Is the use of cash dying out?

[Gloster]

£85K is a heck of a balance! I'd change banks.

I have survived all these years without a Credit Card and my life style is hardly one that makes one necessary. Anyway, my experience is that all the banks are as bad as each other and I can do without the problems that can arise when changing banks.

 

[Ediswan]

I keep the total of my money in my three bank accounts (with the same bank) around the FSCS guarantee of £85,000

I hope you are aware that the FSCS guarantee limit is per banking-licence.
https://www.fscs.org.uk/what-we-cover/banks-building-societies/

Limitations​

Where you hold your money could affect how much compensation you’re entitled to. If you have money in multiple accounts with banks that are part of the same banking group (and share a banking licence) we have to treat them as one bank. This means that our compensation limit applies to the total amount you hold across all these accounts, not to each separate account.

 

[DelayRepay]

I have survived all these years without a Credit Card and my life style is hardly one that makes one necessary. Anyway, my experience is that all the banks are as bad as each other and I can do without the problems that can arise when changing banks.

If you're happy with the current arrangements then that's fair enough. But I think you'd be able to get a card allowing larger cash withdrawals from most banks, if you wanted or needed one in future. There's no reason to restrict the limit as there's no credit risk to the bank.

 

[Gloster]

I hope you are aware that the FSCS guarantee limit is per banking-licence.
https://www.fscs.org.uk/what-we-cover/banks-building-societies/

Indeed I am. I have the total of around £85,000 in the deposit account and two current accounts at the bank I have long been with (nearly fifty years). I have my other cash assets in various places, but none of them are part of the same group. However, my bank is one of the Big Four, so if that went tots up the world wound really be in the ordure.

 

[DelayRepay]

My local newsagent is a strange case. He started taking card payments at the start of the pandemic, and quickly went to 'card only' (when everyone thought cash could spread Covid). Then he went back to cash only. Then the card machine returned, but only for payments over £5. If your purchase is below £5 and you pay with a £10 or £20 he grumbles about not having enough change. It's almost as if he doesn't actually want people to pay for goods in his shop!

 

[Xenophon PCDGS]

The same old people who only like cash and won't use contactless, will use an ENCTS card because it gets them travel free. These are the same people who would refuse to use the bus if technology was the only way to pay, but as it's free suddenly they can use it!

That is because it is the issuing authority who issue ENCTS cards in the form that they so exist. The "same old people" have no other available option, it is nothing to do with "because it gets then travel free". Speaking as one the referred to "same old people" having reached the age of 77, I can assure you that your final sentence most certainly does not apply to me having had more hospital appointments scheduled for 0900 on Mondays to Fridays, when the use of my ENCTS pass in not valid for travel until after 0930 on those weekdays. Don't tar us all with the same cynical brush.

 

[DelayRepay]

That is because it is the issuing authority who issue ENCTS cards in the form that they so exist. The "same old people" have no other available option, it is nothing to do with "because it gets then travel free". Speaking as one the referred to "same old people" having reached the age of 77, I can assure you that your final sentence most certainly does not apply to me having had more hospital appointments scheduled for 0900 on Mondays to Fridays, when the use of my ENCTS pass in not valid for travel until after 0930 on those weekdays. Don't tar us all with the same cynical brush.

Wen you can't use the ENCTS pass, do you pay the bus fare with cash or by card?

 

[Xenophon PCDGS]

Wen you can't use the ENCTS pass, do you pay the bus fare with cash or by card?

Cash , of course

 

[nlogax]

Cash , of course

Exact fare presumably? I see many bus companies are donating excess change to charities now if they haven't done away with cash fares completely.

 

[Xenophon PCDGS]

Exact fare presumably? I see many bus companies are donating excess change to charities now if they haven't done away with cash fares completely.

Naturally, the fare structure is one easy to adhere to. Just a few pound coins, a 50p piece and a few 10p and 20p pieces cause me no bother, but I will admit having as little as possible to do with the two-pound coins. Remember that the current 50p piece is much lighter in weight than the original version. At the hospital, the WRVS cafe always welcome cash payment for their excellent food.

