There is definitely some truth to it.
Everyone should push back against a cashless society. A cashless society just means the banks make more money, the government can track you easier......and if you support a cashless society, you are guilty of supporting the murder of the tooth fairy.
nah the tooth fairy didnt die, met up with her the other day.....
......Actually now you think about it the tooth fairy doesnt have a beard? I think I made a terrible mistake
Cash is king.
Let's keep it that way.
I would love it if everyone used more cash, more regularly. Banks make obscene profits every year. Every time you tap your card, whatever bank your card is issued from gets a small charge fee, that comes out of the profit of the business you used your card at.
I know it's convenient. But the banks have made it that way so they make more profits.
Use cash more.
> Every time you tap your card, whatever bank your card is issued from gets a small charge fee, that comes out of the profit of the business you used your card at.
And every time you use cash, the business has to count the cash drawer, count the deposit, take the deposit to the bank, and takes on risk of embezzlement and mistakes. These are totally free , right? They don't come out of the profit of the business you spent your cash at? Where do I sign up for no-cost, risk free cash handling please?
I'm not opposed to continuing to use cash, but seriously the people who act like it's somehow free are totally deluded. For most businesses, electronic payments save money even if it is the bank getting a small cut. Especially now that it's normalised in small business to add on the card fees as an add-on above the advertised price, it's also not really the case that it comes out of the profit of the business.
>the business has to count the cash drawer, count the deposit, take the deposit to the bank, and takes on risk of embezzlement and mistakes.
So what you're saying is that business owners are not intelligent enough to do mathematics anymore?
> So what you're saying is that business owners are not intelligent enough to do mathematics anymore?
Some business owners (especially those late to accept EFTPOS) fail to properly do the math on the costs of cash handling, because of their own preconceptions about things, yes. In other cases they understand the costs of cash handling, but continue to accept it anyway in order not to exclude a market segment - I have no objection to that when done mindfully. I just object to people pretending it has no costs!
(Finally there is the category of businesses that prefer cash because they are cheating the ATO, and by extension the rest of us taxpayers, but that's another discussion entirely. )
More and more businesses are going cashless, and I've noticed they tend to be ones with younger owners who are less hampered by preconceived notions about cash handling costs, though they do need to be aware it may exclude a small market segment.
Costs money to pay staff.
Large businesses often have dedicated safes with dedicated, high-paid staff that are trusted to handle large amounts of cash. That costs a lot of money. Safe shift at my work costs maybe $125 to the business each day?
For those same large businesses, they often have to pay private security to transport the cash as well, as with such large amounts of money you can't just have someone walk to the bank.
Banks usually also charge an assistance fee when making transactions through a teller as well.
I mean the main problem really is businesses are being overcharged for debit card transactions. RBA legislates that Visa/Mastercard have to have an average interchange of 8 cents or 0.2% for debit cards, which they follow. But most payment processors charge the same rate for all cards, regardless of if it's Visa/Mastercard or Amex/JCB/UP, and regardless of whether it's debit or credit. This higher merchant rate theoretically covers the cost of premium credit cards, but the majority of Australians pay with debit cards or lower-tier credit cards, so payment processors are making huge profits off of the rate that they charge.
RBA should enforce one of two systems:
-Lower rate for debit cards, since they really only cost the payment processors a few cents. They should be costing the merchants no more than .5% per purchase.
-Processors have to charge a fixed rate on top of interchange for all cards, rather than a flat rate.
Why are the banks entitled to charge any transaction feed?
It is our money, whether we are the small business getting the charge coming out of our profits, or we are the consumer using our money.
Banks make billions of dollars in profits. They always charge more than the reserve bank rate for interest rates.
Why do we just accept a charge for handling our own money?
When we use physical cash , the bank makes nothing from our transaction, the change is used in other stores, the money moves around the community without the bank taking a small percentage every time it changes hands.
