Death of the free ATM

Read about this a while back...

https://www.mirror.co.uk/news/uk-news/new-cashpoint-rules-come-force-12822496.amp

I try to use cash as much as possible, I find it easier to keep track of my spending as some retailers take several days & sometimes up to a week to actually take the money feom my account.

The net is closing...

What do you mean by the net is closing?

Being forced into paying to withdraw money, being forced into using contactless technology not only to track our spending habits but to track our movements.

I'm growing tired of technology being used to entrap us into not only pay more but being used to monitor our behaviour. 

I rarely use cash these days ..... Apart from the pub and the odd sandwich for lunch.

HMRC already have more data on you than you realise....

I was listening to wake up to money this week, ( I know @Murdoch is a regular listener too) they were saying that it is just a matter of time until ATM machines are going to charge to withdraw money. They say that it is too expensive for the banks to rent the space to operate the machines.

People's habits and use of cash are changing ............. this is fact ............... nothing is likely to change the direction of change now........

I was paid in folding notes for a small job this week ............. cash because it was a cafe and we all know how much banks charge to pay in case ............. so it went in my cash tin until I next need some diesel

Are habits changing or is it technology is forcing the change? 

I use cash for all bar large purchases. 

Sharpend said:

Are habits changing or is it technology is forcing the change? 

I use cash for all bar large purchases. 

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I think its habits 

My son goes to the pub and they use apple pay to order drinks and pay ............... and uses contactless for pretty much all his small purchases ...

I think the people who live in remote communities are being let down by the banks ..................... 

But.....

if the technology wasn’t there we’d still be using cash? Don’t ever remember paying for a round of drinks with a cheque? 

Sharpend said:

But.....

if the technology wasn’t there we’d still be using cash? Don’t ever remember paying for a round of drinks with a cheque? 

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Very true, but the technology is here and proven.

BUT there are people who want to cash to avoid taxes ..................

Murdoch said:

I think its habits 

My son goes to the pub and they use apple pay to order drinks and pay ............... and uses contactless for pretty much all his small purchases ...

I think the people who live in remote communities are being let down by the banks ..................... 

Click to expand...

That sounds dangerous, at least if you go out with £100 to the pub you won't spend any more.

You could very easily get drunk and you would be buying rounds left right and centre.

rapparee said:

That sounds dangerous, at least if you go out with £100 to the pub you won't spend any more.

You could very easily get drunk and you would be buying rounds left right and centre.

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That's funny - he's 19 - so anything is possible!

when I was his age we normally ran out of money before we got drunk!

It's gone, or going full cycle.

When I first started out, you could only get free banking with a current account at certain banks, and then only if you kept a big ballance in the account, otherwise you got charged for paying bills or making withdrwals.

Then came free banking, and free credit cards.

Credit cards were the first to try ant turn with some introducing charges even if you paid it all off at the end of every month. I closed those ones but there are still several completely free.

Banks for some time have been trying to get you to swap to premium current accounts with a monthly fee but I have resisted. So I guess charging money to withdraw your cash is just the next step in that. It will probably remain "free" if you pay a monthly fee for the account.

The biggest problem here is the rate bank branches are closing. Our branch in town is not the only one left open for 25 miles, all the rest have closed. The bigger problem for sole traders if the bank closes, is where do you pay in cash or cheques? Or are we all expected to have (and pay the fee for) credit card terminals?

I just hope I can hang on for another 5 years and hope the bank in town lasts that long.

My wife and I had our account with the nat-west 40 some years ago. They started to charge for each transaction and like many others we legged it. Their small profit turned in to a mass migration to other banks resulting in a loss.