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Old 07-31-2016, 08:39 PM
 
Location: Somewhere Out West
2,220 posts, read 2,035,096 times
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Quote:
Originally Posted by ncole1 View Post
I sometimes wonder why you can't get a roll of quarters from an ATM, especially in cities where you've got so many parking meters...
The Bank of Montreal in Canada does have ATM where you can get rolled coin. Haven't seen it anywhere in the U.S. but the technology is possible.
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Old 08-04-2016, 09:54 AM
 
Location: North Idaho
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If the $20 bill is stopped and the $50 takes its place, what happens if you pay for a $3 item with a $50 bill? Do you get all of your change in ones?
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Old 08-07-2016, 05:35 AM
 
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Quote:
Originally Posted by oregonwoodsmoke View Post
If the $20 bill is stopped and the $50 takes its place, what happens if you pay for a $3 item with a $50 bill? Do you get all of your change in ones?
banknotes per person in USA
35.4 $1 George Washington
33.6 $100 Benjamin Franklin
26.6 $20 Andrew Jackson
8.5 $5 Abraham Lincoln
5.9 $10 Alexander Hamilton
5.0 $50 Ulysses S. Grant
3.6 $2 Thomas Jefferson
118.5 TOTAL per person

If we talk about eliminating a denomination it is the $1 and $2 banknote. Instead of circulating 26.6 $20 banknotes and 5.0 $50 banknotes per person, it would make much more sense if we were circulating 11 of each banknote per person.

But we would have to encourage banks to offer ATMs that dispense both notes.

I know that there is concerns about the return of the $500 banknote as being an aide to money laundering, but the sheer number of banknotes is a production and ecological nightmare.

Sweden is possibly the most cash adversive wealthy nation on earth, and they are right now circulating only 24 banknotes per person with a value of $680 per person. The most widely used denomination is worth about $58.
Per P : Denomination : US exchange rate
4.7 : 20 kr : $2.33
1.8 : 50 kr : $5.83
6.1 : 100 kr : $11.66
2.3 : 200 kr : $23.33
8.7 : 500 kr : $58.32
0.24 : 1,000 kr : $116.63
23.9 TOTAL per person

The 1,000kr banknote was circulating at ~2 notes per person in 2012, and ~5 notes per person in 2001. Up until 1991 there was a 10,000kr banknote.

Last edited by PacoMartin; 08-07-2016 at 05:43 AM..
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Old 08-08-2016, 12:08 PM
 
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All I know is my local ATMs are dispensing more $50 bills than they used to. WHY that is I don't know.
But I got $200, and I got 5 twenty dollar bills, and 2 fifties.
There was a time when I never would have gotten fifties. And sometimes I DO still get all twenties. But I can't count on that.
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Old 08-11-2016, 12:50 AM
 
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Quote:
Originally Posted by selhars View Post
All I know is my local ATMs are dispensing more $50 bills than they used to. WHY that is I don't know.
From a government's perspective, the best currency system would use coins for most smaller values and have about 4-5 denominations, and roughly 5-10 banknotes per person for each denomination.

Denmark probably has the most efficient currency in the world, with five denominations and about 33 banknotes per person in multiples of 50DKK~US$7.50
5 $7.50
9 $15.00
6 $30.00
6 $75.00
7 $150.00

But most countries have preferences in their every day transactions.

Countries that prefer the smaller banknote
five $20 for every $50 banknotes in USA
four $20 for every $50 banknotes in Canada
eight 20 for every 50 banknotes in Britain

Countries that prefer the larger banknote
four $50 for every $20 banknotes in Australia
six 50 for every in 20 banknotes in Eurozone

Countries with no real preference for denomination of banknote
same 200kr as 500kr banknotes in Norway
same 200kr as 500kr banknotes in Denmark
The 200kr banknote is less than a year old in Sweden, so too early to say

An average ATM withdrawal in the USA is about $120, In Australia or Eurozone they would consider that stupid. You just don't go to the ATM that often, but you withdraw more money in $50 or 50 notes.
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Old 09-16-2016, 09:25 PM
 
Location: Greater Houston
4,514 posts, read 8,599,677 times
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Quote:
Originally Posted by wall st kid View Post
More atm withdrawls because you don't get 'grilled' and looked at 'up and down' by a clerk, you deal with a machine who has no feelings, if you have the right credentials, you get the money, people like that.
Always go inside to make a withdrawal. I don't need to keep my debit card in my wallet for a pickpocket to steal. There is skimmer to worry about, no PIN to shoulder-surf, it's air-conditioned (especially in Houston summers) and full of bank employees and security guard for safety, and the no-deposit slip policy means that I don't leave a trace, except for the receipt in my wallet. It's nice to meet the people inside--helps when you need a loan or credit card one day!

