Interesting People mailing list archives
Re Brick & Mortar Store Goes Cashless
From: "Dave Farber" <dave () farber net>
Date: Fri, 03 Feb 2017 22:58:52 +0000
---------- Forwarded message --------- From: Thomas Leavitt <thomas () thomasleavitt org> Date: Fri, Feb 3, 2017 at 5:52 PM Subject: Re: [IP] Re Brick & Mortar Store Goes Cashless To: Dave Farber <dave () farber net> Cc: <brett () lariat net> Dave, A lot of young people don't have bank accounts. Never established them. They cost $ to keep and maintain, they expose you to risk (fees and penalties, debt collectors, tax and other liens), etc. If your income in unreliable, a bank account can be a disaster... several transactions hit you at the wrong time, suddenly, you go from $5 in the bank to -value of transactions (say, $80) - $35 per transaction, etc. So, you're suddenly $200+ in debt to the bank. Have that happen two or three times and suddenly you're much less interested in maintaining an account. I suspect this is at least partially why Brett is seeing what he's seeing. Plus, there's all these other bankless payment and bank account equivalents (with no protection, but lower risk) that ultimately often wind up being translated to cash. Thomas On Fri, Feb 3, 2017 at 1:30 PM, Dave Farber <dave () farber net> wrote: Btw when my teen age grandson had to sign some papers for summer employment his mother realized that they never taught kids how to do cursive writing not even how to sign their names. ---------- Forwarded message --------- From: Brett Glass <brett () lariat net> Date: Fri, Feb 3, 2017 at 4:14 PM Subject: Re: [IP] Brick & Mortar Store Goes Cashless To: <dave () farber net> Dave, and Everyone: Ironically, this is happening at a time when more people seem to be using cash than ever before. In both of the businesses I operate, I once rarely received cash, but am now receiving lots of it -- even for relatively large payments. And this has me worried.... Not only do I have to be more careful tracking, sorting, and accounting for the wads of bills I am handed, but I am concerned that large deposits of cash will attract Federal scrutiny (banks are required to report them) or even invite attempts at "asset forfeiture" by unscrupulous law enforcement agencies. ("You're carrying $2,000 in cash? Nah, can't be from a legitimate business. Must be from drugs.") I am not sure of the cause of the trend toward cash. Is it that the latest generation of twentysomethings has not been schooled in how to write checks or about their benefits (they have the lowest transaction cost of any form of payment -- in some respects, even lower than cash because they are easier to account for and replace)? Is it a reflection of less trust in government and/or banks (which now deal in customers' personal information in ways that would have been totally outrageous to prior generations)? Or is there something else going on here? --Brett Glass Archives <https://www.listbox.com/member/archive/247/=now> <https://www.listbox.com/member/archive/rss/247/659354-e20a3b1c> | Modify <https://www.listbox.com/member/?&> Your Subscription | Unsubscribe Now <https://www.listbox.com/unsubscribe/?&&post_id=20170203163039:FDEFADA8-EA57-11E6-ABEE-BB6FBCDDB970> <http://www.listbox.com> ------------------------------------------- Archives: https://www.listbox.com/member/archive/247/=now RSS Feed: https://www.listbox.com/member/archive/rss/247/18849915-ae8fa580 Modify Your Subscription: https://www.listbox.com/member/?member_id=18849915&id_secret=18849915-aa268125 Unsubscribe Now: https://www.listbox.com/unsubscribe/?member_id=18849915&id_secret=18849915-32545cb4&post_id=20170203175910:5DA0C604-EA64-11E6-92AD-F6C125631B50 Powered by Listbox: http://www.listbox.com
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- Brick & Mortar Store Goes Cashless Dave Farber (Feb 03)
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- Re Brick & Mortar Store Goes Cashless Dave Farber (Feb 03)
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- Re Brick & Mortar Store Goes Cashless Dave Farber (Feb 03)