I Guess that leaves me with the rest of the unwashed heathen on Tri-Rail
Brightline07:40 PMToday
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Apparently this is the way the country is going. I saw a news item on the TV the other night that indicated that certain New York City restaurants no longer accept cash. Credit or debit cards only. Oh well, more Guest Rewards points for me.
runnerdude48 Apparently this is the way the country is going. I saw a news item on the TV the other night that indicated that certain New York City restaurants no longer accept cash. Credit or debit cards only. Oh well, more Guest Rewards points for me.
Because even with the 3-4% hit on a credit card transaction, the cash is in your bank account the day after the transaction occurred. With a cash transaction it is whenever the business gets around to doing a cash deposit. Further Big Banks assess a fee now for excess cash deposits over 4-6 a month on a Business account because it costs them more money to process cash than it does a CC transaction.
According to an article in the paper this morning, American Airlines does not take cash in Miami, DFW, Laguarda, etc.
As far as I know, most of the airlines don't take cash for on-board services. Most of my flights are on Southwest; they have not taken cash for on-board services for years.
I began my business career with a Wall Street bank in 1964. We were talking about a cashless society then. We have not gotten there yet; we probably never will be 100 percent cashless, but we have come a long way since 1964.
It is pretty hard to imagine buying stuff, including travel, on-line without the ability to pay for it electronically.
Paying for transactions with a credit card, debit card, smart phone, etc. is efficient, effective and safe. But not 100 percent safe! I always carry a little cash just in case, but paying for goods and services electronically is a better outcome.
Rio Grande Valley, CFI,CFII
But at the cost of marginalizing certain people. Poor people have no credit cards, debit cards require a bank account many of them do not have. Many of them have no internet connection, no smart phone. I have enough credit cards in my wallet to get in trouble, I could buy a Mercedes with them, but I do not carry a smart phone. Smart phone means an account somewhere, costs money.
benA 100% cashless society could occur once crypto-currencies are widely accepted.
CandOforprogress2 I Guess that leaves me with the rest of the unwashed heathen on Tri-Rail Brightline07:40 PMToday We accept Visa, Mastercard, American Express and Discover. All charges are in U.S. dollars. Cash is not accepted at this time. Create an account and save your preferred payment method for faster bookings.
Enzoamps But at the cost of marginalizing certain people. Poor people have no credit cards, debit cards require a bank account many of them do not have. Many of them have no internet connection, no smart phone. I have enough credit cards in my wallet to get in trouble, I could buy a Mercedes with them, but I do not carry a smart phone. Smart phone means an account somewhere, costs money.
Doing everything electronically also makes it much easier to track, if the powers that be so desire.
Greetings from Alberta
-an Articulate Malcontent
Actually nowadays even homeless people can be found with cell phones as it gives them something to do.
CSSHEGEWISCH ben A 100% cashless society could occur once crypto-currencies are widely accepted. I've noticed that the "value" of a Bitcoin has plummeted by 50% over the last few days. The value of a cryptocurrency unit is based on how much suckers are willing to pay for it.
ben A 100% cashless society could occur once crypto-currencies are widely accepted.
That is true for any currency, but as crypto currencies become more widely accepted/used the value will probably level out, much like any currency that we use today.
The price of a cryptocurrency behaves a lot like a commodity. While there is a supposed limit on the number of Bitcoins in existence, there is apparently no such cap on the number of units of other cryptocurrencies. How is this any different from legitimate currencies?
CSSHEGEWISCH there is apparently no such cap on the number of units of other cryptocurrencies. How is this any different from legitimate currencies?
What would lead you to believe there aren't caps on 'legitimate currencies', even those unsecured by specie? Hint: M1 and M2. Other central banks regularly undertake operations to establish limits on circulating money (problems usually arise elsewhere, as in the years when "petrodollars" became an issue) if for no reason other than to address reasonable expectations leading to inflation.
