As a tradesman who I offered to pay in cash said, "Card please. Gotta put something through the account at some point".
Cash or card
- Thread starter Chippy_Tea
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They were discussing the the advantages or disadvantages of going cashless not whether both would be best that is why there is only two options, if we go cashless (as most of the experts have been saying we will today) having cash will not be an option so no point in having that option!
Looks like cash is going to be here for a while and free from the machines.
(BBC News two hours ago)
Banks face fines if they fail to provide free access to cash withdrawals for consumers and businesses, the Treasury has confirmed.
A new policy will state that free cash withdrawals and deposits must be available within one mile for people living in urban areas.
In rural areas, where there are concerns over "cash deserts", the maximum distance is three miles.
The move is unlikely to halt branch closures and the decline in cash use.
The Treasury said the distances were chosen to maintain the current level of coverage of free access to cash, through ATMs or face-to-face services. Those limits could be extended if cash use declines in the future.
Under the new guidance, if a service such as an ATM or branch is withdrawn and a replacement service is needed in the area, then this should be done before the closure takes place.
A voluntary arrangement is currently in place which means every High Street should have free access to cash within 1km. The detail of the new policy will come under the microscope, including the starting point and practicalities of the distances that have been stipulated.
Cash remains a necessity for millions of people, research has found, with the elderly and those with disabilities among those likely to struggle. Branches have been more likely to close in disadvantaged areas.
Banks have pointed to the large reduction in branch use - a trend accelerated by the Covid pandemic - and the popularity of managing money via smartphones, as good reason for diluting their branch network.
But a recent survey by Age UK suggested that, among those who were uncomfortable about digital banking, the key concerns were fraud and scams, a lack of trust in online banking services, and a lack of computer skills.
Meanwhile, some small businesses are concerned about the declining use of cash, which accelerated during the Covid pandemic.
Nina Narramore, who runs the Norfolk Cheese Company in Downham Market, said that when customers pay by card it creates additional costs for her business.
"I think post-Covid people have got used to using and paying with cards," she said. "I would say about 10% of our shop sales are only cash payments now. We're just about to see the closure of our last bank in the town so that is only going to get worse.
"The impact that has on a small business is that we get charged per transaction rather than one deposit that we put in the bank per week."
"I think post-Covid people have got used to using and paying with cards," she said. "I would say about 10% of our shop sales are only cash payments now. We're just about to see the closure of our last bank in the town so that is only going to get worse.
"The impact that has on a small business is that we get charged per transaction rather than one deposit that we put in the bank per week."
"People shouldn't have to trek for hours to withdraw a tenner to put in someone's birthday card - nor should businesses have to travel large distances to deposit cash takings," he said.
"These are measures which benefit everyone who uses cash but particularly those living in rural areas, the elderly and those with disabilities."
The City watchdog, the Financial Conduct Authority (FCA), will be given the power to police the provision of cash access, including the power to order fines. Legislation was voted through earlier in the summer.
"The government's new law has made it a legal requirement for the banking industry to protect the current levels of cash access and cash deposits, and to support the specific needs of different communities," said Natalie Ceeney, who authored a major report on the issue.
"That doesn't mean that nothing will change, but it does mean that where services plan to close, there need to be appropriate alternatives in place before they do so," Ms Ceeney added.
Among the alternatives are bank hubs, which are spaces shared by several different High Street banks and are meant to help communities that have seen all their bank branches close.
So far, only seven permanent hubs have opened in various areas across the UK. Another 10 leases have been signed, and organisers suggest more than 100 will be open over the next few years - a number dwarfed by the amount of branch closures.
Ms Ceeney told the BBC's Today programme that the advantage of hubs is that all banks are covered "which in many ways it actually a better service than relying on one brand in that town".
Jenny Ross, of Which? - the consumer group that has campaigned on the issue, said: "The Financial Conduct Authority must make use of its new powers to ensure banks meet their obligations and stand ready to direct them to address any gaps."
However, cash machine operators have criticised the Treasury for failing to address funding issues for the sector.
"The network remains under significant cost pressures due to successive cuts to the funding paid to ATM operators for every customer withdrawal, with rising interest rates making this picture even worse," said Charlie Evans, sales director at NoteMachine.
https://www.bbc.co.uk/news/business-66537642
(BBC News two hours ago)
Banks face fines if they fail to provide free access to cash withdrawals for consumers and businesses, the Treasury has confirmed.