Video camera catches suspect installing skimming device on ATM in Sealy | abc13.com

This is the reason I don't use the ATM anymore. This happened in a small town 20 miles further out from the city than where I live. Wouldn't be surprised that they picked that place as a test market for the more numerous Chase branches on my side of town. (Supposedly, it was first reported as part of an international criminal ring.)
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Old 09-17-2016, 02:50 AM
 
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Comparing statistics in USA and Sweden from about 2012.

Swedes go to an ATM 15 times a year per capita for an average withdrawal of 1000SEK~$117USD. In the USA it was about 18 a year per capita for $118 on average. But Americans withdrew about 2.2 times as much money from a teller inside of the bank, at an average dollar amount 6X as much as the average ATM withdrawal.

In Sweden all but a handful of banks do not permit any cash operations inside the bank. No deposits, and no withdrawals. The government still circulates a 1000SEK banknote, but there are almost nonexistent (roughly 1 banknote for every 4 citizens).

Church collections, the homeless, and prostitutes all accept credit cards. Buses and almost all public institutions do not accept cash. Checks are illegal having been banned decades ago.

Although there are some famous Swedes pushing for a cashless society, the government feels that a low-cash society is optimal. Besides people under 18, foreigners, and old people, they feel that cash is a basic human right. They just don't want a lot of it circulating.

Many younger people do not carry any cash at all. The banks have sped up the process by providing a widely used phone app that permits person to person transfers of money with ease. Next month they will introduce a payment technique for up to 200SEK ~ $23.40 that will only require waving the card in front of an RFID reader and not require a signature or a PIN number.

In the USA we circulate about $540 per person the $20 banknote as it is the most commonly used. In Sweden they are circulating about $700 per capita in all the denominations together, 20kr, 50kr, 100kr, 200kr, 500kr, and 1000kr which have the purchasing power of the US $2, $5, $10, $20, $50 and $1000. About 75% of the value is in the 500kr banknote.

Quote:
Originally Posted by KerrTown View Post
Always go inside to make a withdrawal.
It is unclear where they intend to stop with this process. If they begin reducing the 500kr banknote from it's current circulation levels of 80 million notes for about 10 million people, then they may simply have to limit ATM withdrawals to under 3000kr per day (or about $300).

I think you would think the Swedish system is straight from hell. Many people feel that this law cash financial system will suffer if the real estate values crash.

Last edited by PacoMartin; 09-17-2016 at 03:19 AM..
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Old 09-21-2016, 10:21 PM
 
Location: Greater Houston
4,514 posts, read 8,599,677 times
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Too bad inflation has taken its toll! Back when I was growing up in the '90s, $20 could buy you a cart full of items at Wal-Mart.

Quote:
Originally Posted by revrandy View Post
The Bank of Montreal in Canada does have ATM where you can get rolled coin. Haven't seen it anywhere in the U.S. but the technology is possible.
I wish the Post Office scrapped the Automated Postal Center and put back the stamp vending machines. The only thing it's good for is to weigh letters (to see if they are over an ounce and add additional postage) or packages. The vending machines were more user-friendly and dispensed dollar coins as change.

In fact for most people in the U.S.A., it was the sole accessible source of dollar coins. The big banks don't carry dollar coins or $2 bills and most smaller banks and credit unions rarely carry them. In fact, I kept an account at a local credit union because they have a ready supply of dollar coins and $2 bills. They had so many, the assistant manager used a roll of dollar coins as a paperweight on his desk. Now if Walmart still dispensed the golden dollar and gave $2 as change, it might be a different story.

Does the BoM ABM dispense just loonies or toonies, or all denominations of rolled coin? (The Canadian penny was discontinued a few years ago.)
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Old 09-22-2016, 06:51 AM
 
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Default Average Production quantities per year

Average Production quantities per year in metric tonnes for six years 2010-2015
2,220 $1
33 $2
561 $5
430 $10
1,485 $20
186 $50
1,463 $100
6,378

The production of over 6000 tonnes per year of banknotes is essentially an environmental nightmare. There is not just the production, but the trucking the collection of old notes, the testing of notes, and destruction of old notes. Then there is the physical guarding of currency and the people injured or murdered in defense of these banknotes.

Advocates of electronic transactions say we waste a lot of money in this ancient time consuming personally dangerous method of keeping track of accounts.

But on a much more immediate level, the failure to adopt the $1 coin is a travesty that has continued for three decades now. The Canadians introduced their "loonie" 29 years ago, and have embraced it as a symbol of their country. The sad thing is that the loonie is nearly identical to the US dollar coin in size and weight and was designed to be acceptable to vending machines in both countries.

But the widespread adoption of the $50 would save the BEP from producing an extra 500 tonnes of $20 banknotes per year.
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