NeilWatson
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An arrangement like this would be by direct debit, not standing order.
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Why don't people carry cash?
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An arrangement like this would be by direct debit, not standing order.
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RJ
Established Member
The other downside to being "cashless" is online fraud. I've been a victim of this.
Late last week, some pestiferous thief spent over £1000 on my AmEx and spent thousands from my current account. This was a bit inconvenient for me because I had to go the weekend without having a debit card, which is being replaced. Not much fun having to raid the piggy bank for shrapnel to buy food!
Its very interesting that you experienced fraud from your accounts at two different financial institutions at once (unless you have a Lloyds/TSB issued Amex).
I guess it is easily possible if you have used both online and someone has hacked your computer or various accounts over time.
Yes. And suppose your employer is struggling and doesn't process payroll one month.
I've been there, done that, and don't want other people to make the same mistakes.
If you really lived that close to the line where you have no reserves then surely the alternative option would be that you have no cash now for buying things, which is a much worse situation to be in?
theblackwatch
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I seem to remember at one financial review I had, the adviser suggested to me that people should aim to keep 3 months salary as a reserve to cover any unforeseen expenses. I'd guess he might have advised slightly less if I wasn't a homeowner.
I tend to use cards for purchases like supermarket shopping, fuel for the car and rail tickets - normally the credit card, which gives me 1% cashback, and I pay the whole lot off each month. I also use the credit card for online purchases if it doesn't involve a surcharge - I was lucky a couple of years ago when a company went bust and I was able to claim the £174 I'd spent with them back from my credit card company with relative ease. Others I know weren't so fortunate.
It can be but then youre assuming that these 'young people' are using credit cards rather than their debit cards.
I was amazed when in NZ and Oz just how prevalent the use of plastic to pay for everythign was, even small transactions of sweets. Whats stopping everywhere over here using them is the charges for having a terminal in the shop/cafe/wherever
Again why you should carry cash!
http://www.dailymail.co.uk/news/art...meltdown-EMPTIES-customers-bank-accounts.html
http://www.dailymail.co.uk/news/art...meltdown-EMPTIES-customers-bank-accounts.html
Ha ha. Was going to mention this. For starters on Friday the ATM was saying I had more money than I thought I had, and I was right. Then to cap it off my card got rejected yesterday when I knew I actually did have money.
A smart card is only as smart as the person who programs the system it uses. The amount of time it takes the system to update card payments is daft to be fair.
Probably a good plan. I still feel a lot more comfortable being able to see exactly how much money I actually have without relying on Nat Wests wacky IT systems though. At least when I withdraw from an ATM or in a Branch it seems to update pretty quickly and I tend to end up with nice round numbers I can easily withdraw rather than being stuck with a balance of £3.87 in a shop that won't do card transactions for less than a fiver at the end of the pay month.
I'd be worried about a balance of less than a fiver, whether it was round or not. I have Direct Debits and other things going on that I'd probably forget about and go overdrawn. I don't understand why people run their accounts on virtually empty.
Erm, because sometimes many people have to. If you don't understand be grateful that you don't. It isn't always because of some deep moral failing on the part of the person doing so!
deep south
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And bear in mind, all of the banks are now issuing "wireless / contactless" cards (that do not need a PIN to be entered) for amounts up to £20 nowadays, and retailers are "encouraging" their use as it is quicker and cheaper for them (in theory).
My sons use much less cash than I do - even for newspapers, drinks, snacks, etc.
As we become more reliant on "easy to use" technology, it becomes a big shock when it doesn't work...
My sons use much less cash than I do - even for newspapers, drinks, snacks, etc.
As we become more reliant on "easy to use" technology, it becomes a big shock when it doesn't work...
DeeGee
Member
But all my Direct Debits go out on the 1st of the month. Therefore the amount that I have in my account on the 2nd of the month is what I have to spend. I can run it down so there's nothing but fumes in it in the knowledge that I won't overdraw.
I'd love to have the sort of bank balance that allowed me to forget what Direct Debits are going to draw on my account.
Now try being paid every 4 weeks rather than every month - it wreaks havoc with that sort of planning.
As can weekly payment although you could argue budgeting could be easier. To simply not understand why some people live hand to mouth is another thing. Not everyone has been able to save for their entire career, let alone having huge one off expenses that cleared out the savings.
I've never been a fan of Direct Debits being taken on the 1st. All of my employers have credited my account on the last working day of the month, so if there is a problem with payroll, by the time you know its too late and your DDs have been taken without funds. That's one reason why my DDs are further into the month
Also, my landlord wants paying by the 23rd as that's the day my lease started. My credit card DD is due a set number of days after the day the card is issued. Sometimes things just don't line up neatly.
Also, my landlord wants paying by the 23rd as that's the day my lease started. My credit card DD is due a set number of days after the day the card is issued. Sometimes things just don't line up neatly.
I'm sure we'll start to hear the stories of fraud and error from this new 'technology' in the not too distant future. I returned mine to my bank as soon as it was issued and after some minor debate, was issued with a non-contactless version.
Perhaps the railways should only accept cash (except online). Then it's clear - pay by cash or don't travel. A card not working would cease to be an excuse (if it is now), and anyone without the cash to pay for their journey could be prosecuted.
So if you wanted to buy a FOR Leeds - Edinburgh and you'd not managed to buy online you'd have to have £458 on you?
And on the Skipton - Leeds line they'd either need to put in some machines that take actual money or employ more than one guard on a train to take fares.
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And just watch a load of revenue vanish as businessmen travel by other means instead
OK, I'm going to stop now before sarcasm turns to trolling. My apologies.
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Ha ha. Look guys I just think you are frankly daft if you rely on paying by card every time. I of course don't carry cash for huge transactions but would feel a bit of a whopper if I relied on using my card for every last transaction I made. It is all personal choice and I am not saying I am right and you are wrong. However when Nat West went crazy yesterday I could still buy things with my cash. You pays your money and you makes your choice, or you don't apparently.
My guess is it'd cost more to do your suggestions than would be raised by defeating card fraud - otherwise I can't see why Northern would routinely install card-only machines (and many of their machines which take cash don't take any notes higher than a tenner).
Seemed to be a reasonable reply to your suggestions to me.
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It was a completely reasonable reply - hence my apologies.
londiscape
Member
I rarely ever carry more than £30 at any one time - mainly for a couple of pints in the pub and a pack of fags, which are just shame-inducing when you pay by card and they turn up on your bank statement!
This is generally enough to get out of most problems - but the main reason for not carrying more is the potential for theft. Pickpockets at mainline and tube stations, or worse street muggings on way home at night. If you haven't got it on you, they can't take it.
London, and I'm guessing many other big cities, are war zones for this kind of stuff - in this case not carrying too much cash becomes less of a choice and more an essential personal security measure.
This is generally enough to get out of most problems - but the main reason for not carrying more is the potential for theft. Pickpockets at mainline and tube stations, or worse street muggings on way home at night. If you haven't got it on you, they can't take it.
London, and I'm guessing many other big cities, are war zones for this kind of stuff - in this case not carrying too much cash becomes less of a choice and more an essential personal security measure.
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