Cashless society by 2020??

[fred lever]

On the subject of cash no longer being used I dropped into the local Com Branch to pick up some cash coins and was greeted with a big sign that said "Toongabbie branch is permanently closing" as of Friday Sep 2022!
Well there you go.  
But do not worry folks, as the local post office and Woolworths will take up the slack and provide all the banking services you need.....................
Of late the branch has been working with 1 teller  and a 1 staff (to keep unjamming the cash deposit and withdrawal machines) plus a few rotating staff to handle loans complaints ect.
The Branch structure was broken up years ago as the foot traffic plummeted and transactions done on line.
Like i keep saying I have no idea why the government keeps minting coin.
The only time I use coin in Toongabbie is for the morning paper and the bread shop, all other transactions are by card.
I still see coin with dates from the 60's and 70's, they just do not wear out.
Cash is dead.
The Mint is just producing tokens.
Fred.

[fred lever]

I kept saying the only shop in Toongabbie holding out as "cash only" was the bread shop.
Well that had to end and now it has.
The cash only sign has gone replaced by "Eftpos 50 cent"!
Had to happen, they have no easy way of getting coin cash to float the till.
Nearest bank is one suburb away any direction.
That means a trip for one staff member.
Dont go to the APO or Woolies for $100 of mixed coin denominations!
Looks like picking up the paper and a loaf of bread in the morning is finished.
Just to go to Woolies?, oh dear stale bread and no paper.
Alternative is to order paper and buy up big at the bread shop and use card, problem solved.
Life is changing, for the better?

Fred.

[nealeffendi]

Are you saying the bread shop no longer accepts cash? Surely the sign just means that they now also accept card as well as cash.
I refuse to patronize any shop that is card only.
Toongabbie is only a few stops from Blacktown, Merrylands, Fairfield and Parramatta so wherever direction the baker travels to/from work he passes a coin roll dispensing ATM and can pick up a decent quantity of coin for days/weeks/months of float change (I keep a years supply of change stashed away for noodling and have used those suburbs machines).

[fred lever]

Hi Neal, cash is ok there, we bought a tea cake this morning and the paper next door at the paper shop.
Both shops however are e-pos as the main pay system.
The paper shop has to be, with all the gambling stuff going on, the main income for the shop.
While we were there, 10 minutes, we were the only cash customers, some just flashed their card most their phone.
I found a $10 note in my wallet, paid both with that.
Would I put the pay "app" on my phone?
NO WAY.
After seeing how easy it is to hack phones, computors and banks, one has to minimise ones exposure in the jungle.
Any way to improve ones odds in the big roulette game going on.
Thats ID stealing.
Having had my ID stolen and a bank account emptied I just don't use anything except the bank debit card, for purchases and B-Pay for on line.
Eyes open everybody, its a different world from the 1980's.
Fred.

[serenitystan]

"MONEY" Get back..I'm alright Jack. Keep yer hands off my stack. Grab that CASH with both hands and make a stash...

[gweidion]

After seeing how easy it is to hack phones, computors and banks, one has to minimise ones exposure in the jungle.
Any way to improve ones odds in the big roulette game going on.
Fred.

Fred, you could always open a separate account. I have one that I use for the occasional internet purchase. Normally it has a zero balance. I only put money in when I want to buy something specific.
They can't take money if it has none.

[fred lever]

Hi Gweid, yes done, it's a pain but my exposure to improper use of my bank accounts in now negligible.
The problem is, if your ID is stolen to the point where passwords can be defeated, then, the bank will take no responsibility for anything that happens.
The hackers can re-set limits, shift money from account to account and then outwards to destination unknown.
Your account be emptied within several hours and trust me the Bank can/will do nothing about it even if you contact them while it is happening.
They just fall back on the line that if correct passwords are being used it must be you operating the account, tough tits and see you later.
Why? Because they are all in a huge loss situation with millions stripped from accounts and many angry people.
I'm not going to elaborate as that bank has paid the price.
Fred.

[gweidion]

I have to say that is the only thing I love about Scumcorp. To make internet banking transactions requires a one time letter pad token that generates a unique 6 digit number every 30 seconds. You need it to log on, you can't just log on with a password, and you need it to make big transfers. It is good for about 5 years and they let you know when you need to order a new one (hopefully before it dies).
Apparently you can do it with a mobile phone app but as I have no mobile, that is out.

[jens coins]

Went to local Westpac branch yesterday and teller told me they were closing in May.
Our closest bank will now be over an hours drive. We are in a large regional town so who knows when the next lot of banks will close.
They said to do all your banking at post office but when I asked at the post office you have to pay a fee to get the post office to order coins / notes in for you.

[Basilstate]

Went to local Westpac branch yesterday and teller told me they were closing in May.
Our closest bank will now be over an hours drive. We are in a large regional town so who knows when the next lot of banks will close.
They said to do all your banking at post office but when I asked at the post office you have to pay a fee to get the post office to order coins / notes in for you.

Yes,shocking,ANZ customers will worse off with the closures,they're not included in the deal the othe 3 did with Aust. Post to do their Banking.

[nealeffendi]

Can you REALLY do all your banking at a post office? Can the girl behind the counter at your local post office handle international transfers and all the specifics involved? I send money regularly to Egypt and there is lots of regulations involved. Proof of ID, declaration of why money is transferred, declaration of source of money and specifics of the overseas account. Even most typical bank employees don't know the difference between SWIFT and MIR in transfers or if our banks can do MIR transfers.

[fred lever]

Neal, wait until the APO starts closing the PO branches down!!!
People would think that is inconceivable, but the thought of Banks closing bank branches was inconceivable 10 years ago!
Its Big Business trying to maximise profit and to hell with the customer.
Much more efficient to do things online by computer and get rid of all those pesky customers that just cause trouble and use up resources.

Fred.

[JeffH]

Fred,
Two out of the three bank branches here closed more than ten years ago. Westpac sold the premises and franchised an
"in-store branch" to the new tenant, a real estate agent. The "in-store branches", all over the country, were cancelled seven years ago.

The CBA is the sole remaining bank branch here and a few months ago trading hours were substantiall slashed;
Opening hours
Monday 9:30am - 1:00pm
Tuesday 9:30am - 1:00pm
Wednesday 9:30am - 1:00pm
Thursday 9:30am - 1:00pm
Friday 9:30am - 1:00pm

I think only a matter of time before full closure.

[nealeffendi]

Yes Fred, they will do away with many post offices. News yesterday is that the management at Arsetralia Post are calling the losses on handling letters unsustainable. They want to stop that part of their operations and only handle packages. It will likely go to those mail lockers to pick up your package (you will get an access code sent to your phone) and there might be no posties in many/most areas. Stamp collecting will be dead to future generations(as will be coin collecting).
So come Christmas granny will need to send digital Christmas cards and digital cash in those cards.
As for cash the one area it still reigns supreme is pokie machines. I handle a few hundred thousand each night clearing out the machines and that happens in thousands of pubs and clubs every day. Wouldn't surprise me if that is a billion/day in mostly 50s and 100s. The government wants to go to a card system and if that happens the war on cash will be easy for them as that just leaves the black economy and drugs as cash using enterprises. then the screaming Karens will support the introduction of Prohibition (of cash, not booze) For The Children.

[serenitystan]

To easy paying for items today without cash. I remember waiting outside the Commonwealth bank at Blacktown with my mum and 20 other people to withdraw cash for shopping..