The days of John Law and the idea of the Banque Générale aren't quite dead, of course, especially when well-meaning governments misconstrue Keynes, but it doesn't happen often as a free upside of unsecured printing of paper (or other low-marginal-cost instruments) ... or cryptocurrencies, for those who buy into the 'ideas' ... without consequences.
spsffanWell, the homeless and plain old poor around here often have cell phones. And, one can buy a VISA debit card at the supermarket for cash. I used to work for a bank, and sure enough, they held the right to charge business customers for frequent and large deposits of cash. Furthermore, as some have mentioned, there are costs involved in servicing ticket machines that collect cash. The cash must generally be picked up by an armed service of some kind, counted by the customer and the bank, usually by hand, etc. Brightline is somewhat of a specialty service, so I have no particular problem with them not taking cash. Mass transit outfits, like the Los Angeles MTA, SEPTA, Washington Metro, San Francisco Muni, CTA, etc. are in a different position and should have a cash option available, as, I think they all do. Heck, these days, the parking meters take American Express...brave new world.
MBTA is introducing a system where you pay with your phone for everything from Ferry to Subway to Light Rail to Bus to Commuter Rail.
https://mbta.com/projects/afc2
ben spsffan Well, the homeless and plain old poor around here often have cell phones. And, one can buy a VISA debit card at the supermarket for cash. I used to work for a bank, and sure enough, they held the right to charge business customers for frequent and large deposits of cash. Furthermore, as some have mentioned, there are costs involved in servicing ticket machines that collect cash. The cash must generally be picked up by an armed service of some kind, counted by the customer and the bank, usually by hand, etc. Brightline is somewhat of a specialty service, so I have no particular problem with them not taking cash. Mass transit outfits, like the Los Angeles MTA, SEPTA, Washington Metro, San Francisco Muni, CTA, etc. are in a different position and should have a cash option available, as, I think they all do. Heck, these days, the parking meters take American Express...brave new world. MBTA is introducing a system where you pay with your phone for everything from Ferry to Subway to Light Rail to Bus to Commuter Rail. https://mbta.com/projects/afc2
spsffan Well, the homeless and plain old poor around here often have cell phones. And, one can buy a VISA debit card at the supermarket for cash. I used to work for a bank, and sure enough, they held the right to charge business customers for frequent and large deposits of cash. Furthermore, as some have mentioned, there are costs involved in servicing ticket machines that collect cash. The cash must generally be picked up by an armed service of some kind, counted by the customer and the bank, usually by hand, etc. Brightline is somewhat of a specialty service, so I have no particular problem with them not taking cash. Mass transit outfits, like the Los Angeles MTA, SEPTA, Washington Metro, San Francisco Muni, CTA, etc. are in a different position and should have a cash option available, as, I think they all do. Heck, these days, the parking meters take American Express...brave new world.
Eleven years ago, my wife and I rode the ACE deom San Jose to Stockton. There was a machine to sell tickets in the station, and there was an ACE employee by it; he sold me the tickets. I do not remember now whether I paid cash or used a credit card.
By the way, what is ticket validation? A notice on the machine indicated that tickets must be validated; I asked the man about it, but he indicated that I did not have do any more than obtain the tickets from him?
Johnny
Think of validation as another way to produce grounds to criminalize 'farebeating' and thereby excuse fascist enforcement against otherwise law-abiding or unwitting citizens.
The kiosks sell you tickets 'good for one fare' but, as with MetroCards, they don't always expire the day of issue. A potential farebeater -- and in California any rider is prejudged to be a potential farebeater -- might keep using the same ticket until 'caught' by one of those periodic pass-law-like police sweeps through the train, but evade his just prosecution by claiming 'here's my valid ticket'. Therefore comes the additional step that the rider has to date, and therefore cancel, his own ticket by sticking it into a verification device before he boards -- this is the thing the sweeps look for, as well as the ticket they're printed on, and the absence of which can get you hustled off the train and into a cruiser if you can't explain it adequately.
This policy doesn't make me 'not ride light rail' when I go to San Jose for tech conferences, but it makes me profoundly depressed that we can evolve such a system in the United States of America.
Thanks, Overmod. Obviously, I seldom ride such forms of transit.
I do not remember any form of proof of purchase when my wife and I rode Skytrain in Vancouver 15 years ago, and the only other form of local transit since that trip to Stockton was riding up to Antioch from Chicago and back about four? years ago to enjoy some time with Carl and to ride a new section (for me) of track, and a ride, also from Chicago, to Lisle and back to vist with a nephew and his wife three years ago. On the last two trips, I had printed tickets that were taken up by a conductor.
