Banks.

[Citroënbender]

…Maybe the fellow who makes hinge pin kits for the XB coupés only takes cash? :p

[five 7]

Originally Posted by FairmontGS

Prepper alert...

If the systems are down, why would there be anybody serving "meals", "fuel", etc.?

image

Cyclone Gabrielle (nz) recently proved cash is king, there were areas with no access to any electronic banking service for a chunk of time. Power out and cell towers out of service.There was mad max scenarios in certain areas, dog eat dog. The weak were preyed on.

[simon varley]

bigger question - why isn't banking free? in the UK we never paid a penny for normal banking services so was shocked when we came over here in 2006 so find out how expensive it is to bank. There's a charge for everything! I know the cash flow is less because of the lower population, but it still doesn't make sense, especially going back to the original post here - less costs for the banks going cashless, but they still charge us just as much!

<checks under matress for cash>

[/rant]

[T3rminator]

Originally Posted by simon varley

bigger question - why isn't banking free? in the UK we never paid a penny for normal banking services so was shocked when we came over here in 2006 so find out how expensive it is to bank. There's a charge for everything! I know the cash flow is less because of the lower population, but it still doesn't make sense, especially going back to the original post here - less costs for the banks going cashless, but they still charge us just as much!

<checks under matress for cash>

[/rant]

You can get no frills fee free accounts. You also used to have to pay a fee for ATM withdrawals unless you withdrew from your bank's ATM, but they scrapped that a while ago and allowed the major banks to share each other's ATMs. But I've now noticed some "3rd party" ATMs popping up that are charging a fee, unless you withdraw from a bank that they are affiliated with. Basically going back to the old days by stealth.

As for card fees, I think its VISA and Mastercard who are charging the fees, rather than the banks? I think the banks charge the retailers for leasing the EFTPOS machines, which I guess the retailer can pass on to consumers. Have noticed a lot of retailers now asking if you want to "insert" rather than "tap". If you insert the card, select EFTPOS (rather than Visa/mastercard), punch in your PIN, you can avoid the few cents of fees.

EDIT: Yep, its the card issuers that set the base rates. Some retailers will add their own buffer on top, which is sneaky. Not sure what the banks get apart from the equipment leasing fee.

https://www.visa.com.au/about-visa/interchange.html

Oh and to answer your question on why banks can charge fees here......because consumers don't bitch and moan as much as they probably should.

[Itsme]

Originally Posted by simon varley

bigger question - why isn't banking free? in the UK we never paid a penny for normal banking services so was shocked when we came over here in 2006 so find out how expensive it is to bank. There's a charge for everything! I know the cash flow is less because of the lower population, but it still doesn't make sense, especially going back to the original post here - less costs for the banks going cashless, but they still charge us just as much!

<checks under matress for cash>

[/rant]

Now you know why I'm dirty on the banks, some here are too young to know the good old days where you got service and not charged for basic services, now these days the banks screw you in all directions for their increased profit margins at the expense of customers.
Funny thing is the sheeple accept it.

[arm79]

Originally Posted by Itsme

some here are too young to know the good old days where you got service and not charged for basic services

You mean the gold old days when you avoided every second Tuesday and Thursday because the line was around the block with pensioners and dole recipients wanting to deposit their cheque. Which then turned into cashing out their payment once they started to EFT it. Or you had to wait in line for an hour to get $20 out because the only way to do it was in person with your passbook. Or 2 hour wait just to confirm your balance and if that cheque you were sent had cleared.

My father is both a business owner with business accounts and a pensioner. The only time he has stepped inside a bank over the past 10 years is to sign documents after Mum died certifying her death and changes to the accounts they shared via her estate. In the majority of those 10 years he has never paid a cent in banking fees in any of his accounts. If he has cash to deposit its done at an ATM at his convenience or through is AusPost branch.

When Mum was alive, in the preceding 7 to 8 years, she visited a bank maybe 1 or 2 times a year and that was to only deposit cheques.