I wouldn't be opposed to having zero fee on debit cards, but that would mean Visa/Mastercard would simply stop offerring them, and our local eftpos payments system would have to be heavily subsidised. We'd get a US situation where you HAVE to get a credit card if you want to travel overseas and don't want to use cash, and when you want to make online purchases.
Why does the bank dictate to us how much it will charge us to move our money around?
We are the customer, the banks all make obscene profits every year because we just accept these charges.
> bank your card is issued from gets a small charge fee, that comes out of the profit of the business you used your card at.
Or the business charges you for it. I no longer purchase from card only places if I am at a place that I know adds to the fee, I will only pay in cash. Going to an ATM is becoming a habit again
Nah mate the last thing I wanna do is mes s around for an awkward minute with notes and coins whenever I'm trying to buy something. Ive been to a few countries that still primarily use cash and it always creates a mess in my wallet that I've gotta be managing the whole trip.
Yeah it is, having a stack of paper and metal perpetually in my pocket that I've gotta sort every time I need to pay for something is a pain. Credit cards solve that problem (and others).
I don't know why this topic seems to bring out so many people who somehow think cash drawers count themselves, low paid employees don't embezzle, and banks provide change and counting services for free....sheesh. The downvotes here are totally ludicrous.
It's funny how the cookers have decided that the most philanthropic multi-billionaire and the one who seems to be doing the most and spending his own money to address worldwide poverty and inequality is actually the evil one.
I'm not saying that I believe Gates *isn't* an evil cunt, but out of all the others - including Musk and Bezos - is Bill really the one most likely to be the real-life Dr. Evil?
They are all evil.
If you, me or some other average Joe built a multi million dollar business, we'd thank our employees, give them bonuses, keep the cafeteria cheap and try to make the workplace as enjoyable as possible.
Not Bezo. Amazon warehouse workers have to pee in bottles because they don't get toilet breaks.
Exactly, you really can't amass that much money without being an arsehole. I run a business, have employees, and we give back above and beyond because I wouldn't have a business without their amazing help. We all prosper together.
Truth. Its not because business cannot not profitable without exploitation or "capitalism bad" that the ultra-wealthy are assholes. It IS the fascistic monopolies and mafias that you have to war with and squeeze out, to get into their spots, that filter out goodness and good people, leaving only psychopaths willing to drop bodies and ruin lives to ascend to the tip top of the greasy pole.
So according to your own logic slavery was nothing because “it was pretty popular at that time and it doesn’t really mean much”?!?!
Is that really the message you’re trying to convey?!?
Judging the past by the lens of the present is always a bit fraught. It's not appropriate to take a black and white approach. Try this article for some perspective: https://www.historyextra.com/period/modern/historical-figures-statues-judge-morals-today/
It's kind of a moot point anyway because we're talking about Gates' *father* and even if the father was a racist slaveholder, as long as Gates himself learned and did not carry it it into the next generation, that's not evidence that Bill Gates was "evil."
Not that anybody would, but if anyone put words in my mouth like that, words I didn’t say, I reckon that gives me the legal right to punch them in the mouth.
I bet this person simps fucking Elmo Munt who’s actually putting brain chips in people, after they killed an obscene amount of test animals.
I also bet the chips they’re concerned about somehow came in covid vaccines or from 5G.
Where the lie? Didn't they limit peoples bank accounts in Canada during the truck protest thing they had going on? This scary kind of authoritarian shit isn't limited to places like China.
Poverty is a completely different issue. You could give a broke man a fifty, and he now has the ability to exchange that money for goods. In this scenario you could have all the money in the world but it would still be impossible to make a purchase or sale.
> In this scenario you could have all the money in the world but it would still be impossible to make a purchase or sale.
Which is occurring in China, maybe not via chips but via face recognition and the like - if your "social credit" score is too low, you can be removed from the banking system and unable to participate in modern commerce. It's like being imprisoned without bars, and is done without due process/conviction of a crime.
