U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-15-2020, 04:03 AM
 
11,784 posts, read 13,665,001 times
Reputation: 17177

Advertisements

Quote:
Originally Posted by TimAZ View Post
Yesterday my wife joked about a wad of paper bills in her wallet that have been there since March and I realized that I hadn’t touched the $60 in my wallet for at least that long. Is paper money dead?
Yeah, its dead. I'll PM you my address and you can send it all to me, I'll do my best to save the bills.
Reply With Quote Quick reply to this message

 
Old 06-15-2020, 04:56 AM
 
7,747 posts, read 8,156,471 times
Reputation: 11134
Wait a minute! I’ll take paper bills too. But since City Guy beat me to it I will be glad to take all of the coins, of all denominations, that everyone reading this has in their large glass jugs, piggy banks, sock wads, and sofa/chair cushions!
Reply With Quote Quick reply to this message
 
Old 06-15-2020, 08:24 AM
 
Location: Niceville, FL
8,584 posts, read 17,142,751 times
Reputation: 9597
Pre-C, we used mainly cash to help small local restaurants. Said restaurants don't seem to be taking coronavirus health and safety rules seriously so there's $108 still in our combined wallets out of the $200 we got out of the ATM on March 20. The 4x we get at grocery stores right now on the AmEx ('please don't cancel the card' short time promotion) is great and since the Whole Foods takeout operation seems to be good with health & safety, when we do have a 'don't wanna cook' day, it would be stupid not to run that through the card for takeout from there.

I'm Gen X and annoyed that I have to mail a paper check to my lawn guy every month instead of having a PayPal/Venmo option. The local post office has long had its share of issues and I jumped to online banking and payment for pretty much all other bills as quickly as I could when they got rolled out.
Reply With Quote Quick reply to this message
 
Old 06-15-2020, 10:07 AM
 
Location: Western Washington
10,459 posts, read 9,437,481 times
Reputation: 17798
Quote:
Originally Posted by beachmouse View Post
I'm Gen X and annoyed that I have to mail a paper check to my lawn guy every month instead of having a PayPal/Venmo option. The local post office has long had its share of issues and I jumped to online banking and payment for pretty much all other bills as quickly as I could when they got rolled out.
I am with you here. I have to pay my annual HOA dues by check, they don’t accept anything else. It is the only check I write in a year, and I use my bank’s check mailing service for this. I haven’t had a checkbook in 10 years or more.

I got curious because of this thread and did a quick sort of my bank transactions. About 1/4 of 1% of my financial transactions (based on value) are in cash. Over the course of a year I spend a few hundred dollars in cash, everything else is electronic. Mortgage, vehicle expenses, utilities, groceries, consumer purchases, airline tickets, restaurants and haircuts. It is all electronic in one way or another.
Reply With Quote Quick reply to this message
 
Old 06-15-2020, 10:16 AM
 
Location: North Beach, MD on the Chesapeake
35,213 posts, read 45,185,288 times
Reputation: 45616
Quote:
Originally Posted by fishbrains View Post
I am with you here. I have to pay my annual HOA dues by check, they don’t accept anything else. It is the only check I write in a year, and I use my bank’s check mailing service for this. I haven’t had a checkbook in 10 years or more.

I got curious because of this thread and did a quick sort of my bank transactions. About 1/4 of 1% of my financial transactions (based on value) are in cash. Over the course of a year I spend a few hundred dollars in cash, everything else is electronic. Mortgage, vehicle expenses, utilities, groceries, consumer purchases, airline tickets, restaurants and haircuts. It is all electronic in one way or another.
How much are you paying in "convenience fees" for those electronic payments? I realize that some vendors won't have them but in this area many do.