Have you ever considered that the way things are now is a following of the will of the people. People don't need or want the "good old days" because of how painful and time consuming they are. They have embraced the new technologies and instantaneous electronic services offered because they are simple and efficient for time poor people. And like all good organisation they are following the path of the users.

If people didn't want what we have now, then it wouldn't exist. It would have failed shortly after inception.

Originally Posted by Itsme

Now you know why I'm dirty on the banks, some here are too young to know the good old days where you got service and not charged for basic services, now these days the banks screw you in all directions for their increased profit margins at the expense of customers.
Funny thing is the sheeple accept it.

Because some of us "sheeple" recognise the need for it.

Banks make profits, but they don't keep them. The profits all go to shareholders.

Who are the shareholders??? They are you, me, your work mates, your neighbour, your brother, sister, whatever other family member and their dogs...

How??? Through their/our super funds. Our retirements are heavily invested in shares and dividends from these large corporation you so hate.

People want to retire comfortably with a squillion $$$ in the bank and not just have to rely on the pension. The only way this can be done is with your super fund returning 10% a year for the next 40 years.

As distasteful as it might be, the only way to make this happen is for banks and large corporations to make mega profits, keep the dividend's rolling in and the share prices up. Our retirement wealth is heavily linked to the performance of these companies and WE actually demand they keep on doing as they have been.

Or is that another government conspiracy? Or don't you have a super fund either?

Thats OK... I'll save you the stock reply.

Again, you are falling to the BS of banks, big business and govco, take your blinkers off and see what is really happening.

[Itsme]

Originally Posted by arm79

You mean the gold old days when you avoided every second Tuesday and Thursday because the line was around the block with pensioners and dole recipients wanting to deposit their cheque. Which then turned into cashing out their payment once they started to EFT it. Or you had to wait in line for an hour to get $20 out because the only way to do it was in person with your passbook. Or 2 hour wait just to confirm your balance and if that cheque you were sent had cleared.

My father is both a business owner with business accounts and a pensioner. The only time he has stepped inside a bank over the past 10 years is to sign documents after Mum died certifying her death and changes to the accounts they shared via her estate. In the majority of those 10 years he has never paid a cent in banking fees in any of his accounts. If he has cash to deposit its done at an ATM at his convenience or through is AusPost branch.

When Mum was alive, in the preceding 7 to 8 years, she visited a bank maybe 1 or 2 times a year and that was to only deposit cheques.

Have you ever considered that the way things are now is a following of the will of the people. People don't need or want the "good old days" because of how painful and time consuming they are. They have embraced the new technologies and instantaneous electronic services offered because they are simple and efficient for time poor people. And like all good organisation they are following the path of the users.

If people didn't want what we have now, then it wouldn't exist. It would have failed shortly after inception.



Because some of us "sheeple" recognise the need for it.

Banks make profits, but they don't keep them. The profits all go to shareholders.

Who are the shareholders??? They are you, me, your work mates, your neighbour, your brother, sister, whatever other family member and their dogs...

How??? Through their/our super funds. Our retirements are heavily invested in shares and dividends from these large corporation you so hate.

People want to retire comfortably with a squillion $$$ in the bank and not just have to rely on the pension. The only way this can be done is with your super fund returning 10% a year for the next 40 years.

As distasteful as it might be, the only way to make this happen is for banks and large corporations to make mega profits, keep the dividend's rolling in and the share prices up. Our retirement wealth is heavily linked to the performance of these companies and WE actually demand they keep on doing as they have been.

Or is that another government conspiracy? Or don't you have a super fund either?

Thats OK... I'll save you the stock reply.

Keep swallowing the BS
Cheers

[arm79]

Originally Posted by Itsme

Keep swallowing the BS
Cheers

As I thought.

P.S. It would be nice of you to confirm or deny if you are a super fund holder who exponentially growing wealth off the back of thes mega profits from the banks and corporations you dislike?

[FoxtrotGolfXray 5.0]

Seems as though cash is making a comeback. How does the saying go? "What once was old is new again."

https://www.abc.net.au/news/2023-08-...-730/102599352

[cs123]

Originally Posted by FoxtrotGolfXray 5.0

Seems as though cash is making a comeback. How does the saying go? "What once was old is new again."

https://www.abc.net.au/news/2023-08-...-730/102599352

Just like using paper bags for groceries and veg gardens in the back yard. Amazing!

