Legal Tender for All Debts, Public and Private

[Stumplicker]

It would be nice to see some form of governmental acknowledgement and standardization if virtual is the way things are going. I'm sure even dealing with fees in agreements with banks to make some sort of federal debit, it'd be a savings over printing so much physical currency.

You've got to make paying digitally free for the consumer though and easily available before it can really take hold. If you take away the free way to pay, it's just allowing banks or businesses to nickel and dime you more, and I don't think anybody is for that idea.

As an example, the Casino in town here has an ATM. That ATM charges your normal bank fee, plus a flat $25.00, yes, $25.00 fee to make a withdraw, plus another fee if the ATM is sponsored by a bank that isn't yours. If you withdraw $20 at their ATM it costs you roughly $49. You also have the option of buying chips with a credit card at the window. That fee is only your normal card fee, plus 10%. So your options are...leave, get money elsewhere and come back, or pay enormous fees.

If you take the free options away, it opens the door for more predatory practices like that.

[Gelston]

It would be nice to see some form of governmental acknowledgement and standardization if virtual is the way things are going. I'm sure even dealing with fees in agreements with banks to make some sort of federal debit, it'd be a savings over printing so much physical currency.

You've got to make paying digitally free for the consumer though and easily available before it can really take hold. If you take away the free way to pay, it's just allowing banks or businesses to nickel and dime you more, and I don't think anybody is for that idea.

As an example, the Casino in town here has an ATM. That ATM charges your normal bank fee, plus a flat $25.00, yes, $25.00 fee to make a withdraw, plus another fee if the ATM is sponsored by a bank that isn't yours. If you withdraw $20 at their ATM it costs you roughly $49. You also have the option of buying chips with a credit card at the window. That fee is only your normal card fee, plus 10%. So your options are...leave, get money elsewhere and come back, or pay enormous fees.

If you take the free options away, it opens the door for more predatory practices like that.

ATMs that charge that much here are in strip clubs.

[Astray]

I get it. I just really really hate to think that one day I'm going to have to explain that no, all I have on me is cash.

Anxiety of that.

ATMs that charge that much here are in strip clubs.

Oh, put the wrong pin in. Charged a fee for declining. The theft prevention on that.

[Gelston]

I get it. I just really really hate to think that one day I'm going to have to explain that no, all I have on me is cash.

Anxiety of that.

I've had that happen on a plane before. They used to be cash only, and then switched to card only.

[Stumplicker]

ATMs that charge that much here are in strip clubs.

Ugh. I bet they have one of those machines that dispenses singles from larger denominations that has its own fee too! That's why all I bring with me to the strip club is a bag of nickels and a can-do attitude!

[Parkbandit]

Cash is generally better for all businesses. There is no fee to the business to take cash. There are just a few instances where cards are better.

The only problem with cash is having to safeguard that your employees aren't stealing from you.

[Gelston]

The only problem with cash is having to safeguard that your employees aren't stealing from you.

Yeah, but that is why you have security cameras and inventory systems, and close out after every shift.

[Parkbandit]

Yeah, but that is why you have security cameras and inventory systems, and close out after every shift.

Yup... which costs money... money you do not necessarily have to invest if you are on a credit card only system.

So there is a "fee" for a business to take cash.

[Gelston]

Yup... which costs money... money you do not necessarily have to invest if you are on a credit card only system.

So there is a "fee" for a business to take cash.

Eh, you still want that stuff anyways. A digital inventory system is still pretty important to have. Theft of goods happens.

[kutter]

I am a bit of a throw back I guess, I still carry a couple of hundred bucks around with me, just feels weird to not have cash on me. And there are places down here in Louisiana that do not even take plastic, only cash. Mostly Mom and Pop family style business' that I suspect might not be reporting everything to uncle sam. That is the real reason the government may force it, because you cannot hide electronic business but you can hide cash business.