As our world continues to become digitalised by the day, with many of us able to do almost anything with the click of a button, the use of physical currency has reportedly declined.

Still, many prefer to carry around cash as not everyone is comfortable with online transactions or has access to the internet all the time.

However, it seems that keeping cash comes with its own cost.

This is according to Chief Executive Matt Comyn of Commonwealth Bank of Australia (CBA), who claimed that every customer is losing $40 per year by keeping cash.

The executive joined the CEOs of Australia and New Zealand Banking Group Limited (ANZ), National Australia Bank (NAB), and Westpac in a Senate inquiry into regional bank closures at Parliament House in Canberra last Wednesday, September 20.

Chief Executive Matt Comyn of Commonwealth Bank of Australia (CBA) claimed that every customer is losing $40 per year by handling cash. Credit: Commonwealth Bank of Australia

The inquiry focused on the debate about the country’s move to a cashless society.

Mr Comyn argued that the costs of running 728 CommBank branches, which amount to $1 billion a year, to sell loans and manage cash transactions were becoming unsustainable since the demand had reduced.

‘Transporting and making cash available around our vast country involves the considerable expense of logistics and security,’ Mr Comyn said in the hearing.

‘We estimate that continuing to support distribution and availability of cash costs CBA approximately $400 million each year—which works out to roughly $40 for every one of our 10 million customers. Many of our customers don’t use cash though—and these customers cross-subsidise those that do,’ he explained.

It was reported that the CBA network had seen a decline in cash transactions in recent years.

‘Five years ago, 43 per cent of all point of sale transactions were cash,’ he shared.

‘Today, the figure is around 15 per cent. And yet every week customers transact more than $18 billion through the CommBank app—an increase of 64 per cent in just two years,’ he added.

However, Mr Comyn also stressed that CommBank has no plans to remove cash altogether, unlike Macquarie Bank.

‘We certainly have no plans to remove cash distribution or the provision of cash in Australia,’ he assured. ‘I don‘t think that’s feasible, and I don’t think that would be desirable, certainly in the foreseeable future.’

It was recently revealed that Macquarie Bank plans to phase out cash, cheque and phone payment services starting in January 2024. You can learn more about that story here.

The other CEOs also gave evidence about the dominance of digital transactions.

Westpac CEO Peter King stated that 96 per cent of customers’ transactions are now digital, while NAB boss Ross McEwan claimed theirs was 93 per cent.

Meanwhile, ANZ CEO claimed that more than 90 per cent of their customers aged over 65 ‘use at least one self-service option to do their banking, such as our ANZ app, internet banking or ATMs’.

‘While most customers prefer digital channels for many of their transactions, branches continue to be important,’ Mr Elliot emphasised.

Due to the Senate inquiry, CBA has paused all their regional bank closures until 2026.

‘As time goes on, it becomes unsustainable to invest substantial resources keeping expensive services that fewer and fewer customers use,’ Mr Comyn shared.

He also urged rural and regional customers to bank with CBA, saying: ‘Our decision to pause rural bank closures is predicated on customers and communities valuing our decision to stay.’

‘So for other local councils, small businesses, farmers, homeowners and regional areas, if you value CBA supporting your communities, we will be delighted to serve you.’

The Financial Sector Union estimated that more than 1,600 bank branches were closed nationwide in the five years to June 2022, with a disproportionate number located in regional and rural areas.

Without government intervention, it seems like the trend will continue—especially when the customer demand switches to online banking.

Richard Holden, Professor of Economics at the University of New South Wales (UNSW) Business School, said: ‘I’d say we’ll be functionally cashless by the end of 2025—it’ll just be a complete rarity.’

‘But unless the government gets involved to accelerate the process, I think we’ll be actually cashless by 2030,’ he continued.

Key Takeaways

• Commonwealth Bank of Australia’s (CBA) Chief Executive, Matt Comyn, told a Senate inquiry that keeping cash costs every customer around $40 annually.
• He argued the cost of running branches and managing cash transactions is becoming increasingly unsustainable as customer demand diminishes.
• Cash transactions across the CommBank network have decreased in recent years from 43 per cent to 15 per cent.
• CommBank confirmed it has no plans to remove cash distribution or provision in Australia despite increased digital transactions.
• According to estimates from the Financial Sector Union, over 1,600 bank branches were closed across Australia in the five years leading to June 2022, with a disproportionate number located in regional and rural Australia.