[Citroënbender]

Next will be allowing kids to walk to school.

[Itsme]

Originally Posted by FoxtrotGolfXray 5.0

Seems as though cash is making a comeback. How does the saying go? "What once was old is new again."

https://www.abc.net.au/news/2023-08-...-730/102599352

How many envelopes or sleeves you now got?

[Tonz]

Originally Posted by Itsme

How many envelopes or sleeves you now got?

mattresses

[FoxtrotGolfXray 5.0]

Well, most of my tops have sleeves....

[T3rminator]

https://www.facebook.com/reel/125141...ibextid=3v1LA4

Brought to you by the bloke who was "guessing" the covid numbers before they were published

The last time I actually withdrew money from a teller was overseas, would have been back around 2009, and yep they asked why I needed "so much" cash and what I was using it for.

[MITCHAY]

I can't remember the last time I took any cash out at all let alone in the thousands. The biggest purchases have always been bank cheques.

I've had a savings and a transaction account forever, you'd think these kids could learn how to do that

I can only count two times on my hand in memory where I couldn't use a card. Maybe just pure luck.

One was when my card got blocked because an ATM got skimmed that I had used and they did it as a precaution and the other was when the bank ****ed up issuing my new card

Each to their own though but apart from paying for drinks and strippers, never seen the need for cash.

[FoxtrotGolfXray 5.0]

Macquarie Bank branches to become cashless by November next year.

https://www.news.com.au/finance/mone...038a8481cb98e4

[b0son]

Originally Posted by FoxtrotGolfXray 5.0

Macquarie Bank branches to become cashless by November next year.

Macquarie have branches??

[FoxtrotGolfXray 5.0]

Originally Posted by b0son

Macquarie have branches??

Two seconds on google. TLDYOR? Or was it a rhetorical question?

You can deposit physical cash or cheques into your account by visiting a branch:

You can make cash and cheque deposits in person at the following Macquarie branches only:
Brisbane: Level 8, 825 Ann Street, Fortitude Valley, QLD
Sydney: 1 Shelley Street, Sydney, NSW
Melbourne: Level 32, 80 Collins Street South Tower, Melbourne VIC

https://www.macquarie.com.au/help/pe...elbourne%20VIC

[b0son]

Originally Posted by FoxtrotGolfXray 5.0

Two seconds on google. TLDYOR? Or was it a rhetorical question?

3 branches nationwide... so effectively, no, they dont have branches.

[FoxtrotGolfXray 5.0]

Originally Posted by b0son

3 branches nationwide... so effectively, no, they dont have branches.

Well, yes, it is a small number. And perhaps the headline is a bit misleading (wow, there's a shock, eh? )

But if you read through the article a bit further, the impacts are a bit larger than just cash at the branches:

Macquarie Bank has announced it will phase cash out across their branches in 2024, and by November of the same year, the bank won’t accept cash anywhere.

“Between January 2024 and November 2024, we’ll be phasing out our cash and cheque services across all Macquarie banking and wealth management products, including pension and super accounts,” the bank said in a statement to clients.

As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year.

The move means customers wishing to withdraw or deposit cash will only be able to do so via an ATM.

The bit that is a bit confusing for me, from the above, is that one statement says they won't be accepting cash anywhere, but then mentions that customers will be able to deposit cash at atms? That appears contradictory to me.

[Citroënbender]

Originally Posted by b0son

Macquarie have branches??

Yes, they’re called toll plazas and mobile speed cameras. You can deposit funds via either method, although for larger amounts the latter is recommended.

[blueoval]

Yep, you watch them all do it shortly. If you value cash, best to remove it from the banks asap.

[Itsme]

Originally Posted by blueoval

Yep, you watch them all do it shortly. If you value cash, best to remove it from the banks asap.

All will certainly go down the same path in the future, but you should still get cash through ATM's which is what the banks want.