Cashless Society

[Bullaholic]

How much longer before you think there will be no bills and coin used in American society? The new iPhone will accomodate credit/debit cards.

[Blastoderm55]

I never have cash as it is now. Got in a bad situation when the movie theater's card machine was out of order last weekend.

[Bullaholic]

Originally posted by Blastoderm55
I never have cash as it is now. Got in a bad situation when the movie theater's card machine was out of order last weekend.

Your bogus card jam in the machine? :D To us old guys there is still something very comforting about $100 bills....:D

[Phantom Stang]

I hope never, but I have to admit that I'm using plastic more and more these days.

[bolshavik]

its the last days...the Anti Christ is about to be revealed doom and gloom and sad days ahead :(

[Blastoderm55]

Originally posted by Bullaholic
Your bogus card jam in the machine? :D To us old guys there is still something very comforting about $100 bills....:D

Nah, the theaters entire computer system was down. They were issuing hand written tickets, and could not process credit cards. I think football season is the only time of year where I carry cash. :p

[Blastoderm55]

Originally posted by Bullaholic
bogus

Haha, I completely missed that adjective! You mean the cards that come in new wallets aren't real? :D

[teetle]

It bes cashless for mes. I gots no cash or coins. Wells i gots alittle. But it bes relatively cashes less for me.:D :eek: :eek: :D

[STANG RED]

I use the plastic every time I can, but I cant stand to be completely without cash. I always use cash for small purchases, like a drink or snack. There are still even a couple of my favorite restaurants that only take cash or a check, and since I rarely have my checkbook with me anymore, cash it is.

[ronwx5x]

I use plastic more and more but still like to have cash also. I don't have a credit card Sam's will take, so it's cash or check there. The bad thing about plastic is you tend to spend more because it doesn't feel like real money. If you pay cash and run out you stop buying!

My debit card works like a credit card and automatically pays itself once per month so I have to keep track of how much I've spent.

[Emerson1]

I try to always have cash on me, but I've charged a $0.50 purchase before.

[SintonFan]

Originally posted by Bullaholic
How much longer before you think there will be no bills and coin used in American society? The new iPhone will accomodate credit/debit cards.

I am trying to bring our local business into the 21th century. I have us on facebook and am fixing to get us set up to take credit/debit cards online.:)

[PPHSfan]

I like cash. Big fat wads of it. I usually don't leave home without at least three grand in my pocket.

I only use plastic when I'm forced to do so. I never use a credit card to pay for a meal.

I tip in cash always. It seems so rude to me to write down a tip amount for a waitress.

Besides, my pot dealer insists I pay him in cash.

[1st and goal]

You better have some cash if your area gets wiped out by a hurricane. Electricity out, lines are down all over. Cash is King.

[zebrablue2]

Originally posted by Bullaholic
Your bogus card jam in the machine? :D To us old guys there is still something very comforting about $100 bills....:D



:clap::2thumbsup

[poisoned10]

Some of you might want to re-think about using cards only.

Theives Swipe Debit Card Data (http://finance.yahoo.com/banking-budgeting/article/112735/thieves-debit-card-data-michaels-wsj)

[Blastoderm55]

Originally posted by poisoned10
Some of you might want to re-think about using cards only.

Theives Swipe Debit Card Data (http://finance.yahoo.com/banking-budgeting/article/112735/thieves-debit-card-data-michaels-wsj)

I'm more worried about getting mugged and having all my cash stolen. Banks can cancel debit cards and have systems in place to track unusual activity. Tracking stolen cash? Much trickier.

[TheDOCTORdre]

we should go back to a barter system!:D

[JasperDog94]

Originally posted by TheDOCTORdre
we should go back to a barter system!:D The way the US debt situation is heading, we might not have a choice but to barter. :( :p :p

[Farmersfan]

Originally posted by TheDOCTORdre
we should go back to a barter system!:D



Yea but carrying around goats is just as hard as cash!!!!