Members, what’s your take on this story? Share your insights in the comments below!

 

[Annna]

Matt Comyn CBA CEO since 2018 notes the decrease of customers' use of cash.

This comment confirms the success of CBA and the other 3 big banks' focus on forcing tech onto all of their customers since the introduction of ATMs in the late 1970s.

Matt wouldn't have personal knowledge of the banks' policies in those years as he was a toddler at the time.

What he does know is the end result of the policies, that is the death of bank branches because they are 'unsustainable' since customers are no longer using cash (due to banks PUSHING PEOPLE AWAY FROM BRANCHES AND CASH USE by imposing significant charges on customers for using bank books (now phased out), branches and cash).

ITS SO SIMPLE TO SAY CUSTOMERS ARE NOT USING CASH.

NO ONE IS ADMITTING THAT CUSTOMERS HAVE BEEN COERCED INTO TECH USE, A PROCESS STARTED IN THE LATE 1970S.

Older customers did lessen or stop their use of branches and cash because they were hit in the hip pocket for doing so. That is coercion (older customers moved to tech options to avoid costs imposed). To say that these customers could have stood their ground and spent money that they needed to use to survive is ludicrous.

Younger customers (those born after 1970s) would not have an appreciation of personal service, bank branches or cash transactions because the banks' push away from these things began while they were infants or before their time. These customers accept tech options as normal and often preferable.

Now, CBA under his (Matt's) watch creates division amongst customers by publishing that cash users are costing tech savvy customers $40 annually to keep bank branches open.

It's been a long time coming (since the 1970s) but Congrats to CBA for a job well done.

A cashless society allows for:

1. Banks to impose charges on customers'accounts at the banks' discretion.

2. Scammers to access all of a person's money (since cash is no longer).

3. A Big Brother existence with every transaction a customer makes displayed for the scrutiny of any organisation requiring bank statements.

 

[ToniaKisliakov]

As our world continues to become digitalised by the day, with many of us able to do almost anything with the click of a button, the use of physical currency has reportedly declined.

Still, many prefer to carry around cash as not everyone is comfortable with online transactions or has access to the internet all the time.

However, it seems that keeping cash comes with its own cost.

This is according to Chief Executive Matt Comyn of Commonwealth Bank of Australia (CBA), who claimed that every customer is losing $40 per year by keeping cash.

The executive joined the CEOs of Australia and New Zealand Banking Group Limited (ANZ), National Australia Bank (NAB), and Westpac in a Senate inquiry into regional bank closures at Parliament House in Canberra last Wednesday, September 20.

View attachment 30554

Chief Executive Matt Comyn of Commonwealth Bank of Australia (CBA) claimed that every customer is losing $40 per year by handling cash. Credit: Commonwealth Bank of Australia

The inquiry focused on the debate about the country’s move to a cashless society.

Mr Comyn argued that the costs of running 728 CommBank branches, which amount to $1 billion a year, to sell loans and manage cash transactions were becoming unsustainable since the demand had reduced.

‘Transporting and making cash available around our vast country involves the considerable expense of logistics and security,’ Mr Comyn said in the hearing.

‘We estimate that continuing to support distribution and availability of cash costs CBA approximately $400 million each year—which works out to roughly $40 for every one of our 10 million customers. Many of our customers don’t use cash though—and these customers cross-subsidise those that do,’ he explained.

It was reported that the CBA network had seen a decline in cash transactions in recent years.

‘Five years ago, 43 per cent of all point of sale transactions were cash,’ he shared.

‘Today, the figure is around 15 per cent. And yet every week customers transact more than $18 billion through the CommBank app—an increase of 64 per cent in just two years,’ he added.

However, Mr Comyn also stressed that CommBank has no plans to remove cash altogether, unlike Macquarie Bank.

‘We certainly have no plans to remove cash distribution or the provision of cash in Australia,’ he assured. ‘I don‘t think that’s feasible, and I don’t think that would be desirable, certainly in the foreseeable future.’

It was recently revealed that Macquarie Bank plans to phase out cash, cheque and phone payment services starting in January 2024. You can learn more about that story here.

