131–140 of 222 posts
Earlier quoted context omitted.
Drug dealers are not 100% analog. The further up the chain you go, the more analog it gets though.
Wait, what? Are they taking credit card payments? Some in-person Bitcoin payment system?
Don't expect any help from the govt fixing this, it's a win/win from their perspective. No coins means more businesses forcing credit/debit use. More credit/debit use means it's harder to hide cash transactions and therefore means more tax revenue for the govt. As an added benefit, it creates permanent paper trails that can be utilized when convenient. I go out of my way to pay cash, now just need to make sure I brin…
This argument always confuses me, as if "it makes it easier to not pay our taxes" is a legitimate argument for using cash
Don't expect any help from the govt fixing this, it's a win/win from their perspective. No coins means more businesses forcing credit/debit use. More credit/debit use means it's harder to hide cash transactions and therefore means more tax revenue for the govt. As an added benefit, it creates permanent paper trails that can be utilized when convenient. I go out of my way to pay cash, now just need to make sure I brin…
This argument always confuses me, as if "it makes it easier to not pay our taxes" is a legitimate argument for using cash
Earlier quoted context omitted.
A large number of banks have coin machines inside that will take unrolled coins and deposit them into your account for free. Coinstar unfortunately largely targets people that don't have bank accounts.
Banks I used back in the midwest growing up always had change machines and it was a routine to bring in our change whenever the container got full, they'd turn it into cash or deposit it free of charge. It seems way less common in CA, at least according to my experience.
Earlier quoted context omitted.
Stores are unable to handle cash transactions because they can't make change, because they can't get enough from their banks, because the banks aren't getting enough supply, apparently.
In the past month I've received four half-dollar coins as change, which is four more than I've seen in the past decade. It seems like stores are reaching the bottom of their coin drawers; using coins they normally wouldn't.
I think everywhere else I've travelled, someone (or a machine) giving change will optimize it to the fewest coins. £3.85 would be £2, £1, 50p, 20p, 10p, 5p.
The only exception is something like a food stall that's set all their prices to multiples of €1 (I've seen this several times in Germany), they might keep plenty of €1 and €2 coins for change. If someone pays with smaller coins, they have no use for them and will give them as change.
Is this a uniquely US issue, and if so, why? Other countries have enacted similar lockdowns, wouldn't a coin shortage show up elsewhere given similar circumstances?
In Europe it is generally cheaper as a merchant to take credit vs cash, because they have low credit processing fees. Because of this they take credit for pretty much any transaction. In the US, it's not uncommon to see places only take credit for purchases over $20, especially restaurants.
My mom took change into her metro area bank last week because they were giving 10% over face value for change. She got an extra $9. Nobody keeps change as an investment, but compared to interest rates the bank was offering on savings accounts, this was an incredible return. I'm curious if anybody with accounts at other banks tried withdrawing change to deposit in this bank?
Yup. Father in-law had this quarter collection. For whatever reason he spent decades collections quarters from each of the states and had well over $500 worth of quarters. None of us wanted his quarters. He was able to sell them at 3 quarters per dollar, a 25% profit!
If the Fed would put Coinstar type machines in Post Offices without charging a fee or taking a cut, I think they would find a lot more people who are willing to get their coins back into circulation. It would have to be cheaper on an ongoing basis than constantly minting coins. Wrapping coins and exchanging them at a bank is just too tedious and time consuming.
Also who the hell uses cash.
Earlier quoted context omitted.
In Europe it is generally cheaper as a merchant to take credit vs cash, because they have low credit processing fees. Because of this they take credit for pretty much any transaction. In the US, it's not uncommon to see places only take credit for purchases over $20, especially restaurants.
Have you been to Germany? Good luck with getting any cards accepted. And I think you misuse credit for debit - in UK many online retailers only accept debit cards and until the lockdown many mom and pops still really seemed to hate getting out that card machine.
And yes I used credit as a shorthand for debit/credit.