I always thought that businesses in America had to accept cash for payment. I guess that isn't true. There are places that don't accept cash at all, at least that's what I've heard. Now I've heard that reverse atm machines are popping up. These machines you insert cash and receive a debit card with the amount you inserted. The whole concept seems weird to me but I'm old fashioned.
Times Are Changing
- Thread starter KenB259
- Start date
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mark james
IAP Collection, Curator
I agree Ken; so many things are changing rapidly. But I suspect every generation has said that. My FIL said his father went from the horse and carriage to landing on the moon (1880-1972). But simple things have gotten beyond the technology at times. I have tried to close out bank accounts and since the bank has been bought out 4 times, they had no idea of my original signature card, so they said I couldn't close it. However, they easily were cashing my checks, so I simply wrote a check for the balance minus 1 cent! They cashed it without question, a penny left for them, and I walked away. Future fees were not added as there was no funds to deduct. I did this three times with accounts.
12 years ago I bought a new computer. Transferring files was a bear that took several days (maybe my incompetence). Last week I bought a new Macbook Air and it took me less that 20 minutes to go through the steps to transfer the files (the transfer was complete in a little less than 2 hrs - I mowed the lawn and it was done).
Some things are better, some are worse.
To answer your initial thought, I was in the child care center business from 1990-2017. At the end, there were many centers in my area that would not take cash, and those that did were taking it 'off the books' to evade taxes.
12 years ago I bought a new computer. Transferring files was a bear that took several days (maybe my incompetence). Last week I bought a new Macbook Air and it took me less that 20 minutes to go through the steps to transfer the files (the transfer was complete in a little less than 2 hrs - I mowed the lawn and it was done).
Some things are better, some are worse.
To answer your initial thought, I was in the child care center business from 1990-2017. At the end, there were many centers in my area that would not take cash, and those that did were taking it 'off the books' to evade taxes.
jttheclockman
Member
I am still a fan of the green paper.
Kenny Durrant
Member
It is getting crazy. I'm a fan of cash myself. My son and friends keep telling me I need to catch up and get out of the Stone Age. I still like going into the bank and don't mind the banks ATM. I don't like doing business on the phone such as apps. Not long ago I always heard companies saying how important our privacy is and their apps were safe. Then it seemed the next day on the news they were hacked. I must admit I've grown accustomed to using MY credit card to pay everything with and paying it off at the end of the month. It's convenient and I get a little cash back. When I keep the balance paid off there's no interest. There is a book that tells about a time when your money won't be any good.
rixstix
Member
& here there are places that will only accept cash to avoid Credit Card processing and to avoid the headache of a bounced check. At least that's their story and they're sticking to it.
There's also the underlying reason that was mentioned above "Tax avoidance" as a possibility.
It irritates me when a business refuses to accept AMEX cards. I get it that years ago, the processing fee for AMEX was quite a bit more. Today, it is less than accepting a Costco Visa rewards card but business' still refuse to listen.
There's also the underlying reason that was mentioned above "Tax avoidance" as a possibility.
It irritates me when a business refuses to accept AMEX cards. I get it that years ago, the processing fee for AMEX was quite a bit more. Today, it is less than accepting a Costco Visa rewards card but business' still refuse to listen.
I thought that was correct but I checked the US Code. Essentially it is not illegal to refuse to accept currency. It can be used for all debts, public or private but is not mandatory.
My wife has been given some bonus's from her employer on American Express cards. They are horrible to use. Hard to find anyone to accept them.
Drewby108
Member
It can be refused, however, it must be posted in a visible location prior to the checkout area. If not posted, the business legally must accept cash.
Woodchipper
Member
Times are changing...for the better worse? So far, I have never had a credit card refused and was required to pay in cash. That would present a problem as we carry very little cash so they would have to accept a check with proper identification. Many years ago, my late MIL was in the Seattle area; tried to pay with a Traveler's Check. They refused it. Not sure how that went. We had to pay with cash at a restaurant as the CC scanner was kaput. Fortunately we had cash that time.