The other CEOs also gave evidence about the dominance of digital transactions.

Westpac CEO Peter King stated that 96 per cent of customers’ transactions are now digital, while NAB boss Ross McEwan claimed theirs was 93 per cent.

Meanwhile, ANZ CEO claimed that more than 90 per cent of their customers aged over 65 ‘use at least one self-service option to do their banking, such as our ANZ app, internet banking or ATMs’.

‘While most customers prefer digital channels for many of their transactions, branches continue to be important,’ Mr Elliot emphasised.

Due to the Senate inquiry, CBA has paused all their regional bank closures until 2026.

‘As time goes on, it becomes unsustainable to invest substantial resources keeping expensive services that fewer and fewer customers use,’ Mr Comyn shared.

He also urged rural and regional customers to bank with CBA, saying: ‘Our decision to pause rural bank closures is predicated on customers and communities valuing our decision to stay.’

‘So for other local councils, small businesses, farmers, homeowners and regional areas, if you value CBA supporting your communities, we will be delighted to serve you.’

The Financial Sector Union estimated that more than 1,600 bank branches were closed nationwide in the five years to June 2022, with a disproportionate number located in regional and rural areas.

Without government intervention, it seems like the trend will continue—especially when the customer demand switches to online banking.

Richard Holden, Professor of Economics at the University of New South Wales (UNSW) Business School, said: ‘I’d say we’ll be functionally cashless by the end of 2025—it’ll just be a complete rarity.’

‘But unless the government gets involved to accelerate the process, I think we’ll be actually cashless by 2030,’ he continued.

Key Takeaways

• Commonwealth Bank of Australia’s (CBA) Chief Executive, Matt Comyn, told a Senate inquiry that keeping cash costs every customer around $40 annually.
• He argued the cost of running branches and managing cash transactions is becoming increasingly unsustainable as customer demand diminishes.
• Cash transactions across the CommBank network have decreased in recent years from 43 per cent to 15 per cent.
• CommBank confirmed it has no plans to remove cash distribution or provision in Australia despite increased digital transactions.
• According to estimates from the Financial Sector Union, over 1,600 bank branches were closed across Australia in the five years leading to June 2022, with a disproportionate number located in regional and rural Australia.

Members, what’s your take on this story? Share your insights in the comments below!

 

[ToniaKisliakov]

Banks are just like the lying kangaroo Qantas making more money for themselves at your expense

 

[Mogambo_shee']

As our world continues to become digitalised by the day, with many of us able to do almost anything with the click of a button, the use of physical currency has reportedly declined.

Still, many prefer to carry around cash as not everyone is comfortable with online transactions or has access to the internet all the time.

However, it seems that keeping cash comes with its own cost.

This is according to Chief Executive Matt Comyn of Commonwealth Bank of Australia (CBA), who claimed that every customer is losing $40 per year by keeping cash.

The executive joined the CEOs of Australia and New Zealand Banking Group Limited (ANZ), National Australia Bank (NAB), and Westpac in a Senate inquiry into regional bank closures at Parliament House in Canberra last Wednesday, September 20.

View attachment 30554

Chief Executive Matt Comyn of Commonwealth Bank of Australia (CBA) claimed that every customer is losing $40 per year by handling cash. Credit: Commonwealth Bank of Australia

The inquiry focused on the debate about the country’s move to a cashless society.

Mr Comyn argued that the costs of running 728 CommBank branches, which amount to $1 billion a year, to sell loans and manage cash transactions were becoming unsustainable since the demand had reduced.

‘Transporting and making cash available around our vast country involves the considerable expense of logistics and security,’ Mr Comyn said in the hearing.

‘We estimate that continuing to support distribution and availability of cash costs CBA approximately $400 million each year—which works out to roughly $40 for every one of our 10 million customers. Many of our customers don’t use cash though—and these customers cross-subsidise those that do,’ he explained.

It was reported that the CBA network had seen a decline in cash transactions in recent years.

‘Five years ago, 43 per cent of all point of sale transactions were cash,’ he shared.

‘Today, the figure is around 15 per cent. And yet every week customers transact more than $18 billion through the CommBank app—an increase of 64 per cent in just two years,’ he added.

However, Mr Comyn also stressed that CommBank has no plans to remove cash altogether, unlike Macquarie Bank.

