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Submitted via IRC for AndyTheAbsurd
All over the western world banks are shutting down cash machines and branches. They are trying to push you into using their digital payments and digital banking infrastructure. Just like Google wants everyone to access and navigate the broader internet via its privately controlled search portal, so financial institutions want everyone to access and navigate the broader economy through their systems.
Another aim is to cut costs in order to boost profits. Branches require staff. Replacing them with standardised self-service apps allows the senior managers of financial institutions to directly control and monitor interactions with customers.
Banks, of course, tell us a different story about why they do this. I recently got a letter from my bank telling me that they are shutting down local branches because "customers are turning to digital", and they are thus "responding to changing customer preferences". I am one of the customers they are referring to, but I never asked them to shut down the branches.
Source: The cashless society is a con – and big finance is behind it
(Score: 1, Interesting) by Anonymous Coward on Saturday July 21 2018, @03:30PM (4 children)
Every now and then I buy or sell something using Craigslist and cash is what works -- no questions about the buyer passing a bad check or trying to find a place to accept a credit/debit card. I guess there is always the tiny chance of getting counterfeit bills...
We sold a batch of bulky collectibles recently for $15000, the buyers collected their purchase over a couple of days and brought suitable partial payments in cash as they progressed in boxing it all up. While they were working, we briefly discussed banking and cash--they had no problems taking out the cash (two trips to the bank, one day after the other) and we had no problem depositing it in our bank, although it was spread out across a few different accounts that are for different purposes.
I'm sure it would get harder if the amount got larger. How would you handle the private sale of something for even more money--like a new-ish (or antique) car?
(Score: 2) by Whoever on Saturday July 21 2018, @05:49PM (1 child)
Weren't you taking a significant risk that the cash you received contained forged bills?
(Score: 0) by Anonymous Coward on Saturday July 21 2018, @10:04PM
Didn't seem like much risk of forgery, these collectors are getting close to setting up a small museum for their stuff--so we "know where they live". We dealt with them over several weeks, first showing the goods and getting their bid (had another serious bid as well) and others that came to look knew them too, from previous sales and hobby shows.
(Score: 2) by jelizondo on Sunday July 22 2018, @02:43AM (1 child)
Interesting question. Say you sold your antique car for $50 grand, you can't just walk to the bank and deposit it; you account will be flagged for tax and other reasons (drug money/terrorism/money laundering/etc) which could be a real problem for a long time. Even if you split it into diferent accounts on different banks, each deposit would be large and noticeable.
Of course, you can keep the cash for a while under the bed, but you run a high risk of losing it (and perhaps your life) to robbery or fire.
So perhaps you would resort to bartering, some part in cash some part in goods that easily disposed of. Say jewelry, a car or some such other item that can be traded for cash or other goods later and which can be insured against theft or loss.
Now, if it is a single car, well you take the risks and be done with it. But if you were trading antique cars for cash frequently I would set up a church and just walk into the bank with the cash, it is "donations" and tax free anyway. The feds rarely look into what happens with church money, so you could write checks or wire it or whatever to make payments.
I would make sure the church is "legit" and not the Flying Spaghetti Monster or some such.
(Score: 0) by Anonymous Coward on Monday July 23 2018, @07:51AM
The Church of Rodney?
(bonus points to anybody who gets that reference.)