I don't use ATMs unless it's an emergency; last time was 30 years ago. I pay with checks. I can write 3 checks in the time it takes to log onto my bank's website (which I have never done and don't need to). I keep files. If i need to check on an account, I pull the file and don't have to log onto the website for the mortgage, utilities, etc. I don't trust the Internet.
I don't use ATMs unless it's an emergency; last time was 30 years ago. I pay with checks. I can write 3 checks in the time it takes to log onto my bank's website (which I have never done and don't need to). I keep files. If i need to check on an account, I pull the file and don't have to log onto the website for the mortgage, utilities, etc. I don't trust the Internet.
PreacherJon
Member
If you are an American business with license from the United States government you have to accept the US curency.
egnald
Member
A couple of years ago, all of the vendors at the Men's College World Series in Omaha, NE went cash-less. They installed those reverse ATM machines that Ken brought up in the stadium. I think the rationnelle was to help speed up transactions and shorten the lines at the vendors. They used COVID19 as the excuse of course.
The MCWS first pitch is tomorrow (Friday) at 1:00 between North Carolina and Virginia. I can hardly wait. I'll probably be rooting for Tennessee (vs Florida State) on Friday night though since one of the players is a local boy from Omaha -- that and Tennessee hasn't taken home the championship before.
Dave
The MCWS first pitch is tomorrow (Friday) at 1:00 between North Carolina and Virginia. I can hardly wait. I'll probably be rooting for Tennessee (vs Florida State) on Friday night though since one of the players is a local boy from Omaha -- that and Tennessee hasn't taken home the championship before.
Dave
rherrell
Member
Our "overlords" can't control us if we use cash, that's why they want to phase it out. If cash ever goes away it means the American experiment has failed.
MRDucks2
Member
I'm amazed at the number of companies charging extra for credit cards now. Restaurant industry I do not mind as it is such a tight margin business. Other goods and services? Had a back glass in a truck replaced for $300 and they charged 4% extra for a debit card.
Now carry a check book and write a check if they charge for a card. Cards came about to get business money faster and without risk of bad check. Now they want to charge for using a card so I pay with check. Came in a complete circle.
Now carry a check book and write a check if they charge for a card. Cards came about to get business money faster and without risk of bad check. Now they want to charge for using a card so I pay with check. Came in a complete circle.
rixstix
Member
Unfortunately, many small business' don't know that the rules for card surcharges are different for debit cards vs credit cards. The surcharge is not supposed to be more than the actual cost for them to process the card and I have never, ever seen a 4% card on my merchant account statement.
It chaps my behind to see the surcharge, especially when not prominently disclosed in advance. Include it in the price or I will go elsewhere next time. Give me a discount for paying with cash or check but don't add a credit card charge.
Woodchipper
Member
A small local tire store said his CC charges were as much as $700 a month. Debit card? If someone hacks into it, your checking account will be zero. We never carry a DC.
Todd in PA
Member
I use debit cards and only buy what I have cash in my account to pay for. I also know it saves the merchant in terms of lower fees.
BUT, lately I've been questioning my practices. As others have said, if the debit is compromised, my account will be drained and I'll be out the money at least until they straighten it all out. A credit card has the benefit of reduced liability.
Still, I hate the idea of Visa skimming 3-4% of every dollar transacted in the entire US.
Does anyone only carry cash and use it for everything these days?
BUT, lately I've been questioning my practices. As others have said, if the debit is compromised, my account will be drained and I'll be out the money at least until they straighten it all out. A credit card has the benefit of reduced liability.
Still, I hate the idea of Visa skimming 3-4% of every dollar transacted in the entire US.
Does anyone only carry cash and use it for everything these days?
