Re Brick & Mortar Store Goes Cashless

["Dave Farber" <dave () farber net>]

---------- 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

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