‘We certainly have no plans to remove cash distribution or the provision of cash in Australia,’ he assured. ‘I don‘t think that’s feasible, and I don’t think that would be desirable, certainly in the foreseeable future.’

It was recently revealed that Macquarie Bank plans to phase out cash, cheque and phone payment services starting in January 2024. You can learn more about that story here.

The other CEOs also gave evidence about the dominance of digital transactions.

Westpac CEO Peter King stated that 96 per cent of customers’ transactions are now digital, while NAB boss Ross McEwan claimed theirs was 93 per cent.

Meanwhile, ANZ CEO claimed that more than 90 per cent of their customers aged over 65 ‘use at least one self-service option to do their banking, such as our ANZ app, internet banking or ATMs’.

‘While most customers prefer digital channels for many of their transactions, branches continue to be important,’ Mr Elliot emphasised.

Due to the Senate inquiry, CBA has paused all their regional bank closures until 2026.

‘As time goes on, it becomes unsustainable to invest substantial resources keeping expensive services that fewer and fewer customers use,’ Mr Comyn shared.

He also urged rural and regional customers to bank with CBA, saying: ‘Our decision to pause rural bank closures is predicated on customers and communities valuing our decision to stay.’

‘So for other local councils, small businesses, farmers, homeowners and regional areas, if you value CBA supporting your communities, we will be delighted to serve you.’

The Financial Sector Union estimated that more than 1,600 bank branches were closed nationwide in the five years to June 2022, with a disproportionate number located in regional and rural areas.

Without government intervention, it seems like the trend will continue—especially when the customer demand switches to online banking.

Richard Holden, Professor of Economics at the University of New South Wales (UNSW) Business School, said: ‘I’d say we’ll be functionally cashless by the end of 2025—it’ll just be a complete rarity.’

‘But unless the government gets involved to accelerate the process, I think we’ll be actually cashless by 2030,’ he continued.

Key Takeaways

• Commonwealth Bank of Australia’s (CBA) Chief Executive, Matt Comyn, told a Senate inquiry that keeping cash costs every customer around $40 annually.
• He argued the cost of running branches and managing cash transactions is becoming increasingly unsustainable as customer demand diminishes.
• Cash transactions across the CommBank network have decreased in recent years from 43 per cent to 15 per cent.
• CommBank confirmed it has no plans to remove cash distribution or provision in Australia despite increased digital transactions.
• According to estimates from the Financial Sector Union, over 1,600 bank branches were closed across Australia in the five years leading to June 2022, with a disproportionate number located in regional and rural Australia.

Members, what’s your take on this story? Share your insights in the comments below!

Don't let the banks or any institution control your money. Without your money, there's no bank, so you should be in control of your money. If they want to close their branches - you can also close your accounts. I'm worried for the younger generations because they can't see the effect of it - only when it's too late. I hope that we can use cash for as long as we can.

 

[Jennylolo]

last 5 years- and there were 3 years of no business taking cash- forced to use cards/phones or digital to pay for everything. Not fair statistics. And with constant closure of banks and ATMS they have taken that option away. I had 4 branches of my bank within 20 minutes in the last 11 years where I lam now living and several ATMs and now there is one branch and the ATM outside that branch. It prevents people using cash as they can't get to it.

 

[LadyMoonlight]

I will use cash for as long as it is possible. When we go cashless, we will pay for it in the long run. I don't mind losing $40 a year by using cash!

 

[Shane/#]

As our world continues to become digitalised by the day, with many of us able to do almost anything with the click of a button, the use of physical currency has reportedly declined.

Still, many prefer to carry around cash as not everyone is comfortable with online transactions or has access to the internet all the time.

However, it seems that keeping cash comes with its own cost.

This is according to Chief Executive Matt Comyn of Commonwealth Bank of Australia (CBA), who claimed that every customer is losing $40 per year by keeping cash.

The executive joined the CEOs of Australia and New Zealand Banking Group Limited (ANZ), National Australia Bank (NAB), and Westpac in a Senate inquiry into regional bank closures at Parliament House in Canberra last Wednesday, September 20.

