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TVC15
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by TVC15 » Sun May 03, 2020 5:24 pm
Jakubclaret wrote: ↑Sun May 03, 2020 5:14 pm
The banks & building society won't physically exist for you to visit, everything will be online, you can pretty much do everything now online with receiving & transferring & paying in, by 2030 no bank or building societies will be open, you still be able to use the post office for some banking services as you do now. If you are in a bank by 2030 you'll get a choice withdraw your funds or retain the membership by a monthly or annual fee, all banks & building societies will be exactly the same in terms of the framework layouts but the pricing structures may/will differ/vary.
Is this an episode of Tomorrows World ?!!!
Some of the stuff you said is correct.
We’ll leave it at that shall we ?!!
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Rileybobs
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by Rileybobs » Sun May 03, 2020 5:26 pm
Gordaleman wrote: ↑Sun May 03, 2020 5:20 pm
You just don't get this at all do you? Either that or you are just a wind up merchant.
This thread is about a cashless society which we don't yet have. If we ever do, then banks will charge us to open an account, charge us monthly fees, and if interest rates continue to fall (Highly likely at the moment) they will also charge us via negative interest rates.
That's why we should NOT go cashless.
Conversation over because if you don't understand now, you never will..
No I don’t get it. And it doesn’t seem like anyone else does either. I’m not a wind up merchant, I was hoping to learn something new.
As well as being totally incorrect as pointed out by other posters, your scenario also makes absolutely no sense because people generally keep their money in the bank. So if there was no cash people would still keep their money in the bank.
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Gordaleman
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by Gordaleman » Sun May 03, 2020 5:28 pm
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Gerry Hattrick
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by Gerry Hattrick » Sun May 03, 2020 5:29 pm
Rileybobs wrote: ↑Sun May 03, 2020 5:26 pm
No I don’t get it. And it doesn’t seem like anyone else does either. I’m not a wind up merchant, I was hoping to learn something new.
As well as being totally incorrect as pointed out by other posters, your scenario also makes absolutely no sense because people generally keep their money in the bank.
So if there was no cash people would still keep their money in the bank.
Brilliant!
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Jakubclaret
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by Jakubclaret » Sun May 03, 2020 5:30 pm
Rileybobs wrote: ↑Sun May 03, 2020 5:11 pm
So basically your argument is that we should withdraw our salary every month and stash the cash under the mattress?
Think you are struggling to grasp the concept for the financial institutions generating as much revenue is key, when hard physical form of cash is defunct no longer used or available, we will be tied into a system of online banking & every person & vendor will be onboard, the banks already charge small vendors if it's under X amount for minimum transaction hence the insistence on eg £10 or over on purchases. Everybody will be onboard with the banking subscription service won't really be optional.
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TVC15
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by TVC15 » Sun May 03, 2020 5:33 pm
Jakubclaret wrote: ↑Sun May 03, 2020 5:30 pm
Think you are struggling to grasp the concept for the financial institutions generating as much revenue is key, when hard physical form of cash is defunct no longer used or available, we will be tied into a system of online banking & every person & vendor will be onboard, the banks already charge small vendors if it's under X amount for minimum transaction hence the insistence on eg £10 or over on purchases. Everybody will be onboard with the banking subscription service won't really be optional.
Wow - this is getting fun !
Tell me again what are you saying “banks” are charging small vendors for ?
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Rileybobs
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by Rileybobs » Sun May 03, 2020 5:33 pm
Money; the assets, property, and resources owned by someone or something.
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Jakubclaret
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by Jakubclaret » Sun May 03, 2020 5:40 pm
TVC15 wrote: ↑Sun May 03, 2020 5:33 pm
Wow - this is getting fun !
Tell me again what are you saying “banks” are charging small vendors for ?
For accepting small payments that aren't worthwhile to process, it costs the small vendors (not the banks) to accept the banks just reverse the charges, have you never been in a small shop with a sign stating - card payments accepted with a minimum purchase of £10, you either end up leaving going elsewhere or to a ATM or buying extra in the shop to reach the £10 mark, you go in for a 4 pack leave with 8 & a packet of crisps or a mars bar anything to reach the amount required.
