Paying with Cash

[amalekidad]

I like paying my mortgage with half dollars. My days may be numbered...

... JPMorgan Chase and other banks are prohibiting or limiting the number deposits and withdrawals of coins and currency. As an example, Chase will not accept any coins or currency as payment for mortgages and other debt. Many banks and credit unions will no longer accept rolled coinage in deposits or charge a fee for doing so -
See more at: http://www.numismaticnews.net/article/end-of-cash#sthash.2DSVEjD5.dpuf

The guys working on my yard like getting paid in cash. Maybe I'll have to pay them in Amazon gift cards?

Amaleki's Dad

[J_Dodge]

I just read that article before I logged on here - spookie.

I wonder if using credit unions for banking will/would be a way of fighting this scheme? The CU I use
is a whole lot more consumer friendly than a lot of commercial banks. It may be time to invest in a
safe as well....

JD

[silverflake]

Interesting progression we are seeing in terms of 'cash' usage. I was at my sons baseball game chatting with a younger guy (I am 46, he is late 20's) as we watched the game. He pulled out his smart phone and lamented something like this: "I wish we just had the little chip or bit they use in Europe to pay for things." Shivers ran down my spine. I said "Or we could just use cash". He said "Why?". We got into a mini-discussion but the mind set on him was brainwashed into this new paradigm. Scary.....be aware.

Continue to stack.

[NHsorter]

It still says "This note is legal tender for all debts, public and private" on the money. Well, not on halves...

[silverstacker]

Scary article but its the truth. Its so rare to see someone paying with cash. Most of the people I see paying with cash are the under privileged and the lower class. I live in Chicago and I think about all the homeless that are hurting the most as no one carries cash or coin anymore (im waiting for them to get one of those credit card swipers ).

I used to carry a money clip until about a year ago and finally decided to keep X amount of cash in my wallet for the "just in case" scenario. I have the same amount in my wallet for at least 2 months.

I see people at gas stations and grocery stores opt out of receiving receipts as well. Everyone wants to do things the fastest and therefore they want to use the debit for of payment instead of the credit form (when they use a debit card) because they don't want the "hassle" of signing anything. They don't even want a receipt. Think about the security behind that for a moment and how many people get charged more for a product because of a cashier error or a sale error that wasn't uploaded into the system correctly.

I'm 40 and I still keep manila folders for work (even though we have a CRM system) as well as all statements of every bill going back 3 years (IRS 10 YEARS) because I want to be certain of things and don't want to log in to a computer to tell me what I've done and what I haven't done. My wife is the opposite. While vey fiscally conservative (which is rare and I love her for that) she keeps no records and pays online through the "pay bill" feature our bank offers.

Not for me. I'm forty and I'm still "Old School"

Just my take

[68Camaro]

Just had my oil changed at a chain tire/service store, mid-day today, and gave the guy a 20 and a 10 - he looked at me like I had two heads; then said, we don't get many cash customers anymore. They did still have a cash drawer, but he struggled to make change.

Two weeks ago I gave a young counter girl at a pizza place a twenty, 2 tens, and a five, for a bill in the lower 40s. She took the bills, looked at them, started to move toward the register a couple of times, looked confused, and finally said - sorry, I'm bad with math, and had to get get a calculator to figure out that she was holding $45. I've had some sick enjoyment over the years messing with the minds of the young retail clerks by giving them odd rounding change in order to get even change back; just to see what they would do. But that was on purpose, and at least there was some minor challenge to it. This wasn't on purpose, and it was such a small thing that it was truly a sad moment. No enjoyment in it at all.

I'm afraid we're heading to cashless society sooner than later, and no one under 40 will care - worse they will encourage it Then government will be all in your business on everything, and you'll have to justify why you're doing this and that. Sooner than later. It's scary.

[Engineer]

Selling my last house, the buyer wanted to rent during escrow. During closing, a problem came up where they hadn't figured the return of his security deposit into the deal...and everyone in the room got bug-eyed when I pulled $700 out of my wallet.

The RE agents and title attorneys deal with hundred of thousands or even millions worth of assets per day, but almost couldn't fathom a guy having a month's rent in his pocket.

Back to the original topic of Chase not accepting cash, it's just another reason to avoid dealing with them.

[baggerman]

Just had my oil changed at a chain tire/service store, mid-day today, and gave the guy a 20 and a 10 - he looked at me like I had two heads; then said, we don't get many cash customers anymore. They did still have a cash drawer, but he struggled to make change.

