Your bank branch will close
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Your bank branch will close
02-09-2015 8:13 AM
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Prepare for mandatory National Id Cards and the removal of cash transactions as the EU attempts to tackle illegal immigrants.
Re: Your bank branch will close
02-09-2015 8:26 AM
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cashless society will likely never happen for a couple of reasons but primarily if there is no cash then the trading token (money) has no value and if the worlds electricity were to crash (likely given what we know about the current state of power generation systems and its age) then you need something to fall back on other wise you have only barter chaos and lack /loss of standardisation ....
Re: Your bank branch will close
02-09-2015 8:59 AM
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To be is to do - Kant
do be do be do - Sinatra
Re: Your bank branch will close
02-09-2015 9:40 AM
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In my area HSBC and Barclays have closed their branches just leaving NatWest.
We wondered why the banks each need a branch as they seem to exist only for accepting cash/cheque deposits and cheque cashing. They were only small local branches with no 'lending' powers so a counter would do in a combined facility!
York.
Re: Your bank branch will close
02-09-2015 9:50 AM
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Banks used to beg for your money.
Now you have to beg banks for your own money.
Re: Your bank branch will close
02-09-2015 9:56 AM
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the great thing about electronic cash is the ability to access and spend it without ever seeing the hard currency (which is why they don't print as much of it as they used to) the problems with it are card handling fees are over the top and unless they disappear nobody will go totally cashless in any society and any move to force that will likely be met with very stiff resistance and probably a lot of hacktavist action to boot, hard currency is too ingrained in our lives to be done away with and despite the press campaigns the companies developing such mechanics would have us believe it wont happen in this centaury and likely not in the next either, digits on a screen are too simple to manipulate and thus purely digital banking will never be possible
Re: Your bank branch will close
02-09-2015 10:22 AM
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Personally I keep mine in a metallic case in my pocket, but I am thinking of installing a touch card reader in the style gate to the public footpath across my orchard. It is a bit of a tight squeeze as people slip through. All proceeds to a suitable charity.
Re: Your bank branch will close
02-09-2015 10:37 AM
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Re: Your bank branch will close
02-09-2015 10:37 AM
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Re: Your bank branch will close
02-09-2015 10:44 AM
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Why didn't they just pay it into my bank account and save the paperwork and me the hassle of going to the bank to pay it in.
Progress.
Customer and Forum Moderator. Windows 10 Firefox 84.0.2 (64-bit)
Re: Your bank branch will close
02-09-2015 12:09 PM
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Re: Your bank branch will close
02-09-2015 12:11 PM
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Quote from: twocvbloke Makes me wonder, if we went cashless, how would we pay for things at a market stall or a car boot sale? ...
I have sitting on the desk in front of me a PayPal Here card reader. It does CHIPn PIN, swipe and Touch. It hooks into my Android via bluetooth. for a fee of 0.75% for touch I can take payment anywhere, in the world, where I can get a mobile phone signal.
I bought it (circa £60) for the purpose of selling goods at a car boot sale and also for top up payments for guests in my holiday home. It creates a great audit trail I can use should HMRC come knocking at my door wanting to check my accounts.
Re: Your bank branch will close
02-09-2015 12:43 PM
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although the digital cheque processing idea and indeed the digital e-cheque idea are just modernisations of the current payment system they would fall under the purview of this announcement http://news.bbc.co.uk/1/hi/business/8414341.stm such that many banks no longer issue cheque books and some no longer allow personal cheques to be paid into non business accounts
the great thing about cheques is that you could use one to pay for something a day or two in advance of when the money to clear it with would actually arrive in your account, since the clearing process was sped up from 4 days to 12 hours that is no longer possible and they are in effect redundant and pointless given other payment options which are actually instant and allow you to retain better track over personal finances (like card payments or bank transfers)
all that's needed now is for the fees for payment systems like paypal to become lower (like 0.01% of each transaction) with no minimum fee or transaction level, that would speed up adoption rates (who wants to trade at a car boot sale and be left with a bucket of cash to get robbed?) and still provide both sides with a decent profit margin, the payment providers would have higher sales volumes from which to make money and the vendors would not be hurting as less of their profit margin would be eaten up in transaction fees.
as for the bank branches, they wont disappear entirely as computers are pants at arranging loans /mortgages and cannot detect deception indicators like a person can so will likely remain as nobody will want to loose out on those lucrative finance incomes .....
Re: Your bank branch will close
02-09-2015 12:44 PM
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Quote from: twocvbloke Makes me wonder, if we went cashless, how would we pay for things at a market stall or a car boot sale? They're not always (if ever) set up to take card payments, and I doubt they ever will be...
PayPal, mobile payments or cryptocurrency...
Re: Your bank branch will close
02-09-2015 12:50 PM
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