I use a debit card for most things. My card has been compromised twice. Both times were small amounts. All was returned to me by my bank pretty quickly. I check my accounts every morning and I get an alert on my phone whenever the card is used. I have the ability to lock my card instantly via my banks app. My wife rarely uses hers, so she keeps it locked. Also debit cards have a maximum daily use amount so I feel relatively confident I could contain it pretty quickly. Scammers are always coming up with new ways to steal from you.
Woodchipper
Member
My CC holder found three $100 ATM withdrawals in a California city that we never visited. I figure that someone in a restaurant copied the CC numbers. I don't like my CC out of sight. Olive Garden had the electronic payment system at the table.
Oh, and they questioned why we would spend $599 for airline tickets to Ethiopia. I don't know anyone in Ethiopia.
Oh, and they questioned why we would spend $599 for airline tickets to Ethiopia. I don't know anyone in Ethiopia.
rixstix
Member
Being in smalltown, USA, cash is a must to have alongside the CC. I feel bad using a CC to purchase 2 jalepeno peppers at the local store.
The local store square footage being about the same as my house. There are people around here that only deal with cash.
CBDC is coming. The backend is already in place (Fed kicked that off June last year). Banking crises are looming. I don't think it will be all that long before the greenback is abolished...and we all suddenly find ourselves with a pittance in the new US digital currency...
rherrell
Member
Jan. 20, 2025 starts a new chapter in American history. https://vigilantnews.com/post/trump-vows-to-never-allow-a-central-bank-digital-currency-cbdc/
Barely carry it because it is less convenient and I lose it. Since I have been using my watch to pay things, my cc has been hacked 3 times (not all technology is great or foresees the unintended consequence). Nevertheless, I charge everything and get 1 to 4% back (which I am sure is included in the price anyway), and never tempted to buy what I can't afford. The strength of the USD (or any currency) depends on the demand for US goods and services, the return on US investments, its ability to defend/feed/"fuel" itself and pay its debts without printing more paper. We used to be the world's breadbasket for all good and services, we are now the world's waste basket. Yuan is likely to the currency of choice shortly. A single currency helps those country whose currency trades at a discount to other currencies and weakens strong currency. These are not my ideas - just read Milton Freidman, Adam Smith or those of any respected economist. Whether it is in the form of paper, gold, sea shells, salt or fish hooks (maybe pens if we are lucky! ) , it's primarily dependent on the aforementioned. The Brits were wise to maintain GBP; I am surprised the Germans surrendered their DM for the Euro (naturally, Italy and France couldn't wait to dump their currencies).
) , it's primarily dependent on the aforementioned. The Brits were wise to maintain GBP; I am surprised the Germans surrendered their DM for the Euro (naturally, Italy and France couldn't wait to dump their currencies).
randyrls
Member
If your Debit card is used to drain your account the bank is NOT obligated to replace the money. I prefer to pay cash if possible. Nobody ever fraudulently used a $20 bill to rack up fake charges on my account.
Many (all) of those "non-banks" popping up on the internet are not covered by FDIC and if they go under, your money is GONE!
PS. Remember all those credit card advertisements, "You will not be responsible for charges you didn't make!" ?? Well the rest of the story (Paul Harvey) is that VISA is correct, BUT you will get some of the NASTIEST letters demanding that you pay that bill and saying if you don't the company will take legal action to collect the money. They are lying (of course) but some people will pay them and it costs them only a letter.
Many (all) of those "non-banks" popping up on the internet are not covered by FDIC and if they go under, your money is GONE!
PS. Remember all those credit card advertisements, "You will not be responsible for charges you didn't make!" ?? Well the rest of the story (Paul Harvey) is that VISA is correct, BUT you will get some of the NASTIEST letters demanding that you pay that bill and saying if you don't the company will take legal action to collect the money. They are lying (of course) but some people will pay them and it costs them only a letter.