Two weeks ago I gave a young counter girl at a pizza place a twenty, 2 tens, and a five, for a bill in the lower 40s. She took the bills, looked at them, started to move toward the register a couple of times, looked confused, and finally said - sorry, I'm bad with math, and had to get get a calculator to figure out that she was holding $45. I've had some sick enjoyment over the years messing with the minds of the young retail clerks by giving them odd rounding change in order to get even change back; just to see what they would do. But that was on purpose, and at least there was some minor challenge to it. This wasn't on purpose, and it was such a small thing that it was truly a sad moment. No enjoyment in it at all.

I'm afraid we're heading to cashless society sooner than later, and no one under 40 will care - worse they will encourage it Then government will be all in your business on everything, and you'll have to justify why you're doing this and that. Sooner than later. It's scary.

I had some powder coating done recently and when I went to pick it up I owed $35 so I pulled out 2 twenties from my money clip to which the owner replied "Oh you want to pay in cash?". I said what cash isn't good anymore and she said almost no one pays in cash and told me she could not make change for the two twenties. I said I would not drive back in to town to make change nor would I pay $40 when I only owed $35 but I did have a $10 bill along with the twenties, she said looks like it is your lucky day just pay me $30. I thought what a hell of a way to run a business.

[Engineer]

Baggerman's post brings up the subject of cash discounts for large purchases. Don't be afraid to ask for them. At minimum, you should be able to get 3% off to avoid a CC fee, and skilled labor will often discount up to 50%.

A stack of bills in your hand talks much louder than plastic...

[slickeast]

Being in the business I am in I see cash transactions every day. It is nothing to see $5000+ being pulled out of a front pocket. What bothers me is banks not accepting coins. That is their business. If the bank won't accept cash/ coins where are we supposed to take it?

Thank goodness it hasn't reached my small town yet and the banks don't mind someone putting a pile of rolled coin on rhe counter. I did however get called into a bank managers office once because I had dumped about $6000 in halves into a lobby machine in one week.

[Dr. Cadmium]

I was just going to post this article about Denmark going cashless: http://www.reuters.com/article/2015/05/ ... ZQ20150506
Bill Gate's alleged argument about cashless societies being beneficial for the poor is interesting. However I've seen the following statistics quoted in the newspapers and articles over the past year:

1 in 4 people living in the U.S. do not have a credit card
1 in 5 adults living in the U.S. do not have a checking account
1 in 9 people living in the U.S. do not have a banking account of any kind

...and I have a feeling that these numbers are conservative. I know several people that don't have bank accounts, and I'm far from the most social individual. I can't comprehend how eliminating the form of payment commonly used among the poor and working class will offer net social benefit.

I pay for almost everything with cash and I don't use the credit system for anything. As mentioned, paying with cash is good for the vendor as they save money on fees, and good for the buyer as they can often get a discount.

The argument that going cashless will deter crime is ludicrous. Several robberies have been reported in my area where people were robbed of their cell phones and/or electronics, but the robbers didn't take their cash.

But, the future of the developed world certainly seems to be heading the way of Denmark. Never underestimate the power of the lazy younger generations.

[silverstacker]

Being in the business I am in I see cash transactions every day. It is nothing to see $5000+ being pulled out of a front pocket. What bothers me is banks not accepting coins. That is their business. If the bank won't accept cash/ coins where are we supposed to take it?

Thank goodness it hasn't reached my small town yet and the banks don't mind someone putting a pile of rolled coin on rhe counter. I did however get called into a bank managers office once because I had dumped about $6000 in halves into a lobby machine in one week.

I feel very lucky as one of my banks is a bank with many many branches that not only have a coin machine outside EVERY branch, but t's free to account holders. Ive ask the tellers if it's become problemsomeone for them and they all say no because Wells Frgo or Lommis comes and replaces the boxes when needed. I use 4 branches every week and I order halves, dimes and nickels every week as it takes them one week to order for me. They are all pleasant and I'm on a serious roll here in Chicago.

In fact, I was telling a relative that I cracked a box of dimes this afternoon and had literally ten minutes before going to my daughters soccer game and found 17 - 90% dimes in three roles. Can't wait to open the rest when I'm done looking through the posts.

[neilgin1]

I just read that article before I logged on here - spookie.

I wonder if using credit unions for banking will/would be a way of fighting this scheme? The CU I use
is a whole lot more consumer friendly than a lot of commercial banks. It may be time to invest in a
safe as well....