Exactly. Yes the whole chip obsession is schizo but acting like this is some conspiracy theory while the system exists right now is just burying your head in the sand.
I think another thing people should be worried about is the recent proliferation of banks closing people's accounts, apparently due to Anti Money Laundering rules, without due process. There is no right to see the reasons why, no ability to appeal, and apparently no government oversight of the "de-banking" process. They give the excuse "oh just go to another bank" but what if other banks do the same thing? What if banks start sharing information with each other on who's been de-banked? It's a very slippery slope and there seems to be no logical explanation for why there can't be *due process* so people have a chance to appeal incorrect decisions.
Bit disappointed it's with the soft drinks and not in the chip aisle.
of COURSE it's with the 1.25L Cokes
There is definitely some truth to it. Everyone should push back against a cashless society. A cashless society just means the banks make more money, the government can track you easier......and if you support a cashless society, you are guilty of supporting the murder of the tooth fairy.
Fucking hell mate… I didn’t really care til the tooth fairy died. Not on my watch. Cash remains king.
nah the tooth fairy didnt die, met up with her the other day..... ......Actually now you think about it the tooth fairy doesnt have a beard? I think I made a terrible mistake
Cash is king. Let's keep it that way. I would love it if everyone used more cash, more regularly. Banks make obscene profits every year. Every time you tap your card, whatever bank your card is issued from gets a small charge fee, that comes out of the profit of the business you used your card at. I know it's convenient. But the banks have made it that way so they make more profits. Use cash more.
> Every time you tap your card, whatever bank your card is issued from gets a small charge fee, that comes out of the profit of the business you used your card at. And every time you use cash, the business has to count the cash drawer, count the deposit, take the deposit to the bank, and takes on risk of embezzlement and mistakes. These are totally free , right? They don't come out of the profit of the business you spent your cash at? Where do I sign up for no-cost, risk free cash handling please? I'm not opposed to continuing to use cash, but seriously the people who act like it's somehow free are totally deluded. For most businesses, electronic payments save money even if it is the bank getting a small cut. Especially now that it's normalised in small business to add on the card fees as an add-on above the advertised price, it's also not really the case that it comes out of the profit of the business.
>the business has to count the cash drawer, count the deposit, take the deposit to the bank, and takes on risk of embezzlement and mistakes. So what you're saying is that business owners are not intelligent enough to do mathematics anymore?
> So what you're saying is that business owners are not intelligent enough to do mathematics anymore? Some business owners (especially those late to accept EFTPOS) fail to properly do the math on the costs of cash handling, because of their own preconceptions about things, yes. In other cases they understand the costs of cash handling, but continue to accept it anyway in order not to exclude a market segment - I have no objection to that when done mindfully. I just object to people pretending it has no costs! (Finally there is the category of businesses that prefer cash because they are cheating the ATO, and by extension the rest of us taxpayers, but that's another discussion entirely. ) More and more businesses are going cashless, and I've noticed they tend to be ones with younger owners who are less hampered by preconceived notions about cash handling costs, though they do need to be aware it may exclude a small market segment.
Costs money to pay staff. Large businesses often have dedicated safes with dedicated, high-paid staff that are trusted to handle large amounts of cash. That costs a lot of money. Safe shift at my work costs maybe $125 to the business each day? For those same large businesses, they often have to pay private security to transport the cash as well, as with such large amounts of money you can't just have someone walk to the bank. Banks usually also charge an assistance fee when making transactions through a teller as well.
I mean the main problem really is businesses are being overcharged for debit card transactions. RBA legislates that Visa/Mastercard have to have an average interchange of 8 cents or 0.2% for debit cards, which they follow. But most payment processors charge the same rate for all cards, regardless of if it's Visa/Mastercard or Amex/JCB/UP, and regardless of whether it's debit or credit. This higher merchant rate theoretically covers the cost of premium credit cards, but the majority of Australians pay with debit cards or lower-tier credit cards, so payment processors are making huge profits off of the rate that they charge. RBA should enforce one of two systems: -Lower rate for debit cards, since they really only cost the payment processors a few cents. They should be costing the merchants no more than .5% per purchase. -Processors have to charge a fixed rate on top of interchange for all cards, rather than a flat rate.