MikeG
Member
I worked in a small retail store and the owner told us that we lost money on a credit or debit purchase under $3.50 because of the fees. I have since noticed some small stores with a sign that says they take cash only for purchases under $5.00.Being in smalltown, USA, cash is a must to have alongside the CC. I feel bad using a CC to purchase 2 jalepeno peppers at the local store.
There are people around here that only deal with cash.
Brian G
Member
Imagine how difficult it would be for everyone to buy stuff from IAP vendors if they only took cash, checks, or wire transfers.
PreacherJon
Member
I try to pay with cash only in the store I physically go to. Of course, you have to order things online. So, I've been using a Kroger Debit Card. I just load up what I'm going to spend and leave about $20 on the card. If it gets hacked... they are not getting much. BUT I just got a notice that Kroger is ending the Debit cards all together and so is Walmart. I was told there was a lot of money laundering going through those cards. Not sure how I'm going to pay for online purchases at the moment.
You could always set up another bank account with a debit card, and just keep the minimum balance in it.
randyrls
Member
I would get a re-loadable CC. VISA has these. Some Gift cards are re-loadable , some are not. Check with VISA etc. Make sure the card IS NOT ATTACHED to your bank account. I have a second bank account that I use only for on-line purchases. Attached to THAT account is my Paypal account. I use Paypal to pay online. I only keep a small amount of money in the account and I can "on-demand" transfer more money from my main account but NOT the reverse and I have to initiate the transfer. Hmm... I want to verify that with them.
rherrell
Member
I keep just enough in the bank to cover bills, I take out the rest every month. I keep about 3 months cash at home and the rest is in physical silver.
rixstix
Member
Hopefully not in a bank vault
rherrell
Member
It's in my HOME vault, I have a safe that's bolted to the floor from the inside. If somebody were to try and remove it I think I would notice, that's where the 12 ga. comes in!!!Hopefully not in a bank vault
rixstix
Member
DITTO here. I'm having thoughts after hearing that 9mm, 223/556 and 762x39 are worth more than their weight in silver.
PreacherJon
Member
I have a several "Slicks" I've created in the house. A place where it would take a little effort to get to the money, but not a long time if you are in a hurry.
TNichols
Member
I have ran into that in a couple places in Austin, TX.
leehljp
Member Liaison
I can see a scenario in the not too distant future where personal account checks will become the less and less used, and cost for personal check use will be on a per check basis like some credit card transactions are to businesses. Any bank financial interaction with a person/teller will drive costs up, as does automation of the operations of course, but the human interaction will bring on an "individual" charge every time for every check.
Woodchipper
Member
leejp, when I was in college just after the earth cooled, I had to mark my checkbook with a mark go remind me to deduct the ten cents charge per check. We visited our son who attended a major university. Went to eat at a nice chain restaurant. Loaded with college students. When we asked out son how they afford it, "Mom and Dad's credit card."
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MTViper
Member
I use cash when I can. I like to have $200-400 in my wallet at any one time. I pay most of my bills online using a credit card, which I pay off at the end of each month. I have a debit card, but rarely use it because the bank doesn't have to reimburse fraudulent use.
When I was in high school, I worked in a cousin's service station. We gave a "cash discount" for those who paid in greenback - of course gas was $0.199 a gallon, too, so the discount wasn't much. My favorite restaurant charges a fee for using credit cards. It's clearly posted on the menu and the servers are good to let you know that before you order. I always make sure I have cash there and tip handsomely.
If we go cashless, isn't the next thing to implant chips in us all - like the mark of the Beast?
When I was in high school, I worked in a cousin's service station. We gave a "cash discount" for those who paid in greenback - of course gas was $0.199 a gallon, too, so the discount wasn't much. My favorite restaurant charges a fee for using credit cards. It's clearly posted on the menu and the servers are good to let you know that before you order. I always make sure I have cash there and tip handsomely.
If we go cashless, isn't the next thing to implant chips in us all - like the mark of the Beast?