Deggesty And, if you want to ride, but do not have such a phone?
And, if you want to ride, but do not have such a phone?
You will be able to use a "tap card". A very similar system is going to be implemented by the MTA.
ben Deggesty And, if you want to ride, but do not have such a phone? You will be able to use a "tap card". A very similar system is going to be implemented by the MTA.
Deggesty ben Deggesty And, if you want to ride, but do not have such a phone? You will be able to use a "tap card". A very similar system is going to be implemented by the MTA. And if you are visiting, and would like to take only one or two rides?
And if you are visiting, and would like to take only one or two rides?
In this instance you would simply load it with the desired amount of money much like the current system today.
Gee, modern technology is just too darn hard for some to adapt to. Bring back stagecoaches!
Seems that Credit Cards and Debit Cards too a lot of young people are not real money. It has been shown that folks with the cards tend to spend more money then those with cash and that has been a selling point for the banks that push them to buineses. Buisneses are willing to pay the fees if that means more money at the end of the day. My poor waitress at my local diner has to wait for her tips to come in minus the credit card fee and often company cards have limits on gratutitys. The origonal idea of credit cards in the 1960s like Diners Club was for companies to keep tabs on there traveling salesmen. Now its easy money.Parents now in 2017 give there college kids credit cards and the kids never see the bill. (I see the effects of this on the South Side Entertainment District of Pittsburgh where Drink and Food prices are twice that of my local dive bar thanks to college kids driving up prices in what used to be a working class hood)..When you do get the bill its decieving because it only shows the min. payment so you think you are A-OK. What you dont know is that you are slipping into a bottomless muck pit that you can never get out of. Matter of fact Credit Card companies hate you and give you bad credit just for paying in full on time. Now you dont even have to fumble for the right credit card that you did not max out as your I-phone will do it for you. It seems that the banks here have in essence become drug dealers always willing to give folks there fix untill they end up at the city mission.
Quoting CandO for progress2: "Matter of fact Credit Card companies hate you and give you bad credit just for paying in full on time"' I must have better Credit Card companies than he does; I pay in full each month--and my credit report says I am a good risk. I did close one account because the financial institution had trouble crediting my account when I asked it to do so, and charged interest and a late payment fee (both were returned after I complained) and, later, charged me for a payment to a "bill-paying service" (with no other explanation even after I asked, "what bill-paying service?") They did refund that charge after I complained.
On the whole, I have had good experinces with the institutions I now use.
CandOforprogress2When you do get the bill its decieving because it only shows the min. payment so you think you are A-OK.
A close examination of any credit card bill shows the balance due, in fact, it's the same size type as the minimum payment due.
All one has to do is pay the balance each month and then reap the benefits (like free Amtrak trips).
I understand about the waitress & her tips and the effects of cards on restaurants specifically and some businesses in general, but the genie isn't going to go back into the magic lamp. These are tax problems and they are fixable if the political will is there.
Imagine doing any sort of business online without credit cards. I don't miss carrying around large sums of cash to pay for vacations and out of town trips.
Debit cards are the work of the devil, especially compared to credit cards used by a financially responsible person.
By the way, those college kids (with or without their parents) are supporting local businesses which might not be there without them. Would you rather the neighborhood slowly died as everyone moves away? Every small town in Ohio wishes it had plenty of college kids because they bring life to the city...with their debit & credit cards.
NKP guyAll one has to do is pay the balance each month and then reap the benefits (like free Amtrak trips).
There is a little important bit more that I think C&O is missing: you have to charge a meaningful amount on the card every month ... and then pay the entire due balance regularly off by the due date.
The trick is to watch out for the 'average daily balance' then being high in case you miss paying in full ... and not just the 'minimum balance due' because that's all the cash you want to flow. Yes, card issuers just love people who pay that minimum balance; it's like a license to earn over 30% on what isn't even really an investment per year. Much like that bane of modern life, the check-cashing 'money store' that seems to crop up on every street corner. It was a bad day for America when the usury laws were overturned or circumvented. And I speak as a staunch proponent of free enterprise when honest earning is concerned.
The "paycheck loan companies" are another drain on personal economy--yet many people are so cash-strapped and have poor credit ratings that there is no other place for them to go. These companies say that they have high bookkeeping expenses which can be paid for only by charging high interest rates.
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