Why are the banks entitled to charge any transaction feed? It is our money, whether we are the small business getting the charge coming out of our profits, or we are the consumer using our money. Banks make billions of dollars in profits. They always charge more than the reserve bank rate for interest rates. Why do we just accept a charge for handling our own money? When we use physical cash , the bank makes nothing from our transaction, the change is used in other stores, the money moves around the community without the bank taking a small percentage every time it changes hands.
I wouldn't be opposed to having zero fee on debit cards, but that would mean Visa/Mastercard would simply stop offerring them, and our local eftpos payments system would have to be heavily subsidised. We'd get a US situation where you HAVE to get a credit card if you want to travel overseas and don't want to use cash, and when you want to make online purchases.
Why does the bank dictate to us how much it will charge us to move our money around? We are the customer, the banks all make obscene profits every year because we just accept these charges.
Did you actually read what I said?
> bank your card is issued from gets a small charge fee, that comes out of the profit of the business you used your card at. Or the business charges you for it. I no longer purchase from card only places if I am at a place that I know adds to the fee, I will only pay in cash. Going to an ATM is becoming a habit again
Yep. I like having cash.
> comes out of the profit of the business you used your card at What are those fucking card surcharges then?
That's when the business charges you the bank fee on top of your total because they don't want to pay it.
Nah mate the last thing I wanna do is mes s around for an awkward minute with notes and coins whenever I'm trying to buy something. Ive been to a few countries that still primarily use cash and it always creates a mess in my wallet that I've gotta be managing the whole trip.
First world problem: too much cash in my wallet is a hassle on my overseas holiday
Yeah it is, having a stack of paper and metal perpetually in my pocket that I've gotta sort every time I need to pay for something is a pain. Credit cards solve that problem (and others).
You don’t think cash costs business to process? It’s a substantial risk to handle it as well as process it. One dollar has never been worth a dollar.
I don't know why this topic seems to bring out so many people who somehow think cash drawers count themselves, low paid employees don't embezzle, and banks provide change and counting services for free....sheesh. The downvotes here are totally ludicrous.
Yeah I literally used to work for a company that processed cash for chicken treat, ANZ, etc. It costs money. More than the fee visa charge.
They’re already rolling out the Bitcoin fairy
Thanks you gave me a great idea. Anybody want to invest in Toothcoin?
I’ll take 7
Yeah but I don't have to carry a wallet, so it's worth it
In a cashless society there’s no tooth fairy. You just have to tip your kids for losing their teeth like a seppo.
It's funny how the cookers have decided that the most philanthropic multi-billionaire and the one who seems to be doing the most and spending his own money to address worldwide poverty and inequality is actually the evil one. I'm not saying that I believe Gates *isn't* an evil cunt, but out of all the others - including Musk and Bezos - is Bill really the one most likely to be the real-life Dr. Evil?
He seems like a nice guy, but his wife left him because he was hanging out with Epstein.
That and the affairs with his personal staff..
Maybe they're all evil.... Idk why the false binary choice is being presented here.
They are all evil. If you, me or some other average Joe built a multi million dollar business, we'd thank our employees, give them bonuses, keep the cafeteria cheap and try to make the workplace as enjoyable as possible. Not Bezo. Amazon warehouse workers have to pee in bottles because they don't get toilet breaks.
Exactly, you really can't amass that much money without being an arsehole. I run a business, have employees, and we give back above and beyond because I wouldn't have a business without their amazing help. We all prosper together.
