Forums / Community / Opinionated! / Cash going away……

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  • Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,376

    There’s been talk of cash being phased out, and I see lots of folk simply “waving their card at a machine” to pay for groceries, etc. But what happens if that suddenly doesn’t work for some reason? Is there a backup?

    Thinking through what I’ve been hearing, and observing the spate of banking network shutdowns, I am becoming increasingly concerned with the question of “What happens if we no longer have cash (or cash is eventually no longer ‘legal tender’) and our bank shuts down on a weekend?” What’s our backup? Four different Bank cards?

    Thinking further, what if other events led to a nation-wide shutdown of ALL bank networks? Maybe this “preppers” stuff I read about has something going for it. Just how big a storehouse do we need for our cans of baked beans and water? (i.e. how long could such an event go on for once started?) I’ve heard of single bank networks being unavailable for “a few days” at times – what if it were for a week or more? And what if it were ALL banks? Hmmm.

    What are others doing in this regard? Is the departure of cash a major hazard? Or am I over-thinking things?

    Benny

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Everyone would pay tax! (Restaurants would go out of business)

    Actually not everyone – some will barter. Bartering might even make a bit of a come back.

    Yesterday or the day before CBA network was down, but all you would have to do, as a consumer, is to use another card from another bank. It would be harder for shops and those taking money though.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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