[buckeyebob]

Originally posted by Bullaholic
Your bogus card jam in the machine? :D To us old guys there is still something very comforting about $100 bills....:D

+1

[SintonFan]

Originally posted by TheDOCTORdre
we should go back to a barter system!:D

I barter all the time.:cheerl:

[PPHSfan]

Originally posted by SintonFan
I barter all the time.:cheerl:

Trading Propane for Chili Rellenos is the way to go!

[AP Panther Fan]

Originally posted by Blastoderm55
I'm more worried about getting mugged and having all my cash stolen. Banks can cancel debit cards and have systems in place to track unusual activity. Tracking stolen cash? Much trickier.

True, but debit cards are inherently more risky than credit cards.

Major credit card companies have huge fraud detection departments and different regulatory guidelines to follow regarding the reimbursement to the customer of fraudulent card activity than a bank does.

My advice is to never order products online with a debit card, use a credit card. Never, ever, use a debit card for a hotel reservation and/or car rental (large pre-authorizations will stay on your account for days, sometimes a week).

Typically, a best practice is to only use your debit card when you have to put in your 4 digit pin and do not have to let the card out of your sight. You have to remember that losing or leaving a debit card in out someone's sight is just like being careless with a signed, blank check (only the thieves can access your account much quicker).

[Blastoderm55]

I've never had a problem with my debit card. During my banking days, the instances of customers with bogus transactions were 99% of the time explained by fraud on behalf of people within their household rather than ID thieves. Daily POS (typically $1,000) and ATM withdrawl ($500) limits on debit cards are pretty good safeguards, not to mention activity outside of the general area of the card holder sets off red flags that will often "warm" a debit card (happened when the wife and I were on honeymoon). Plus, while credit cards offer protection, the short term ramifications of fraud can be pretty nasty and take time to recover from.

[AP Panther Fan]

Originally posted by Blastoderm55
During my banking days, the instances of customers with bogus transactions were 99% of the time explained by fraud on behalf of people within their household rather than ID thieves. Daily POS (typically $1,000) and ATM withdrawl ($500) limits on debit cards are pretty good safeguards, not to mention activity outside of the general area of the card holder sets off red flags that will often "warm" a debit card (happened when the wife and I were on honeymoon). Plus, while credit cards offer protection, the short term ramifications of fraud can be pretty nasty and take time to recover from.

I know it hasn't been that long since you were in banking, but I think you would be shocked at the amount of fraud that is now occurring...it has increased greatly. The majority of it comes from card numbers being compromised at large processing centers halfway across the country. Once a compromise occurs, the customer, at some point, will see random charges from places they have never been and mostly online purchases. It could be months and months after the compromise occurred.

The daily ATM limit (requires the pin) and POS limits vary by bank, but a $1500.00 POS limit can be eaten up in a matter of 15 minutes or less by a skilled thief. Only takes one or two large Home Depot, Lowes, Target charges. As you probably remember, the dispute process is lengthy and these stores will seldom check video and/or cooperate with the few police departments that will even pursue this type of theft.

[Blastoderm55]

Originally posted by AP Panther Fan
I know it hasn't been that long since you were in banking, but I think you would be shocked at the amount of fraud that is now occurring...it has increased greatly. The majority of it comes from card numbers being compromised at large processing centers halfway across the country. Once a compromise occurs, the customer, at some point, will see random charges from places they have never been and mostly online purchases. It could be months and months after the compromise occurred.

The daily ATM limit (requires the pin) and POS limits vary by bank, but a $1500.00 POS limit can be eaten up in a matter of 15 minutes or less by a skilled thief. Only takes one or two large Home Depot, Lowes, Target charges. As you probably remember, the dispute process is lengthy and these stores will seldom check video and/or cooperate with the few police departments that will even pursue this type of theft.

I guess I was just lucky to both work and bank with an institution that worked aggressively to minimize fraud. We did have a big scare when about 10,000 cards were compromised (mine included), but the corrective actions were swift and well met. And in most cases victims of fraud were provided provisional credit pending the outcome of the dispute process. But again, I imagine we were on the lucky side of things in not having to deal with fraud of significant magnitude. In most cases it was people signing up for service and not reading the fine print, or loaning out their ATM card and pin and wondering how somone could possibly use it against them. :p