments by 2021, according to Payments UK, which represents the major banks, building societies and payment providers.
Cashless Britain advances as contactless and debit cards thrive | Money | The Guardian

As long as there is cash and it is legal tender and accepted freely, we are safe. Cashless societies are too dangerous to tolerate. This is especially true in societies, where the government is informed of every banking connection one has.
 
Cash is for drug dealers and prostitutes

Let's hope that you never are in the situation that the government blocks your accounts by mistake.
 
Probably afraid of Identity theft. Which funny enough it is just as easy to pick up the RFID chip signal in debit cards with a cell phone app, as it is to commit check fraud. So just owning and carrying a debit card is riskier than shopping online and never taking the debit card outside of your house. Money Orders are checks with additional steps and anonymity and usually only accepted by criminals or utility companies. And Checks work like a debit card, in the Grocery store they run it through a machine and then hand you the check back. Which an identity thief can accomplish with a smart phone camera. Cash has downsides as well, the paper variety is a germ carrier and inflation has rendered coins valueless in practical terms. Plus it can be stolen.

It is all moot as all of your money, except cash and money orders, is insured up to 250,000 dollars. So don't have more than that in anyone account that can be accessed. Also remove any identifying or personal info from your social media. And change your typing style between websites, mess up your grammar so tracking software can't link your information together and build a password profile on you. The databases your information is stored on are super encrypted and usually hackers get in through studying the people, not breaking the code.

OMG. That isn't what the FDIC insurance is for. It doesn't cover you in the event of fraud or stolen checks or anything else. It covers you in the event of bank failure. It started in 1933 to prevent another 1929.

Good grief. You shouldn't give bad information to people.
 
And being the maverick that I have always been, I'm going the other way.....cash, checks and my free money orders. My card transactions are very limited......and nothing online whatsoever.

Wow, you're missing out on a lot of convenience. Nothing wrong with cash, but by the same token, nothing wrong with electronic and card transactions either. :shrug:
 
No guns and no cash, basically a liquidity lover's nightmare. Prepaid debit cards expire, so no more mattress money. All of your financial assets will still be privately held in banks. Don't you think this will result in financial literacy on the consumer end? The only difference is that the exchange is digital, which I shouldn't expect many people to understand. Money won't need to be printed anymore.

I bet that advocates of contactless payment think crime will be softer as a result, but it was pointed out in an earlier post that social engineering is still a cause of identity theft.
 
By telling the bank to make no further transactions in the account.

What precipitated this?

You've talked about problems with your bank before. Don't you think maybe it's time to switch banks? ;)
 
What precipitated this?

You've talked about problems with your bank before. Don't you think maybe it's time to switch banks? ;)

Anything from suspicion of criminal activities to a dispute with the city you live in over a payment in connection with a house purchase. As the government has knowledge of all your accounts, you would be forced to maintain an illicit one in another name and possibly other country. In any event, you would be out of money for as long as it takes to sort out the problem with a bureaucrat that might not be very interested. No dinner, when the freezer is empty. ;)
 
By telling the bank to make no further transactions in the account.

They can and will only do that in the event that levies need to be put on your account for such things as back taxes, unpaid child support, unpaid debt, etc. And those can only happen with a judgment. The government can't block your account for no reason. Only a judge can, and only with verifiable just cause. If you owe a private creditor money or the government money, te process to freeze your account is a long one. It's your responsibility to know if you owe money.

By the way, they don't prohibit further transactions on your account. You can still put money in the account.
 
How does this in any way, shape, or form, answer my question which was not even posed to you?
This happens a whole lot with Celebrity. I've got no ill will towards 'im, but sometimes he tends to not answer the question at all.
 
Anything from suspicion of criminal activities to a dispute with the city you live in over a payment in connection with a house purchase. As the government has knowledge of all your accounts, you would be forced to maintain an illicit one in another name and possibly other country. In any event, you would be out of money for as long as it takes to sort out the problem with a bureaucrat that might not be very interested. No dinner, when the freezer is empty. ;)

Like I said, time to fire your bank. This has more to do with their incompetence than the government. ;)
 
Let's hope that you never are in the situation that the government blocks your accounts by mistake.

Lets hope you never live in paralyzing fear of mathematically improbable situations.... too late
 
This happens a whole lot with Celebrity. I've got no ill will towards 'im, but sometimes he tends to not answer the question at all.

I can't answer personal questions for other people. Just my two cents. Talking about changing banks in a thread about cash payment? That's big leap, even though it might not seem like one.
 
I can't answer personal questions for other people. Just my two cents. Talking about changing banks in a thread about cash payment? That's big leap, even though it might not seem like one.
That's fine. Just I sometimes have a hard time fully comprehending your posts.

But maybe that's on my part. [emoji30]
 
Anything from suspicion of criminal activities to a dispute with the city you live in over a payment in connection with a house purchase. As the government has knowledge of all your accounts, you would be forced to maintain an illicit one in another name and possibly other country. In any event, you would be out of money for as long as it takes to sort out the problem with a bureaucrat that might not be very interested. No dinner, when the freezer is empty. ;)

What? You can't get a judgment to freeze an account over a "dispute with the city you live in over a payment in connection with a house purchase". Accounts can only be frozen if you owe someone money, and the lawyers present to a judge, and a judge sees a legitimate cause and can verify that you legitimately owe someone else money.

And because of the BSA laws, the bank itself has the right to close your account if it sees suspicious activity. The government doesn't tell them to do it. The bank has to file an SAR (Suspicious Activity Report) when they do it. They also don't do it lightly.
 
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