A new policy will state that free cash withdrawals and deposits must be available within one mile for people living in urban areas.
In rural areas, where there are concerns over "cash deserts", the maximum distance is three miles.
The move is unlikely to halt branch closures and the decline in cash use.
The Treasury said the distances were chosen to maintain the current level of coverage of free access to cash, through ATMs or face-to-face services. Those limits could be extended if cash use declines in the future.
Under the new guidance, if a service such as an ATM or branch is withdrawn and a replacement service is needed in the area, then this should be done before the closure takes place.
A voluntary arrangement is currently in place which means every High Street should have free access to cash within 1km. The detail of the new policy will come under the microscope, including the starting point and practicalities of the distances that have been stipulated.
Worries for vulnerable
An average of more than 50 UK bank branches have closed each month since 2015. Campaigners fear some retailers could stop accepting cash if it becomes too burdensome to process.Cash remains a necessity for millions of people, research has found, with the elderly and those with disabilities among those likely to struggle. Branches have been more likely to close in disadvantaged areas.
Banks have pointed to the large reduction in branch use - a trend accelerated by the Covid pandemic - and the popularity of managing money via smartphones, as good reason for diluting their branch network.
But a recent survey by Age UK suggested that, among those who were uncomfortable about digital banking, the key concerns were fraud and scams, a lack of trust in online banking services, and a lack of computer skills.
Meanwhile, some small businesses are concerned about the declining use of cash, which accelerated during the Covid pandemic.
Nina Narramore, who runs the Norfolk Cheese Company in Downham Market, said that when customers pay by card it creates additional costs for her business.
"I think post-Covid people have got used to using and paying with cards," she said. "I would say about 10% of our shop sales are only cash payments now. We're just about to see the closure of our last bank in the town so that is only going to get worse.
"The impact that has on a small business is that we get charged per transaction rather than one deposit that we put in the bank per week."
"I think post-Covid people have got used to using and paying with cards," she said. "I would say about 10% of our shop sales are only cash payments now. We're just about to see the closure of our last bank in the town so that is only going to get worse.
"The impact that has on a small business is that we get charged per transaction rather than one deposit that we put in the bank per week."
'Here to stay'
Andrew Griffith, economic secretary to the Treasury, said that "cash is here to stay"."People shouldn't have to trek for hours to withdraw a tenner to put in someone's birthday card - nor should businesses have to travel large distances to deposit cash takings," he said.
"These are measures which benefit everyone who uses cash but particularly those living in rural areas, the elderly and those with disabilities."
The City watchdog, the Financial Conduct Authority (FCA), will be given the power to police the provision of cash access, including the power to order fines. Legislation was voted through earlier in the summer.
"The government's new law has made it a legal requirement for the banking industry to protect the current levels of cash access and cash deposits, and to support the specific needs of different communities," said Natalie Ceeney, who authored a major report on the issue.
"That doesn't mean that nothing will change, but it does mean that where services plan to close, there need to be appropriate alternatives in place before they do so," Ms Ceeney added.
Among the alternatives are bank hubs, which are spaces shared by several different High Street banks and are meant to help communities that have seen all their bank branches close.
So far, only seven permanent hubs have opened in various areas across the UK. Another 10 leases have been signed, and organisers suggest more than 100 will be open over the next few years - a number dwarfed by the amount of branch closures.
Ms Ceeney told the BBC's Today programme that the advantage of hubs is that all banks are covered "which in many ways it actually a better service than relying on one brand in that town".
Jenny Ross, of Which? - the consumer group that has campaigned on the issue, said: "The Financial Conduct Authority must make use of its new powers to ensure banks meet their obligations and stand ready to direct them to address any gaps."
However, cash machine operators have criticised the Treasury for failing to address funding issues for the sector.
"The network remains under significant cost pressures due to successive cuts to the funding paid to ATM operators for every customer withdrawal, with rising interest rates making this picture even worse," said Charlie Evans, sales director at NoteMachine.
https://www.bbc.co.uk/news/business-66537642
Cash nowadays is a security risk for anybody whether business or private.
I personally would go cashless as I have seen too many attempted robberies when cash is on premises. Last year our company I work for had a spate of people walking in to the supermarket with a crowbar knocking the till people away then crow barring the till then actually just walking out with them.