 

[hilly]

I run a rugby club, since covid over 90% of bar take has been card/contactless

 

[BananaRepublic]

As mentioned already, the pandemic has been a catalyst in speeding up the demise pf cash.
Most shops and services, apart from possibly the major supermarkets, around us, went to card only during that time.
Many have seen most of their trade continuing to be conducted by card.
Even the men's hairdressers I go to (all lady hairdressers), went card only and continued it until only this spring.
Even now they say most people prefer to use a card.
It's cut down on their tips, resulting in 2 recent price rises.

Personally, I've only used small amounts of cash twice in the last year and a half or so, paying for everything on debit or credit cards (we don't carry over any monthly debt).
Even paying for something as simple as a 4 pint bottle of milk, with a card.

As an observation, many older people have taken quite readily to contactless.
It saves them having to get to an ATM.
I queued behind several people of retirement age in the local greengrocers just the other morning.
Every single one of then used contactless.
Even my elderly mother and my mother-in-law, who are in their early 90's and late 80's respectively, mostly go cashless.


.

 

[RuddA]

My daughter has used her HSBC contactless debit card since she turned 11. When given cash as a gift she passes it to me and I transfer the money to her account. At some point I'll have to bank it as I never use cash myself. At school she doesn't need cash either.

 

[Lloyds siding]

It seems not

Cost of living: People turning back to cash as prices rise

Post Offices handled a record £801m in personal cash withdrawals in July.

www.bbc.co.uk

​

 

[Xenophon PCDGS]

Can I ask if there has been any Governmental statements with regard to cash soon not to be legal tender?

There is a Big Issue seller in the town centre who only accepts cash.

 

[AM9]

That is because it is the issuing authority who issue ENCTS cards in the form that they so exist. The "same old people" have no other available option, it is nothing to do with "because it gets then travel free". Speaking as one the referred to "same old people" having reached the age of 77, I can assure you that your final sentence most certainly does not apply to me having had more hospital appointments scheduled for 0900 on Mondays to Fridays, when the use of my ENCTS pass in not valid for travel until after 0930 on those weekdays. Don't tar us all with the same cynical brush.

Exactly. Elsewhere on this forum, somebody tried to say that old people were hypocrites complaining about the removal of cash payment facilities as they use contactless ENCTS passes with ease when it it gives them free travel. For those that would otherwise use cash, the pass means that they just touch it on the reader. No going online, no worrying about keeping a device charged, no printing, a simple credit-card sized plastic pass that fits in their purse/wallet. So much for the slur on older ( and presumably inconvenient) members of society.

 

[Bletchleyite]

Exactly. Elsewhere on this forum, somebody tried to say that old people were hypocrites complaining about the removal of cash payment facilities as they use contactless ENCTS passes with ease when it it gives them free travel. For those that would otherwise use cash, the pass means that they just touch it on the reader. No going online, no worrying about keeping a device charged, no printing, a simple credit-card sized plastic pass that fits in their purse/wallet. So much for the slur on older ( and presumably inconvenient) members of society.

Just like tapping in on the same bus with your debit card, in fact.

 

[AM9]

Just like tapping in on the same bus with your debit card, in fact.

Not to an ENCTS holder it isn't apart form the physical act of touching a reader. There's no fare to pay, no card cost to renew, the card goes everywhere in the nation (with virtually no exceptions) and the time limitations are fairly simple.

 

[S&CLER]

I've just organised a holiday for which I was allowed 2 "free place" refunds which came to £638; as I had collected over £700 of the £9966 due in balances in cash from people who didn't have cheque accounts, I was just given the cash back, nearly all in £20 notes, when I went to the coach company to hand in the balances (safer than the post and a nice day out in glorious weather which cost me nothing on my bus pass for a day trip from Southport to Euxton). This will pay me for my time and expenses (£98), compensate someone who lost a deposit of £25 on cancellation, pay the driver's tip of £175 (£5 pp) and allow me to hand out £10 each to the other 34 passengers on the coach. The only way to change 17 £20 notes into 34 £10 notes was to pay the £20s into my bank account at the post office (my bank branch wouldn't do it), and then immediately withdraw them in £10 notes. Not as cumbersome as it sounds; it took only minutes. Handing out 34 £10 notes before we stop at Welshpool for lunch on the outward journey will be one of my most agreeable duties as holiday organiser; and as I don't bank on line (no need to,when I live in a town centre a few minutes from my branch), it's the only practical way to do it..

