Is a 'No Cash' society a threat?

SingleSue

I would have been beggared over the last week if we had been a no cash society as the chip on my card decided to go on holiday and not come back!

I'm actually paid in cash (yes, all done properly) as our business only deals in cash transactions, some goes into the bank to pay bills and the rest is kept in my purse to do my day to day spending. As a result, I have gone from majority card usage and very little cash usage to majority cash usage and very little card usage, so having a non working debit card since last Friday until yesterday had only a tiny impact and was more down to me having the colly wobbles at not having access to back up money.

mumf

Up until a year ago,I was paid in cash too.Weekly as well. However,I am monthly cashless,as is my wife.Every week,she draws ...cash! Enough left in the bank for debits,cash in hand to spend.Simple ,old fashioned budgeting that works.It has been the secret of our success,I reckon.

Pennywise

Thrugelmir wrote: »

Probably explains why the tax take is increasing year on year. Becoming harder to deal in cash. Many more ways of being discovered.

Plenty of people don't declare income that's not cash either. We've just been getting quotes for scaffolding - 3 quotes, every single one said they'd not charge VAT if we didn't want an invoice - they were happy to be paid by cheque or BACS even VAT free!

Pennywise

P2P_Expert wrote: »

Digital only systems ought to transfer power to the people. I have accounts with Chip, Monzo and other digital providers but do fear that on my death that money might just lie in dormant accounts with my dependents unable to access them.

Your next of kin shouldn't be pocketing cash or withdrawing money from traditional bank accounts either.

Whether it's cash, traditional bank, or the likes of Bitcoin or Monzo, there is the probate procedure which covers it all. Your beneficiaries don't need to know your login details - your executors get their own access once they've got probate or letters of administration and they then become the account holders to draw the funds and close the accounts.

Best thing to do is make a list of all your accounts, no need to note balances or login details, then your executors will know who to contact.

Thrugelmir

Pennywise wrote: »

Plenty of people don't declare income that's not cash either. We've just been getting quotes for scaffolding - 3 quotes, every single one said they'd not charge VAT if we didn't want an invoice - they were happy to be paid by cheque or BACS even VAT free!

Then they are extremely foolish. Only requires one disgruntled customer or employee to grass on them. Or to be selected for a HMRC audit.

Seen enough in my working lifetime to know that the consequences are life changing. Tax, interest and penalties...... for many bankruptcy looms.

phillw

Pennywise wrote: »

Whether it's cash, traditional bank, or the likes of Bitcoin or Monzo, there is the probate procedure which covers it all.

What probate procedure is there for bitcoin?

If someone has bitcoin in their own bitcoin wallet then it's no different to the cash in an actual wallet, you either have access to it or you don't. You do have a legal responsibility to not steal the bitcoin.

mumf wrote: »

Every week,she draws ...cash! Enough left in the bank for debits,cash in hand to spend.Simple ,old fashioned budgeting that works.It has been the secret of our success,I reckon.

If you only leave enough money in the bank to pay your monthly outgoings and draw the rest as cash and spend it before the month is over, then that isn't what I would describe as budgeting.

You can budget on a credit card as well, you don't have the problem of money burning a hole in your pocket.

One thing I've just put in place is moving my direct debits to the 1st of the month (or as close as the 1st as they will let me). It's something I never considered before, but it seems better than having money leaving the account at random times during the month.

phillw

Marvel1 wrote: »

Happy birthday, here is your birthday card, so I can arrange a transfer for your birthday money ask Mammy or Daddy for their bank details.

I write a cheque for my niece. Cheques aren't going anywhere.

Marvel1 wrote: »

The kids love the 2p machines at arcades, bye bye.

That isn't a problem, tap your contactless card on a token dispenser & if you have any left at the end of the day then load them back onto your card.

Marvel1 wrote: »

The fun part of the casino is being at the blackjack and roulette table, I don't trust the machine only - they are calibrated, another bye bye.

Don't they all use chips on the tables?

Herzlos

phillw wrote: »

You can budget on a credit card as well, you don't have the problem of money burning a hole in your pocket.

Card makes it a lot easier to look back at where the money is going, too.

downinja

I don't think it's a risk, but I also don't agree that it tackles crime.

Not all digital currencies are as traceable as you might think.

Criminals will still find a way.

Bitcoin

All the problems of not having any physical cash can be countered by using cryptocurrencies