Electric company-10% of bill
Water/Sewer to Town-flat fee of $5
Some groceries-3% of total excluding sales tax, same with some retail stores

Those are just the ones I can think of off the top of my head, plus I have roses that need pruned.
Reply With Quote Quick reply to this message
 
Old 06-15-2020, 10:19 AM
 
2,911 posts, read 997,418 times
Reputation: 2356
Quote:
Originally Posted by kokonutty View Post
Yeah, so every time you use your card for a four dollar item, the cost goes up for every cash payer also. Way to think about only yourself!
Not only thinking about himself, but about society as a whole. Only 26% of consumer transactions are cash transactions. Credit transactions (those that go through Visa, MasterCard, American Express, or Discover) help improve the products that are used for the remaining 74% of transactions. Not only that, but it also gives back to the investors who put their hard earned money into making these great products (the actual credit card offerings).
Reply With Quote Quick reply to this message
 
Old 06-15-2020, 11:44 AM
 
Location: Moku Nui, Hawaii
10,500 posts, read 20,067,821 times
Reputation: 9824
Cards cost small shops more than merely 1% - 3%, depending on the card it can go as high as 30%. Usually those high charges are from folks visiting from a foreign country and not common, but they do show up occasionally. Spending cash at a small business is really helpful for the small business. They aren't allowed to charge more if you use a card, although I don't know if it's legal to give a discount for cash.

For a small business, there's monthly fees to just be able to keep the card services, plus the percentage per transaction. It can rack up to quite a bit. They tried charging a monthly fee during the months we were shut down for Covid even though zero transactions were done. That was removed after calling them, but it wasn't automatically not charged.

Usually smaller sales of $40 or less are cash transactions, larger transactions will typically be on a card. We rarely see a check, although we do take them from local customers. In our store, it's probably more cash sales than card sales, if you go by number of transactions. Because the cards are used for the larger transactions, if you go by value, then the cards will have a higher percentage rate.
Reply With Quote Quick reply to this message
 
Old 06-15-2020, 11:58 AM
 
Location: Boise
651 posts, read 641,680 times
Reputation: 1421
I regularly use cash, especially when leaving a tip.

Studies have shown that using a card vs actual cash will generate about 20% higher spending. When you have to pull cash out and part with it, the pain is greater than a card swipe.

Anyway, the more the government pushes the "war on cash", the more inclined I will be to use cash.
Reply With Quote Quick reply to this message
 
Old 06-15-2020, 12:13 PM
 
56,267 posts, read 44,675,739 times
Reputation: 35022
Quote:
Originally Posted by TimAZ View Post
Yesterday my wife joked about a wad of paper bills in her wallet that have been there since March and I realized that I hadn’t touched the $60 in my wallet for at least that long. Is paper money dead?
Not for me. In particular, I like to pay small biz in cash\check so that the credit card companies don't grab a big chunk of their profit.
Reply With Quote Quick reply to this message
 
Old 06-15-2020, 01:32 PM
 
Location: Western Washington
10,459 posts, read 9,437,481 times
Reputation: 17798
Quote:
Originally Posted by North Beach Person View Post
How much are you paying in "convenience fees" for those electronic payments? I realize that some vendors won't have them but in this area many do.

Electric company-10% of bill
Water/Sewer to Town-flat fee of $5
Some groceries-3% of total excluding sales tax, same with some retail stores

Those are just the ones I can think of off the top of my head, plus I have roses that need pruned.
Very little, if any.

I renewed my vehicle registration, and had the option of paying by credit card for a $3 fee, or by bank draft for no fee. In a normal time, I could have gone to the DMV and paid in cash. The bank draft and cash option are exactly the same. Plus, it saved me the time and gas to run the errand.

Mortgage, water bill and electric bill are all direct bank transfer at no charge, with no discount available for cash. Same thing with car insurance.

Cell phone and internet service are by credit card. I doubt I pay extra for this, but it is possible. Trash is by credit card, no additional surcharge.

Groceries don’t cost me anything extra for paying by card.

I would never consider paying for an airline ticket with cash, I like the protection a card gives me. Same thing for vehicle rentals.

Cash has similar problems depending on how you use it. Use another bank’s ATM, and it can cost you $5-6 between your bank and the other guy. Count your change incorrectly or lose your wallet, and the cash is gone with no hope of recovery.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top