 

[Bletchleyite]

Can I ask if there has been any Governmental statements with regard to cash soon not to be legal tender?

Legal tender is only relevant to settlement of debt to a Court (though de-facto any debt because a Court is likely to look unfavourably on it being refused as it's rather a waste of their time).

It's not relevant to any product or service where you pay before you take ownership of the goods/before you receive the service, e.g. a shop. It is relevant to a restaurant where you pay after you've eaten, though, as that's incurred a debt.

There is a Big Issue seller in the town centre who only accepts cash.

While I don't doubt you'll see homeless people with a Stripe machine attached to a mobile phone (no bad thing; more secure for them and having a basic bank account to pay it into will help them re-enter society) in reality a move from donating money directly to homeless people (or, often, people who aren't actually homeless) who often spend it on drugs/alcohol and towards donating it to local homelessness charities is a very, very good thing indeed, and is far more likely to help people to get off the streets.

 

[Snow1964]

There is zero argument that cash is dying out. It'll live on for a while longer in smaller and smaller pockets but there is no doubt hard cash is no longer king. Covid hastened its demise once small traders and businesses discovered that cashless solutions worked well. No going back now.

Actually some are being forced back, during covid lots of places went card only, now a proportion of customers avoid them so they are thinking again when customers walk back out having been told card only.

The main one now seems to be tight budgets due to rising costs. If you draw £100 out of an ATM then you can see what you have left in your wallet, and clearly stop when your limit is reached. Much harder to keep tabs on contactless spending of multiple small purchases if don’t want to exceed an amount to spend.

 

[Bletchleyite]

The main one now seems to be tight budgets due to rising costs. If you draw £100 out of an ATM then you can see what you have left in your wallet, and clearly stop when your limit is reached. Much harder to keep tabs on contactless spending of multiple small purchases if don’t want to exceed an amount to spend.

It is if with a traditional bank (though you can always write it on a piece of paper as was the norm in the days of chequebooks and monthly paper statements), but the app based banks like Monzo and Starling have features that make it VERY easy.

 

[Joe Paxton]

There is a Big Issue seller in the town centre who only accepts cash.

While I don't doubt you'll see homeless people with a Stripe machine attached to a mobile phone (no bad thing; more secure for them and having a basic bank account to pay it into will help them re-enter society) in reality a move from donating money directly to homeless people (or, often, people who aren't actually homeless) who often spend it on drugs/alcohol and towards donating it to local homelessness charities is a very, very good thing indeed, and is far more likely to help people to get off the streets.

Ouch. I take issue with the above. It's something of a slur on Big Issue sellers and the whole model of street vending.

Two thirds of Big Issue vendors now take contactless (via Zettle), with the aim that all of them will take it by the end of the year.

www.bigissue.com/news/no-spare-change-two-thirds-of-big-issue-sellers-now-accept-contactless-payments/

 

[Bletchleyite]

Ouch. I take issue with the above. It's something of a slur on Big Issue sellers and the whole model of street vending.

I'll be honest, I am generally against it and prefer to give to homeless charities whose approach is to help people off the streets*. I don't think making it profitable to remain there is the right approach. All it really is is a slightly less commercial version of "chugging", which I would like to see totally banned, alongside all*** other forms of street and unsolicited door to door sales and soliciting, which mostly prey on the vulnerable.

It's better than just asking for money, but only just better.

* The Bus** Shelter MK is a good example of a charity that works on the basis of "let's get you safe basic accommodation and meals first, then let's help you sort your life out", which is the approach I hugely prefer.
** No longer in a bus, but rather a set of "mini-studios" built in a large shipping container.
*** OK, probably not some Scouts cheerfully shaking a tin once a year, but you know what I mean.