It would stop beggars which is another thing we suffer from infact when our manager tried to move one on she was harranged by the people that were hanging around with them and threatened her (the beggar mentioned was a woman who pretended to be homeless but lived in the flats 1/2 mile away). The police are not interested in any of these incidents as they are deemed not serious enough.
We also have a man who has mental illness and as part of his way of combatting it comes and helps by putting things in order(OCD). He has people come in store and demand cash from him which he gives on many occasions as he is frightened but again the police are not interested as they say he is giving the money freely now this happens reasonably regular and is frustrating for the staff as the man is a model citizen.
Now to cut the short of this all these events would stop with a cashless system I know that some especially the elderly are set in their ways but how many times have you heard of people collecting their pension and been mugged also the dodgy tradesman who preys on these people that have cash in their house would not become prey to them(charging £3k for cleaning gutters that did not need cleaning etc)
I personally would go cashless as I have seen too many attempted robberies when cash is on premises. Last year our company I work for had a spate of people walking in to the supermarket with a crowbar knocking the till people away then crow barring the till then actually just walking out with them.
It would stop beggars which is another thing we suffer from infact when our manager tried to move one on she was harranged by the people that were hanging around with them and threatened her (the beggar mentioned was a woman who pretended to be homeless but lived in the flats 1/2 mile away). The police are not interested in any of these incidents as they are deemed not serious enough.
We also have a man who has mental illness and as part of his way of combatting it comes and helps by putting things in order(OCD). He has people come in store and demand cash from him which he gives on many occasions as he is frightened but again the police are not interested as they say he is giving the money freely now this happens reasonably regular and is frustrating for the staff as the man is a model citizen.
Now to cut the short of this all these events would stop with a cashless system I know that some especially the elderly are set in their ways but how many times have you heard of people collecting their pension and been mugged also the dodgy tradesman who preys on these people that have cash in their house would not become prey to them(charging £3k for cleaning gutters that did not need cleaning etc)
small bussiness need to start asking for discounts on insurance if they are card only as they become less of a risk, and if we do go cashless Natwest should be forced to pay back the tax payers money that bailed them out along with any others
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What about cheques?
MickDundee
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I can count on one hand the number of cheques I’ve written in my life, and I’ll be 40 next year. And I’m a bank signatory at work.
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They both have their place.
Same here. I gave up carrying cash about six years ago and gave up carrying a wallet during the pandemic. Phone or watch now.
Craven Brewer
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I used to use a bank supplied card reader until 8 years ago. I was charged £40 a month, before I made any card sales. Each transaction was charged at around 4½%, from memory. Heaven knows what the charge is now.
I now used Zettle linked to PayPal. The card reader was about £35 as an outright purchase. No monthly rental, 1¾% per transaction with no further charges.
Links to my Smartphone by a Bluetooth app.
It was a 'no brainer' and saved me a fortune, plus I have the ability torip off, I mean, charge cards away from the business using the Smartphone.
One in the eye for the rip off High Street Banks.
I now used Zettle linked to PayPal. The card reader was about £35 as an outright purchase. No monthly rental, 1¾% per transaction with no further charges.
Links to my Smartphone by a Bluetooth app.
It was a 'no brainer' and saved me a fortune, plus I have the ability to
One in the eye for the rip off High Street Banks.
Over 50 bank branches a month have closed since 2015 i guess us losing all four is becoming the norm.
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Hospitality businesses now ask for tips or service charge when paying by card.
We recently went to visit the RNLI, took the kids to see the boat etc, they had a little machine to pay tips/donations.
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I only use cash if going out for a session down the pub, that way the misses can't see how many rounds I bought
I still receive the occasional cheque from older customers, it used to be the norm, same with cash, very occasionally, people don't even have £20 for tiny jobs.
I know too many very small micro traders/therapists and rural people who can't even use Amazon etc because of no signal for 2 step verification that would be impacted by a cashless society.
For most people who live in bigger areas it would make no difference going cashless I guess, but like cheques, cash still has its place.
My preference is online payments, but older customers don't know how to do them, don't want to carry large amounts of cash for bigger jobs and still write cheques.
Recently post offices have started banking cash for all the banks and there's one of them pretty close to everyone, so that's another option if bank branches are being closed.
