Banking… how things have changed

[tradosaurus]

Cash is going away. Sooner than you think.
Merely depositing or withdrawing large sums of cash can have you labeled as a potential criminal.

It ain't your fathers USA anymore. Freedom is vanishing quickly

I had an economics professor say back in the mid 90's that the only reason the US dollar has worth is the confidence people have in it. Other than that it's worthless.

 

[D&D]

I see this happening here. At my last visit to my branch, my friendly albeit a bit wacky branch manager pushed me into adding the “zelle” feature to my phone. I do think this is the way we will all be pushed into transferring money. It’s all digital. Just a few keystrokes and the money is sent. Banks can easily track what you are doing.
The amounts you can wire are pretty high, 10’s of thousands. There’s no “wire transfer fee”.

This is the wave of the future. Cash is going away. Our money was once backed by at least some gold. Then it was backed by special paper made in a mint.

Now it’s backed by?????

banks are pushing electronic banking because its more profitable for them (unemployed staff, not their problem) retail is pushing self serve everything because it’s more profitable for them (unemployed staff, not their problem) multi family housing is being pushed because it’s more profitable for them, insurance industry pushing for online transactions and documentation, more profitable for them (unemployed staff, not their problem) and the list goes on.

We are the only thing standing in their way. All we have to do is say “no thanks, I’ll wait for a real person”. Alas, too often we give in because we think it’s making our lives better when in fact, it only makes their lives more profitable.

 

[TN8Man]

They cannot track or control cash so it has to go. Anything that cannot be controlled will go away. All part of the progression.

Progression to control the people more. Look at China.

 

[jyoutz]

I had an economics professor say back in the mid 90's that the only reason the US dollar has worth is the confidence people have in it. Other than that it's worthless.

Very true. A dollar has no intrinsic value. No currency does. And in fact, neither does gold. A shiny metal that is mostly good for jewelry. You can’t eat or use either for a useful purpose; they has value because most people accept them for trade.

 

[Sprinkler Fitter]

The pandemic certainly curtailed banking with many local branches closed over a year and by appointment when reopened until fairly recently.

Banks are again open but making cash and/or “Large” deposit is not business as usual and now cause for extra scrutiny and holds up to 15 days… crazy when computers are able speed operations in the blink of an eye.

I still run my small property management company of 40 years and rent is typically paid by check or electronic transfer… or cash if rent in arrears or past check with issues

By law up to 3 years unpaid pandemic rent cannot be reason for eviction.

I have been doing business for over 50 years with Bank of America and US Bank… never a bounced check drawn on any of my accounts ever.

One of my very behind tenants sold his car and gave me $3,000 in cash on 14k back rent he owes.

Went to deposit at my branch and it took the branch manager approval to accept the cash deposit to my Property Management Business Account with the reason being a crackdown on cash deposits…???

“Cash is King” seems to no longer be the case…

The Bank also gave me a printed notice that a Account Hold may be placed on accounts where total deposited checks total more than $5,525 in a day…

On a related note I deposited my personal check of $2500 to a family joint account to cover up coming estate incidental expenses without issue and later that day received this email stating:

$2,500.00
Hold reason:	A 15 day hold was placed on your check(s) because check specific information indicates item may be returned

Interesting times we live and nothing gets easier when running a business…

It must be because you are at a bigger name bank in my opinion.

We bank at Bremer Bank, don’t know how big they are but there are a bunch in Minnesota. We own a food truck and go in regularly with a few thousand in cash and never have a question asked. Even during the supposed pandemic when everyone said there is a coin shortage, we would buy $100 worth of quarters every couple weeks to make change and never had a problem at our bank.

Yesterday we went in with $5000 in 20s and asked if we could trade them for hundreds my wife was in and out of there in five minutes

 

[tradosaurus]

Very true. A dollar has no intrinsic value. No currency does. And in fact, neither does gold. A shiny metal that is mostly good for jewelry. You can’t eat or use either for a useful purpose; they has value because most people accept them for trade.

The dollar use to have intrinsic value when it was backed by gold.
n 1971, US President Richard Nixon removed the US dollar from the Gold standard.
The US Dollar became a fiat currency that is now supported by its current connection to oil (petro-dollar).
And as Muammar Gaddafi learned, never try to get off the petro dollar.

 

[Snobdds]

Try multiplying 100 by 0.03 instead.

That will give a result which is 3% of 100.

AKA the number 3.

Now if you’re trying to consume the amount you started with (100) by means of a 3% fee, then use that number (3) to divide the original amount:

100 divided by 3 = 33.33

Not 3,333.33 …

If a bank charges 3% per trans action...and there is $100.

How many transactions before that $100 is $0?

Again...100/.03 = 3,333.33. Check the math, it should be the inverse. .03*3,333 = $100

This is not hard. BTW...3% = .03.

But I'm glad you tried.

 

[jyoutz]

The dollar use to have intrinsic value when it was backed by gold.
n 1971, US President Richard Nixon removed the US dollar from the Gold standard.
The US Dollar became a fiat currency that is now supported by its current connection to oil (petro-dollar).
And as Muammar Gaddafi learned, never try to get off the petro dollar.

I understand that. I’m just pointing out that even gold really has no “intrinsic value.” It is only valuable because society says it is.

 

[ultrarunner]

It must be because you are at a bigger name bank in my opinion.

We bank at Bremer Bank, don’t know how big they are but there are a bunch in Minnesota. We own a food truck and go in regularly with a few thousand in cash and never have a question asked. Even during the supposed pandemic when everyone said there is a coin shortage, we would buy $100 worth of quarters every couple weeks to make change and never had a problem at our bank.

Yesterday we went in with $5000 in 20s and asked if we could trade them for hundreds my wife was in and out of there in five minutes

It's been about 3 years since the hospital went cashless...

It was done for a number of reasons but still issues arise when a patient arrives with cash at 5:30am and denied service.

Being cashless means no more daily cash pick ups, no more making change and no more large amounts of cash on hand and no more counterfeit issues as few as there were but recall when one patient became irate when a $100 bill suspected of being counterfeit.

Some deductibles and copays are over 10k with first of the year several thousand being typical and then some procedures are not covered by insurance.

So credit card, debit card, check, cashier's check or money order... if collected day of service...

 

[Snobdds]

I understand that. I’m just pointing out that even gold really has no “intrinsic value.” It is only valuable because society says it is.

That is everything though...

Value is only derived once society as a whole says it's valuable. It's no coincidence that things of rarity automatically hold value since the supply is low. Which brings us to how prices are set via the supply and demand for that item.