 

[Gloster]

The main one now seems to be tight budgets due to rising costs. If you draw £100 out of an ATM then you can see what you have left in your wallet, and clearly stop when your limit is reached. Much harder to keep tabs on contactless spending of multiple small purchases if don’t want to exceed an amount to spend.

I can assure anyone who has not experienced it, except for the odd few days, that if you have ever been in the situation where you literally have to sit down with a piece of paper and your money in front of you to see what you can afford, that it is a situation you never want to return to. Using cards had the constant fear that a transaction will go awry and be processed twice or come out at a larger figure, or your card will be cancelled, or you will simply forget to make a note of a transaction (or get the sum wrong). With cash you can look at it and say, “I have £x.yz”, and know you are right. When you are living on the absolute edge, a tiny error can be a catastrophe.

 

[Bald Rick]

This isn’t a new thing. My mother worked in a staff restaurant which went cash free in 1987. (Girovend system, effectively stored value card charged from your salary).

Meanwhile the only cash I have used in the past three years has been at my Barbers, who for some reason still hasn’t gone over to card. Rarely do I see anyone paying cash these days, anywhere.

One thing - can anyone confirm if Sam Smith‘s pubs are still cash only? I made the mistake of going to one about 9 months ago, and was astonished to be told quite brusquely that it was cash only (As well as being told I couldn’t use my phone, or tablet, or laptop). Fortunately one of our party had an emergency £20 note. It was noticeable that the pub was almost empty, when almost every other pub in the area was busy. If they still don’t accept cash, I can see them going under soon. The only attraction was that the beer was cheap (which offset its averageness), but if you can’t easily pay for it then punters won’t go !

 

[Bletchleyite]

One thing - can anyone confirm if Sam Smith‘s pubs are still cash only? I made the mistake of going to one about 9 months ago, and was astonished to be told quite brusquely that it was cash only (As well as being told I couldn’t use my phone, or tablet, or laptop). Fortunately one of our party had an emergency £20 note. It was noticeable that the pub was almost empty, when almost every other pub in the area was busy. If they still don’t accept cash, I can see them going under soon. The only attraction was that the beer was cheap (which offset its averageness), but if you can’t easily pay for it then punters won’t go !

It'd be a shame to lose the actual pubs, some are really quite characterful, but I can't wait for the evil man that is Humphrey Smith himself to be bankrupted. He'd totally deserve it.

Yes, "Mr Wetherspoon"'s Brexit diatribe grates, but he's nothing on Humphrey Smith for all-round objectionableness.

 

[philjo]

I used a taxi from Woking station last week and the driver only accepted cash.

Charity raffles etc still require cash, though occasionally they do accept a cheque payment especially if done remotely through the post. The raffle on rail tours is cash only.

I always pay cash to our local independent greengrocer. Partly though as I can obtain £5 notes easily from the Nationwide ATM and the bank charges her to obtain change.

 

[nlogax]

One thing - can anyone confirm if Sam Smith‘s pubs are still cash only?

Yes apparently so. Sam Smith's pubs are a complete anachronism run by an imbecile. I won't go near them.

 

[Bald Rick]

Charity raffles etc still require cash, though occasionally they do accept a cheque payment especially if done remotely through the post.

The last charity raffle I entered was card only. They much prefer it, saves having to go to the bank with a couple of grand in various notes and coins.

It'd be a shame to lose the actual pubs, some are really quite characterful, but I can't wait for the evil man that is Humphrey Smith himself to be bankrupted. He'd totally deserve it.

Yes, "Mr Wetherspoon"'s Brexit diatribe grates, but he's nothing on Humphrey Smith for all-round objectionableness.

Yes apparently so. Sam Smith's pubs are a complete anachronism run by an imbecile. I won't go near them.

Thanks. I can feel a group trip to the Princess Louise coming on, where a number of us shall order a load of drinks, be told it’s cash only, then swear loudly, use mobile phones to explain this to various friends, and then drink lager imported from the Sainsbury’s a couple of doors up.