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NottsClaret
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by NottsClaret » Sun May 03, 2020 5:43 pm
Rileybobs wrote: ↑Sun May 03, 2020 5:33 pm
Money; the assets, property, and resources owned by someone or something.
I genuinely think he believes money is just cash. Going to be a long conversation, this.
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Rileybobs
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by Rileybobs » Sun May 03, 2020 5:46 pm
NottsClaret wrote: ↑Sun May 03, 2020 5:43 pm
I genuinely think he believes money is just cash. Going to be a long conversation, this.
I’ve got plenty of time.
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TVC15
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by TVC15 » Sun May 03, 2020 5:51 pm
Jakubclaret wrote: ↑Sun May 03, 2020 5:40 pm
For accepting small payments that aren't worthwhile to process, it costs the small vendors (not the banks) to accept the banks just reverse the charges, have you never been in a small shop with a sign stating - card payments accepted with a minimum purchase of £10, you either end up leaving going elsewhere or to a ATM or buying extra in the shop to reach the £10 mark, you go in for a 4 pack leave with 8 & a packet of crisps or a mars bar anything to reach the amount required.
Yes I know how it works but why do you think it’s the bank who are applying these minimum and charges rather than Visa, MasterCard etc ?
But the main point is how much do you think these small vendors are charged by the banks for paying in cash ? And how do you think this compares in fees to every other type of payment they receive ?
Do you know how businesses are charged by banks ?
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duncandisorderly
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by duncandisorderly » Sun May 03, 2020 5:56 pm
As I said earlier in the thread, It's considerably cheaper for me to deposit cash in the bank than take card payments, though I would imagine volume of cash would change that.
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TVC15
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by TVC15 » Sun May 03, 2020 6:11 pm
duncandisorderly wrote: ↑Sun May 03, 2020 5:56 pm
As I said earlier in the thread, It's considerably cheaper for me to deposit cash in the bank than take card payments, though I would imagine volume of cash would change that.
How much cash are you taking though ?
I’m guessing it’s not that much as most banks charge their business customers more for paying in cash than any other type of deposit.
There are a couple of business accounts out there where you are allowed a relatively small amount of cash paid in for “free” before you start being charged.
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Gordaleman
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by Gordaleman » Sun May 03, 2020 6:17 pm
Here's another reason why having a cashless society is a bad idea. Remember Greece going bankrupt?
Many people withdrew their cash from the banks, because they knew what was coming. There was a 'Bail in' to save the banking system.
That 'Bail in' meant that savers that hadn't withdrawn their money had a very large amount of their savings taken off them to save the banks and the country.
Think that couldn't happen here? Think again. In 2009 the British Government was reeling after the financial (Banks) crash and wanted to be sure they wouldn't be left with the tab the next time it happened, so they passed 'Bail in' legislation into law.
https://www.gov.uk/government/consultat ... ementation
If we have a cashless society, no-one would be able to withdraw their money and the government and the banks would be able to take as much as they liked.
Are you confident enough that we will never have another financial crisis, to risk that? I'm not. Especially with the amount of bad debts the banks have now due to Covid 19.
Last edited by
Gordaleman on Sun May 03, 2020 6:25 pm, edited 1 time in total.
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4:20
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by 4:20 » Sun May 03, 2020 6:24 pm
Missed you, Turts.
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tim_noone
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by tim_noone » Sun May 03, 2020 6:27 pm
4:20 wrote: ↑Sun May 03, 2020 6:24 pm
Missed you, Turts.
Surely saxo.
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TVC15
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by TVC15 » Sun May 03, 2020 7:00 pm
Gordaleman wrote: ↑Sun May 03, 2020 6:17 pm
Here's another reason why having a cashless society is a bad idea. Remember Greece going bankrupt?
Many people withdrew their cash from the banks, because they knew what was coming. There was a 'Bail in' to save the banking system.
