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Cash strapped, or cash back.

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Aspiring Legend
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Cash strapped, or cash back.

Unsurprising report this morning from the BBC that free use cash machines are vanishing at an alarming rate according to Which.

Not that I use cash that much these days m'self but even so, it does leave a bit of a bad taste when banks close and cash points either charge for use or disappear altogether. Surely those in shops and such like for example are there to attract customers onto their premises otherwise what use are they? They are not there taking up floor space just for the health of the shop owner.

Next up, charges for 'cash back' at the till. Can't wait. Sad

 

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Superuser
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Re: Cash strapped, or cash back.

Most of the cash machines are supplied and operated by third party companies. There's a cost for the actual machines, their maintenance and keeping them stocked up with cash. The amount of money that they charge the banks per transaction are decreasing and the number of transactions are decreasing. It's not too surprising that the operators are putting charges on the less used machines.

I've nothing to back this up, but I'd have thought cash back would be much cheaper to process.  The additional transaction fee would be relatively small, the cash would already be on the premises from other people paying with it, maintenance costs would be extremely low (its just a small function of the POS machine that the retailer is already using), and it reduces the amount of cash that the retailer needs to process and bank at the end of the day. Until the amount of cash being spent at a retailer reduces below the amount of cashback being used, there is probably little danger of that being withdrawn.

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Aspiring Legend
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Re: Cash strapped, or cash back.

@pjmarsh 

Well yes, there is a cost and one to be carried but not by folks wanting their own money in the form of cash.

It'll be back to barter soon, mark my words.Wink

 

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Superuser
Superuser
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Re: Cash strapped, or cash back.

It will always be the bank customers who pay for it (as they are the only users of it). It's just if it's a direct charge like this for the people using that service, or an indirect charge in the form of account charges, lower interest rates or such like. If the people using the service isn't directly paying for it, then it will be being spread between other customers as well who may not be using that particular service.

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Aspiring Hero
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Re: Cash strapped, or cash back.

Santander have always promised that they'll never charge customers for withdrawing their own money.

Is it still possible to walk into a bank and cash a cheque issued to "Cash"?  If so, perhaps we should all start doing that.

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Aspiring Legend
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Re: Cash strapped, or cash back.

Walk into a bank and withdraw cash using a cheque?

a) What is a cheque

b) Where can I find a bank. Wink

Ten years ago there were four banks in town now there are... none. Just one cash point on the high street's new 'Kwik-E-Mart', and that's it.  

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Community Veteran
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Re: Cash strapped, or cash back.


@pjmarsh wrote:

 

I've nothing to back this up, but I'd have thought cash back would be much cheaper to process.           

 

, and it reduces the amount of cash that the retailer needs to process and bank at the end of the day. Until the amount of cash being spent at a retailer reduces below the amount of cashback being used, there is probably little danger of that being withdrawn.


Have you ever been to a shop/supermarket, and when asked.... "would you like cashback?"   replied.... Yes please....

£200.00

  ? ? ? ? ?

 

Not sure you would be accomodated ! ... ( never tried it myself.... just wondering ! )..

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Superuser
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Re: Cash strapped, or cash back.

I haven't done personally, but I know someone who's had £100 cashback a few times without anyone batting an eyelid.