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: 3, Insightful) by toddestan on Sunday July 22 2018, @06:47PM
The other thing that wasn't mentioned in the article is that the banks would really love to be able to set negative interest rates. Imagine a future where the banks are taking a slice of your money just for the privilege of holding it for you. Over the past 10 years, the banks showed that they can and are willing to set the rates to basically zero, but they can't go below that because people would just withdraw their money and stuff it into a mattress. Take away cash, and that will no longer be possible.