View attachment 30554

Chief Executive Matt Comyn of Commonwealth Bank of Australia (CBA) claimed that every customer is losing $40 per year by handling cash. Credit: Commonwealth Bank of Australia

The inquiry focused on the debate about the country’s move to a cashless society.

Mr Comyn argued that the costs of running 728 CommBank branches, which amount to $1 billion a year, to sell loans and manage cash transactions were becoming unsustainable since the demand had reduced.

‘Transporting and making cash available around our vast country involves the considerable expense of logistics and security,’ Mr Comyn said in the hearing.

‘We estimate that continuing to support distribution and availability of cash costs CBA approximately $400 million each year—which works out to roughly $40 for every one of our 10 million customers. Many of our customers don’t use cash though—and these customers cross-subsidise those that do,’ he explained.

It was reported that the CBA network had seen a decline in cash transactions in recent years.

‘Five years ago, 43 per cent of all point of sale transactions were cash,’ he shared.

‘Today, the figure is around 15 per cent. And yet every week customers transact more than $18 billion through the CommBank app—an increase of 64 per cent in just two years,’ he added.

However, Mr Comyn also stressed that CommBank has no plans to remove cash altogether, unlike Macquarie Bank.

‘We certainly have no plans to remove cash distribution or the provision of cash in Australia,’ he assured. ‘I don‘t think that’s feasible, and I don’t think that would be desirable, certainly in the foreseeable future.’

It was recently revealed that Macquarie Bank plans to phase out cash, cheque and phone payment services starting in January 2024. You can learn more about that story here.

The other CEOs also gave evidence about the dominance of digital transactions.

Westpac CEO Peter King stated that 96 per cent of customers’ transactions are now digital, while NAB boss Ross McEwan claimed theirs was 93 per cent.

Meanwhile, ANZ CEO claimed that more than 90 per cent of their customers aged over 65 ‘use at least one self-service option to do their banking, such as our ANZ app, internet banking or ATMs’.

‘While most customers prefer digital channels for many of their transactions, branches continue to be important,’ Mr Elliot emphasised.

Due to the Senate inquiry, CBA has paused all their regional bank closures until 2026.

‘As time goes on, it becomes unsustainable to invest substantial resources keeping expensive services that fewer and fewer customers use,’ Mr Comyn shared.

He also urged rural and regional customers to bank with CBA, saying: ‘Our decision to pause rural bank closures is predicated on customers and communities valuing our decision to stay.’

‘So for other local councils, small businesses, farmers, homeowners and regional areas, if you value CBA supporting your communities, we will be delighted to serve you.’

The Financial Sector Union estimated that more than 1,600 bank branches were closed nationwide in the five years to June 2022, with a disproportionate number located in regional and rural areas.

Without government intervention, it seems like the trend will continue—especially when the customer demand switches to online banking.

Richard Holden, Professor of Economics at the University of New South Wales (UNSW) Business School, said: ‘I’d say we’ll be functionally cashless by the end of 2025—it’ll just be a complete rarity.’

‘But unless the government gets involved to accelerate the process, I think we’ll be actually cashless by 2030,’ he continued.

Key Takeaways

• Commonwealth Bank of Australia’s (CBA) Chief Executive, Matt Comyn, told a Senate inquiry that keeping cash costs every customer around $40 annually.
• He argued the cost of running branches and managing cash transactions is becoming increasingly unsustainable as customer demand diminishes.
• Cash transactions across the CommBank network have decreased in recent years from 43 per cent to 15 per cent.
• CommBank confirmed it has no plans to remove cash distribution or provision in Australia despite increased digital transactions.
• According to estimates from the Financial Sector Union, over 1,600 bank branches were closed across Australia in the five years leading to June 2022, with a disproportionate number located in regional and rural Australia.

Members, what’s your take on this story? Share your insights in the comments below!

The problem with the bank's is they are greedy parasites well as stated 400 million a year equates to $40 per customer wow it's more about 400 million not going into their profits and as for the scumbag past Liberal government not implementing all the royal commission recommendations let these parasites of the hook to pillage their customers with no regard for them

 

[VicCiCi]

I will use cash for as long as it is possible. When we go cashless, we will pay for it in the long run. I don't mind losing $40 a year by using cash!

I will also use cash as long as possible.$40 is cheap for a year . Bank fee on use of card is more per year if used all the time. I get more for my money using cash.