JD

JD, I've found BOTH statements you made to be true, ie...credits unions, and safes. Our CU is capitalized to 330 mln usd, and it goes WAY beyond consumer friendly, in that everybody knows each other. You see loan officers, who are locals in the area stores, they might even be actual friends, and when people have face to face relationships....they TEND to care about each other more, whereas as a "person" (using that term loosely) like Jamie Dimon, cares NOT about the millions of our fellow citizens, and their families and their children....he's set, probably even has a security detail. Obviously him, and the other big shots of the six "too big to fail" banks, KNOW they are above the law, otherwise they would be behind bars this very day for the criminal enterprise they head up.

Our CU's deposits and assets, are FOOD based, meaning dairy, corn, beans, beef, leadership is prudent, MANY of the families have been here for 140 years plus, and whenever I want to say, ....take out a $100 in the form of a "brick of nicks", I have no problem, if I want to take out a $1000 in frns to stash in the safe as "man cash"...there's no problem, they KNOW me.

but even though its like the Shire of Lord of the Rings around here, people are people, and few may they be, their are some children of the dark, who will attempt burglary. Late last year and early this year, there was a band of criminals, who would case tradesmen, nail and hammer guys, small engine or tractor repair fellows, and they would stick to the guys OUTSIDE of the towns....case them, and when they had to go to a job, and nobody was home, coz Mom has a second job, kids at school, they'd hit. I think they'd got five places before they were arrested. One of the guys they got is a friend, older fella who lives alone and does real good motorcycle repair and restoration...BUT, he also took a job as the school bus driver....that's when they got him....all his tools, rifles and pistols, he had 2k in man cash, AND, though he's not a stacker, they got a mess of silver coins, he inherited from his folks. He didn't even know what he really HAD in silver coinage, coz when I asked him what they got, he said, they were a bunch of silver dollars with a "gals picture on 'em...all in books"....so I assumed he meant Morgans. He's a friend, but I didn't say anything MORE, because he doesn't know I stack....nobody does, around here, save my brother.

and that was these hellions undoing...the nearest pawn or coin store is 75 miles away, and the sheriffs in the three county area, these fiends operated, called every pawn and coin store in a 100 mile radius, gave them a heads up, descriptions of thieved goods, and one day, they got a call....and that was that.....and our Judge is a good man, but you don't want to run cross ways of him, and I know he's a good man, because my mother in her late 70's has taken ill, and I've assumed permanent guardianship of both estate and person, and the Judge has been real kind to me and her, as well as everybody in the County, and all the nurses and gals in the nursing home as well. Its been hard and I couldn't have done without them all....no way....which is why I always say, if any of you guys can get OUT of those cities or suburbs?....do it...its the same with the CU here, my land loan officer is a like a older sis to me...she does care, you CANT fake that.

and about this "no cash" deal?....you know what "THEY" got in mind....they want to hem folks in, make it easy, when they do the inevitable "bail-in"....and they will. They want to make it easy to shut the doors for a five day "bank holiday", which will be announced LATE in the trading day on a Friday....that's how all these criminals do it....and YES, they ARE criminals....every single national institution in our Nation has become utterly corrupted, and quite possibly , sociopathic. Because when you are TOLD, that you cant pay an honest bill or debt in the currency of the Nation, something has gone very very wrong.

what to do?....I don't know....keep your heads down, lay low, don't make trouble.....coz they'll be enough trouble made by others, you might have to fend off....people making wild tales of say....isis "invading".....know what? I think that would be the best thing to happen to us......bring us all together, as we crunch their bodies into mulch...anyway, I want to get outside. God bless you all, n.

[fasteddy]

I want in....last week wife calls and she is broke down on the side of the road...it seems the car she was following threw up a piece of roadway and took out the radiator in her WIP mustang. We get her safely to a parking lot and I start to unbolt the radiator and tell her to find a parts house with a rad in stock. we find one a mile and a half away. I am headed that way and she says here is my credit card to pay for it....I told I had cash in my pocket to pay....it was her lucking day and my lucky weekend.

[franklin]

Another item regarding Chase bank is the fact that in their 'personal information sharing ' disclaimer freely admit that one of the types of info they might share is your social security number. Others may indeed do this but I've never seen it in writing before now.

[johnbrickner]

<snip> its like the Shire of Lord of the Rings around here, <snip> n.

I've read every post of yours I could find over the past few years. Now I don't know where you live nor am I in a position at this time to move but, I've just added your part of the world to my "consider this my final place to move to" list. Not many on that list are here in the states.

And Franklin, thanks for your post. Talk about a red flag. The blatant arrogance they have.

[henrysmedford]

I live in Oregon and sell irrigation parts and over the last five years cash sales are growing more than charge sales. All the people growing pot pay in cash. see-- http://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2015/1/5/states-find-you-cant-take-legal-marijuana-money-to-the-bank