That 'Bail in' meant that savers that hadn't withdrawn their money had a very large amount of their savings taken off them to save the banks and the country.
Think that couldn't happen here? Think again. In 2009 the British Government was reeling after the financial (Banks) crash and wanted to be sure they wouldn't be left with the tab the next time it happened, so they passed 'Bail in' legislation into law.
https://www.gov.uk/government/consultat ... ementation
If we have a cashless society, no-one would be able to withdraw their money and the government and the banks would be able to take as much as they liked.
Are you confident enough that we will never have another financial crisis, to risk that? I'm not. Especially with the amount of bad debts the banks have now due to Covid 19.
You are literally hilarious.
So you think that because there is cash in society that a bank isn’t able to freeze your account and stop you withdrawing ?
You may well be correct - but I think you would need a mask, a gun and fast getaway car to be proved correct.
Other than the hold up / hostage situation the bank if it chose to could freeze you account and you would not be able to get a penny out...until you could prove you were entitled to it.
But if you can see this happening in the future and the nasty banks are going to take all your money then yeh go withdraw it now and stick it under the mattress.
Which bit of the banks would not be the ones who can get rid of cash from society are you not understanding ?
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Gordaleman
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by Gordaleman » Sun May 03, 2020 7:16 pm
You really are a bit naive aren't you? The greeks withdrew their cash BEFORE the decision for the the 'Bail in' was made. British people people who are savvy enough at the time could do the same, but not if there is no CASH in a CASHLESS society to withdraw.
I'll guarantee one thing, I bet you didn't even know that the British legislation existed.
As for withdrawing my money and sticking it under the mattress, why would I? We are not yet in a cashless society and if we ever are, I woudn't be able to.
When are you going to realise that this thread is about the possible FUTURE. It's not about today.
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TVC15
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by TVC15 » Sun May 03, 2020 7:31 pm
Gordaleman wrote: ↑Sun May 03, 2020 7:16 pm
You really are a bit naive aren't you? The greeks withdrew their cash BEFORE the decision for the the 'Bail in' was made. British people people who are savvy enough at the time could do the same, but not if there is no CASH in a CASHLESS society to withdraw.
I'll guarantee one thing, I bet you didn't even know that the British legislation existed.
As for withdrawing my money and sticking it under the mattress, why would I? We are not yet in a cashless society and if we ever are, I woudn't be able to.
When are you going to realise that this thread is about the possible FUTURE. It's not about today.
You are a very funny guy....not too bright...but very amusing.
That link you sent was legislation that was brought in when I was working for a major bank so I know more about it that you can ever dream of. Whilst we are “guaranteeing” things I can guarantee that you do not have a clue what any of the legislation means.
So this future you talk about - why are you banging on about the nasty big bad banks taking cash out of society when it’s not their decision to do this ?
I must have asked you this question at least 3 times now.
Do you think the government and Bank of England are going to change the law so that this decision is now the banks to make ?
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Steve1956
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by Steve1956 » Sun May 03, 2020 7:36 pm
TVC15 wrote: ↑Sun May 03, 2020 7:31 pm
You are a very funny guy....not too bright...but very amusing.
So this future you talk about - why are you banging on about the nasty big bad banks taking cash out of society when it’s not their decision to do this ?
I must have asked you this question at least 3 times now.
Do you think the government and Bank of England are going to change the law so that this decision is now the banks to make ?
Gordaleman wrote: ↑Sun May 03, 2020 7:16 pm
You really are a bit naive aren't you? The greeks withdrew their cash BEFORE the decision for the the 'Bail in' was made. British people people who are savvy enough at the time could do the same, but not if there is no CASH in a CASHLESS society to withdraw.
I'll guarantee one thing, I bet you didn't even know that the British legislation existed.
As for withdrawing my money and sticking it under the mattress, why would I? We are not yet in a cashless society and if we ever are, I woudn't be able to.
When are you going to realise that this thread is about the possible FUTURE. It's not about today.