 

[Trudi]

‘Five years ago, 43 per cent of all point of sale transactions were cash,’ he shared. ‘Today, the figure is around 15 per cent.

I was among the 45% that used to do cash transactions 5 years ago, but now I am with the 85% that carries no cash at all.

My partner still withdraws cash each week and has earned the title of fossil from me. His argument is that cash needs to stay in circulation, my counter argument is that my electronic cash circulates quite nicely and without the need for security guards to move cash from A to B or the Australian Mint having to manufacture banknotes or coins.

 

[mOiOz]

Matt Comyn CBA CEO since 2018 notes the decrease of customers' use of cash.

This comment confirms the success of CBA and the other 3 big banks' focus on forcing tech onto all of their customers since the introduction of ATMs in the late 1970s.

Matt wouldn't have personal knowledge of the banks' policies in those years as he was a toddler at the time.

What he does know is the end result of the policies, that is the death of bank branches because they are 'unsustainable' since customers are no longer using cash (due to banks PUSHING PEOPLE AWAY FROM BRANCHES AND CASH USE by imposing significant charges on customers for using bank books (now phased out), branches and cash).

ITS SO SIMPLE TO SAY CUSTOMERS ARE NOT USING CASH.

NO ONE IS ADMITTING THAT CUSTOMERS HAVE BEEN COERCED INTO TECH USE, A PROCESS STARTED IN THE LATE 1970S.

Older customers did lessen or stop their use of branches and cash because they were hit in the hip pocket for doing so. That is coercion (older customers moved to tech options to avoid costs imposed). To say that these customers could have stood their ground and spent money that they needed to use to survive is ludicrous.

Younger customers (those born after 1970s) would not have an appreciation of personal service, bank branches or cash transactions because the banks' push away from these things began while they were infants or before their time. These customers accept tech options as normal and often preferable.

Now, CBA under his (Matt's) watch creates division amongst customers by publishing that cash users are costing tech savvy customers $40 annually to keep bank branches open.

It's been a long time coming (since the 1970s) but Congrats to CBA for a job well done.

A cashless society allows for:

1. Banks to impose charges on customers'accounts at the banks' discretion.

2. Scammers to access all of a person's money (since cash is no longer).

3. A Big Brother existence with every transaction a customer makes displayed for the scrutiny of any organisation requiring bank statements.

WELL SAID... my thoughts exactly!

 

[mylittletibbies]

‘Five years ago, 43 per cent of all point of sale transactions were cash,’ he shared. ‘Today, the figure is around 15 per cent.

I was among the 45% that used to do cash transactions 5 years ago, but now I am with the 85% that carries no cash at all.

My partner still withdraws cash each week and has earned the title of fossil from me. His argument is that cash needs to stay in circulation, my counter argument is that my electronic cash circulates quite nicely and without the need for security guards to move cash from A to B or the Australian Mint having to manufacture banknotes or coins.

That is the stupidest thing
I have ever heard.
Wait until there's no cash and the bank starts charging $5, maybe $10 for every transaction. Think that won't happen, you've got your head stuck in the sand
What will you do, take your money out of the bank, oh wait there isn't any cash, you'll just have to move it to another bank
Wake up!!!!
Kudos to your husband I say, he's got a few brains and you will be the "new age fossil".

 

[Trudi]

That is the stupidest thing
I have ever heard.
Wait until there's no cash and the bank starts charging $5, maybe $10 for every transaction. Think that won't happen, you've got your head stuck in the sand
What will you do, take your money out of the bank, oh wait there isn't any cash, you'll just have to move it to another bank
Wake up!!!!
Kudos to your husband I say, he's got a few brains and you will be the "new age fossil".

I guess you withdraw all your money when it hits your account and hide it under your mattress?

It doesn't matter what you do or believe in, you cannot stop the world from turning on its axis, or from society moving forward.

Sorry, but it is YOUR head that is stuck somewhere where it should not be.

