A World with No Cash?
Sadly, our world is moving to a cashless society! And it is getting more and more complicated. We are all hearing strange stories of people having to make challenging changes to our normal lives, because of the strange changes banks are making. Banks don’t like cash, and they don’t like cheques.
Only recently I had to transfer some money to someone’s account urgently to help with an issue. I went to “my” bank with the other person’s details, but could only transfer $1000. The amount needed was more than that, so I had to go to another branch of my bank. Really?? This was only a bank transfer – no cash or cheques involved!!! But that is what I had to do.
Cheque??? No, thank you.
It’s not only cash that is an issue, but the banks don’t like cheques. A friend was purchasing a brand new car, from a car business they were familiar with. This family does not do Internet banking, and there was little or no information from the car retailer about how the payment was to be made. The couple turned up to pick up the car, with a cheque to pay, as they had done previously. No, the business wouldn’t accept a cheque (though I did think that for a new car, a cheque might have been an issue!).
It took quite a few days in the end, to pay the bill and collect the new wheels.
No Internet – No Business.
In recent months in Australia, there have been huge weather issues. A cyclone in North Queensland, floods and storms in other parts of Queensland and Australia. Some businesses lost electricity, and not for just a short time, but for hours, days or weeks.
Of course, many food items had to be destroyed, but without electricity, a business cannot accept payments. Some can’t even process cash – but it was a disaster for many businesses, even when they were still able to do business, getting payment was a BIG issue.
What about the tooth fairy? And how do you give money to your grandchildren?
Elderly Folk want to use Cash!!!
How many senior folk don’t use Internet banking? Hundreds and thousands. All they have ever used was cash or cheques. To use Internet banking wisely it is good to be familiar with checking their bank balances, and be able to buy items online, and much more.
So many senior folk have never used a computer, and may not have the skills to learn how to use them. How many senior folk don’t have a “smart” phone, but only use a photo to make phone calls? And for some trying to see the small letters and numbers on a normal smartphone is likely to produce challenges.
Bank branches are closing everywhere -because of the increase of online banking and the demise of cash and cheques, but I am interested to see how it all pans out over the next few years.
I am not confident that the current processes are going to work long-term. I am concerned, especially for those who cannot or do not want to go in that direction. I don’t believe proper research has been done, and there is no information on how it is all going to be managed long-term.
What if there is a major event – and no one can access bank information, and they don’t have cash, and if there is no electricity nothing will work????
We certainly need more information on how our country will work in the event of a major event.
I understand many people are collecting and hiding cash. But will that work????
What do you think? I’d like to hear from you.