this post was submitted on 14 Nov 2023
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You'll just find out how little banks care about retail customers. What do you think happens to the cash you give to the coffee shop? They put it in the bank. They use it to pay suppliers who put that money in a different bank.
People are the same. The barista takes their cash tips and spends them. Those businesses put their money in their bank account and buy supplies or pay workers. Their suppliers do the same.
Banks do not care about your $5 for coffee, they care about the coffee shop.
We can only guess, that is why I would like to try. There is reason why banks are putting limits how much money you can get out in one day. It is not just about "security". But if we don't try we can only speculate and argue in circles.
Is there any bad side you see in this awareness month other than you should have some cash with you?
Edit: Maybe you will not spend all money same day, so there might be liquidity issues. I assume it will not be unsustainable for banks, but I'm interested in their reactions. Also, I think we need to protect cash while we can.
I'm just letting you know that a free checking account with $1000 in it actually loses money for banks. They would be happy to close the account for you. Removing the money will not faze them at all.
Savings accounts with more than $10K, small business accounts, CDs, and commercial accounts are more valuable in that order. Banks are doing you a favor by offering you a cheap bank account.
Using only cash opens you up to theft and loss. This is a problem for immigrants who can't get bank accounts or are afraid of banks.
I don't know, I remember times when you would get 10 - 11% just for regular saving, keeping money in the bank. Now you saying they are making me favor with cheep account. What are their cost when I give them my money. And most of the value is not in cash, it is virtual. So I would like to see actual reaction instead of speculating. There was also in recent times when you could get paid in cash, you still have that right, but other new laws demands employer to do all business over banks, so even you have that right employer can't do it, that is strange for me.