bollox. they have tried right enough. much to my amusement. so, i read the op. it's the government thats introduced it. daft feckers. how they gonna pay for their high class hookers and coke habits now?
Not sure which airlines you've been flying with but you could fit about £5m in sterling in a suitcase. Unless you're mistaking a briefcase for a suitcase?
i hardly think the real reasons for going cashless are solely to do with catching crooks (as pete has run away with) or managing taxes.. although tax does enter into it in that no doubt there will be a tax on every electronic transaction on top of all the existing taxes we pay. the fees we pay to a bank (which we will HAVE to belong to) will be like all other bank fees, based on how much profit they believe they should make, not the actual cost of said transaction... and what government that stands to make additional revenue (the more the banks charge the more tax the government garner) will stop or even regulate this to a satisfactory level? it happens all ready in the uk with insurance companies.. if you read the link from the op, the article mentions the possibility of negative interest rates... so i will also have to pay for the privilege of using the bank (even more than i already do) and the more i have in there the more it will cost me? (maybe i have that bit wrong but that is how i read it) as far as im aware, at this point in time, only £75,000 of your own money in any uk bank is guaranteed... will this change if we go cashless? i know you wont be able to keep x amount at home for worst case... as there wont be any! what happens when the system is down? even if for just a few hrs.... cant even get a bus in london without a oyster card how ya gunna get a cab or petrol with out that emergency 20 in ya wallet?
In recent years interest rates on deposits have been 0% or less than 1%, as we all know. And for example Swiss clearing banks leaving money on deposit in the Swiss central bank have to pay a negative interest rate, so this is a reality not merely a possibility.
Catching crooks is not the reason for going cashless. But it is the reason for having regulations requiring transactions involving large sums of cash to be specially recorded, supervised, and justified.
Of course it does, I have a case nicknamed the coffin due to its size. It would happily eat three times the amount in that picture and still have room for some duty free Churchills
The guarantee is for each bank. If you have more than £75K to deposit, you can split it between several banks and thus become eligible for several lots of £75K.
again fair enough, i dont think anyone was really questioning the rights or wrongs of that...but i thought this tread as a whole was about the demise of cash.. It seem to me that you ran away with one aspect of it.. care to share your thoughts on the negative repercussions of a (possibly) soon to be cashless society... or you think there are none?
I will concede all of these points but I still want the option of paying in cash for the day to day transactions associated with the trivia of life. I thought there was a limit of £10k, or was it £25k, when if deposited into a bank in cash the bank was obliged to make some notification. Banning cash transactions over 1000 euros, as has happened in France, is a step too far.
With a similar caveat applying to anyone who holds multiple accounts with 'different' building societies, but where the 'separate' firms or building societies, are in fact all registered under one FRN(Firm Reference Number) or authorisation number. that limits the cover to £75K. same basically applies to financial services firms. keep your wits about you, investing those hard saved pennies.
i could be hitting the bank 6-7 times a week at that amount. so i guess i will have to drag me book keeper along every time. nice little earner for her.
The Telegraph article linked in post #1 is long on waffle and indignation, but sadly short on hard facts. It would be interesting to see an explanation of what is or is not allowed in France, with chapter and verse. Whatever is meant by a "transaction" (i.e. to be limited to 1K), apparently its definition does not include transactions in which people take 10K out of a bank.