 

[Lizzylou]

I notice when ever this discussion comes up either here, with friends or just in general, people always say that that banks are making it harder, that the government will be watching you, that transactions will become dearer etc.. However, I have never seen someone say this. If there is no cash and the internet goes down no one can pay their bills, buy food, fill up their cars. They say it's easier to use your card, how many scammers have been able to get to your cash when it was actually cash in your hand? How easy is it now for scammers to infiltrate a banking system, indeed even insurance and government systems. The other day I received an email about Dymocks Book store having been hacked with a warning about making sure you change your passwords and although no one,s banking information had been hacked they wrote, names, address and phone numbers have. I use both, I do use my card but I always have cash and I still love the surprised look on peoples faces when I buy something and immediately they pick up the machine for the card and then have to put it back down and take the money I am handing to them. If the banks are worried about not making a profit as its been said thousands of times, cut the pay role of those who are "leaders" of the banks, CEO, etc down the line. I am sure if they did that for just one year they would be surprised at how much their profit margin has risen.

 

[Trudi]

I notice when ever this discussion comes up either here, with friends or just in general, people always say that that banks are making it harder, that the government will be watching you, that transactions will become dearer etc.. However, I have never seen someone say this. If there is no cash and the internet goes down no one can pay their bills, buy food, fill up their cars. They say it's easier to use your card, how many scammers have been able to get to your cash when it was actually cash in your hand? How easy is it now for scammers to infiltrate a banking system, indeed even insurance and government systems. The other day I received an email about Dymocks Book store having been hacked with a warning about making sure you change your passwords and although no one,s banking information had been hacked they wrote, names, address and phone numbers have. I use both, I do use my card but I always have cash and I still love the surprised look on peoples faces when I buy something and immediately they pick up the machine for the card and then have to put it back down and take the money I am handing to them. If the banks are worried about not making a profit as its been said thousands of times, cut the pay role of those who are "leaders" of the banks, CEO, etc down the line. I am sure if they did that for just one year they would be surprised at how much their profit margin has risen.

How many times have you heard about little old ladies having had their handbags ripped off them to get hold of cash? Or how many homes have been broken into with robbers looking for cash among other things?

Just before Christmas a couple of years ago, I found 2 x $100 notes next to the mailbox outside the post office. I picked them up and put them into my handbag before going into the post office and telling them that I found cash but naturally did not disclose the amount. I gave them my phone number in case someone approached PO staff about having lost money.

I was barely home when I got a phone call from an older woman who told me that she lost $200 at the post office, so I gave her my address and her grandson drove her to my place where I handed her the money. The money was meant for Christmas presents for her grandchildren.

 

[Clancieblue]

‘Five years ago, 43 per cent of all point of sale transactions were cash,’ he shared. ‘Today, the figure is around 15 per cent.

I was among the 45% that used to do cash transactions 5 years ago, but now I am with the 85% that carries no cash at all.

My partner still withdraws cash each week and has earned the title of fossil from me. His argument is that cash needs to stay in circulation, my counter argument is that my electronic cash circulates quite nicely and without the need for security guards to move cash from A to B or the Australian Mint having to manufacture banknotes or coins.

More jobs gone !

 

[mOiOz]

Sadly, the human race will shoot itself in the foot once again with the idea of Artificial Intelligence taking over.
The younger they are, the more they lose touch with human reality. Cash will one day become a historical event of the past.
AI will become rulers of the future, turning us into their robotic prisoners with a handful of humans operating it all - the new and few masters.

 

[mylittletibbies]

I guess you withdraw all your money when it hits your account and hide it under your mattress?

It doesn't matter what you do or believe in, you cannot stop the world from turning on its axis, or from society moving forward.

Sorry, but it is YOUR head that is stuck somewhere where it should not be.

You're entitled to your opinion. And no I don't take money out as soon as it hits the bank, I take out my shopping money, as anyone with any nous knows you don't spend as much when you can see your cash disappearing rather than tapping your card willynilly.
I'm not saying I don't use Internet banking, I do, but I am very careful with my money and if you don't think that every shop, business, Bank etc will take advantage and start charging for card use then you are the one with your head up your backside.

 

[Staffordshire Whippet]

"Well, he WOULD say that, wouldn't he?"
Clearly speaking in his own vested interest.

 

[Andrew]

My wife and I prefer to use cash most of the time. There are things paid by direct debit. Big bills l pay by tap and go. Quite often you can get better deals paying cash. This is another case of profit before people. The banks can well afford to absorb the cost of cash transactions. Many small businesses do it to keep their customers.