Popcorn time
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Gordaleman
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by Gordaleman » Sun May 03, 2020 7:38 pm
Like I said, you are naive. Very naive. I suppose you think bankers are altruistic?
The banks have been lobbying governments for years to have a cashless society and we all know lobbyists usually get their way. Especially if a few palms are greased. Don't take my word for it, will you?
https://www.cashless-economy.com/Why-co ... y_a23.html
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TVC15
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by TVC15 » Sun May 03, 2020 7:45 pm
Gordaleman wrote: ↑Sun May 03, 2020 7:38 pm
Like I said, you are naive. Very naive. I suppose you think bankers are altruistic?
The banks have been lobbying governments for years to have a cashless society and we all know lobbyists usually get their way. Especially if a few palms are greased. Don't take my word for it, will you?
https://www.cashless-economy.com/Why-co ... y_a23.html
Little tip for you - next time you are googling things you haven’t got a clue about try and find one that mentions this country.
Anyway let’s leave it there - it’s too intellectually demanding for me.
I’m going to try and find a 4 year old to debate liquidity and capital asset ratios with.....I’ll “learn them”
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Gordaleman
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by Gordaleman » Sun May 03, 2020 7:53 pm
TVC15 wrote: ↑Sun May 03, 2020 7:45 pm
Little tip for you - next time you are googling things you haven’t got a clue about try and find one that mentions this country.
Anyway let’s leave it there - it’s too intellectually demanding for me.
I’m going to try and find a 4 year old to debate liquidity and capital asset ratios with.....I’ll “learn them”
So that's your 'Get out clause', the fact that it isn't a British article? Do you think that banks like Visa, Mastercard, American Express, Barclays etc only operate abroad?
As for your 4 year old jibe. Your grasp of what the bankers are up to is that of a 2 year old.
Last edited by
Gordaleman on Sun May 03, 2020 7:55 pm, edited 1 time in total.
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Rileybobs
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by Rileybobs » Sun May 03, 2020 7:54 pm
This is fun.
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TVC15
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by TVC15 » Sun May 03, 2020 8:06 pm
The fun stops here
I just hope the newsagent starts paying him in Bitcoin for his paper round instead of his fiver a week cash.
That’ll learn him right
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Rileybobs
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by Rileybobs » Sun May 03, 2020 8:15 pm
So, to summarise we're all agreed that we should go cash-free then!
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Gordaleman
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by Gordaleman » Sun May 03, 2020 8:24 pm
Bitcoin, now there's a laugh. A fool and his money are soon parted eh?
I've been trading Gold and Silver for the last 15 years. Real money. Not the 'Fiat' money that is paper with nothing to back it up.
Gold could easily double in value in the next two years due to the financial meltdown caused by Cavid 19.
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No Ney Never
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by No Ney Never » Sun May 03, 2020 9:00 pm
I'm pleased that cryptocurrency has been brought into the topic, it's one of many possibilities that could present itself in the future as an alternative to cash. I'm sure that the world will find ways to spread assets into tradeables that cannot be easily seized by a state and is flexible enough to be moved across borders. It's most likely that this will be in electronic form, but who knows what the future holds?
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tim_noone
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by tim_noone » Sun May 03, 2020 9:12 pm
No Ney Never wrote: ↑Sun May 03, 2020 9:00 pm
I'm pleased that cryptocurrency has been brought into the topic, it's one of many possibilities that could present itself in the future as an alternative to cash. I'm sure that the world will find ways to spread assets into tradeables that cannot be easily seized by a state and is flexible enough to be moved across borders. It's most likely that this will be in electronic form, but who knows what the future holds?
Gordleman
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Volvoclaret
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by Volvoclaret » Sun May 03, 2020 9:28 pm
So do I empty the piggy bank or not?
Nat West one of course.
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Steve1956
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by Steve1956 » Sun May 03, 2020 10:08 pm
tim_noone wrote: ↑Sun May 03, 2020 9:12 pm
Gordleman
Int Gordleman Brilliant..he knows everything
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