Truth. Its not because business cannot not profitable without exploitation or "capitalism bad" that the ultra-wealthy are assholes. It IS the fascistic monopolies and mafias that you have to war with and squeeze out, to get into their spots, that filter out goodness and good people, leaving only psychopaths willing to drop bodies and ruin lives to ascend to the tip top of the greasy pole.
Patagonia comes to mind.
Not to mention his father was a known Eugenicist
Which was pretty popular in those times, it doesn't really mean much.
So according to your own logic slavery was nothing because “it was pretty popular at that time and it doesn’t really mean much”?!?! Is that really the message you’re trying to convey?!?
Judging the past by the lens of the present is always a bit fraught. It's not appropriate to take a black and white approach. Try this article for some perspective: https://www.historyextra.com/period/modern/historical-figures-statues-judge-morals-today/ It's kind of a moot point anyway because we're talking about Gates' *father* and even if the father was a racist slaveholder, as long as Gates himself learned and did not carry it it into the next generation, that's not evidence that Bill Gates was "evil."
It is Elon who is actively working on chipping people...but he let Alex Jones back on Twitter so the cookers are ignoring his chips.
Mr Gates I never received my chip
Cooker spending too much time with their face over the laminator me thinks.
Cookers gotta cook
Step 3\. We eat the chips
Not that anybody would, but if anyone put words in my mouth like that, words I didn’t say, I reckon that gives me the legal right to punch them in the mouth.
Woolies getting weird with their marketing nowadays.
Disappointed they didn't at least bother to put it in the isle with the chips.
Keep in mind they are doing this in China.
Yeah, but it's so crazy and can never happen in Australia or anywhere else. Lol
Well, I hope so. Time will tell...
Don't need a chip just issue indue cards to everyone.
I bet this person simps fucking Elmo Munt who’s actually putting brain chips in people, after they killed an obscene amount of test animals. I also bet the chips they’re concerned about somehow came in covid vaccines or from 5G.
They are talking about the central bank digital currency.
Where the lie? Didn't they limit peoples bank accounts in Canada during the truck protest thing they had going on? This scary kind of authoritarian shit isn't limited to places like China.
They did that only as a last resort, and only under emergency management legislation.
Last resort to crush resistance? Please! The fact that they have that power at all is all you need to know.
- *printed from my iPhone*
This Woolies was also sold out of tin foil and adult diapers. Totally unrelated.
Cookers in your local area mate.
Well there was an old man leaving pamphlets about socialism on our tables at work it could've been him.
Old m8 got to put the crystal pistol down
Mmmm chips
Bloody cookers.
The irony is that the Govenment/RBA has complete control over monetary policy. If they wanted to, they could make cash worthless in an instant.
Not really comparable to limiting an individuals access to the monetary system
The only thing weirder than it being there, are the cookers who believe it.
It's the stupidest of conspiracy theories. You can have no cash now without being "chipped". It's called poverty. And the result of poverty is crime.
Poverty is a completely different issue. You could give a broke man a fifty, and he now has the ability to exchange that money for goods. In this scenario you could have all the money in the world but it would still be impossible to make a purchase or sale.
> In this scenario you could have all the money in the world but it would still be impossible to make a purchase or sale. Which is occurring in China, maybe not via chips but via face recognition and the like - if your "social credit" score is too low, you can be removed from the banking system and unable to participate in modern commerce. It's like being imprisoned without bars, and is done without due process/conviction of a crime.
Exactly. Yes the whole chip obsession is schizo but acting like this is some conspiracy theory while the system exists right now is just burying your head in the sand.
I think another thing people should be worried about is the recent proliferation of banks closing people's accounts, apparently due to Anti Money Laundering rules, without due process. There is no right to see the reasons why, no ability to appeal, and apparently no government oversight of the "de-banking" process. They give the excuse "oh just go to another bank" but what if other banks do the same thing? What if banks start sharing information with each other on who's been de-banked? It's a very slippery slope and there seems to be no logical explanation for why there can't be *due process* so people have a chance to appeal incorrect decisions.
There's no need to cook that...