VISA’s War on Cash

Рет қаралды 73,045

8 ай бұрын

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It seems like more and more retailers are going completely cashless these days, only accepting cards and digital payments. But is that even legal? I mean, it says on the bill, “This note is legal tender for all debts public and private.” In today’s video, I’ll explain why some stores are going cashless, why it’s totally legal, and what you can do about it.
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George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
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Пікірлер: 554

@birdsaloud7590 8 ай бұрын

A pub in England recently stated it will only accept cash from now on. It worked out it was spending an extra £400 per month in fees to plastic card companies. So now, the money saved by not paying these fees, has employed an extra member of staff.

@dyates6380 7 ай бұрын

That's GREAT for the pub, but an inconvenience for the patrons. I would think they'd just charge the 3% or so on the credit card to people paying with cash. Also, that's just advertising to robbers that the place is full of people with cash. Personally, that makes no sense to me as it only benefits the establishment. I go to a dentist who adds the percentage when I put it on my card; it's a little off putting, but it's only twice a year and it totally about three bucks.

@llamasugar5478 7 ай бұрын

But the net result is still more money for the card company, and less in the patrons’ pockets.

@talyahr3302 7 ай бұрын

That makes no sense. A staff member making £400 per MONTH? They probably lose more than $400 in business since you're limited by the amount of cash you have in your pocket, but can continue to swipe your card. Every business handles the fees just fine, including small ones, but this pub was so cheap they saved a whole £400 to remove convenience and spending for all their customers 😂 Reminds me of that cheapskate show where they save a whole nickel by never flushing their toilet or something. 😂 Both have pros and cons. I dont support going completely cashless and I don't support only cash. Especially when you're serving the general public, everyone has their own preference and I hate being forced into only one either way. I don't support those types of businesses on either side.

@christinehopping 8 ай бұрын

When I use CASH, I spend less. When the water pipes under the house broke, I called several plumbers who gave me repair costs $1700-$2500. I said I pay cash. Many offered financing (debts). I said no debt no way. One smart plumber said he'll repair for $500, so I paid $500 + $100 tips. I can afford to be generous when paying CASH is KING!!!

@SMincy25 8 ай бұрын

Agree cash is King and always will be.. Don't get caught without it.

@markbajek2541 8 ай бұрын

I doubt that plumber is reporting that job as income on his return. But that's why we have around 2 trillion in GDP per year in the underground economy.

@NotADoctor330 8 ай бұрын

@@markbajek2541and people underreporting are not paying taxes, which inevitably costs those of us who do pay taxes more (and can contribute to inflation, but not to the level of recent years).

@ratracerugged7413 8 ай бұрын

Cards quicker? Have you been in line behind the person who can't get their card to work when all you want to do is buy a soda? Nothing more annoying.

@jameskelson1891 7 ай бұрын

I guess you realize that the discount is due to income tax fraud by the tradesman?

@ArmadilloAl 8 ай бұрын

Of course stores want to go cashless. People spend way more money when they're not constrained by silly things like "how much money they have" and can just swipe a piece of plastic and spend made-up money instead.

@adequatequality 8 ай бұрын

And let's not forget the interchange fee these places will now have to pay to those payment processors for more cashless transactions

@bradzeigler 8 ай бұрын

Another benefit to paper cash: shops can't flip the tablet around so you can "answer a few questions" in an attempt to extort a tip out of you for a transaction that doesn't warrant a gratuity.

@jasonrodgers9063 8 ай бұрын

Good point!

@mitchell.9632 8 ай бұрын

And the service survey questions and or an advertisement will probably be common in the future too before you to get to the checkout screen.

@mistiinseattle 8 ай бұрын

exactly. And I have started paying cash for a lot of transactions for just that reason.

@abbyxiong3931 7 ай бұрын

I don't tip using card.

@ShroomFactory 5 ай бұрын

There's a restaurant in Chicago that charges a fee if you use cash.

@matthewdurkee5673 8 ай бұрын

I don't shop anywhere that doesn't take cash. Its a lot easier to budget when you pay with cash . I separate the bills at the beginning of the month for where it all needs to go .

@Bidenlost2020 8 ай бұрын

Good on you! More of us must follow suit.

@scarling9367 8 ай бұрын

I do the exact same thing all on my card. Much easier that way for me.

@jeannemcmillintwinlakeses3767 8 ай бұрын

I was ordering my new flooring a couple of weeks ago (over 9 grand) and was going to put it on my charge card then go home and transfer the money from my savings to the CC. The owner of the business asked if I would rather pay with my debit or write a check because the fees on that 9 grand was going to be about $700!!!!! Needless to say I came back the next day with my check book. I was so happy she gave me the option to use "almost cash" since I had the money anyway.

@cjhoward409 8 ай бұрын

We always ask places if they either give a discount for cash or they charge extra for using plastic. We bought tile at a discounted flooring place and at their counter they have noted that a 5% discount will be given for paying with cash or check 👍🏻😊

@reubenmorris487 7 ай бұрын

You don't have a problem with overspending. Your experience is exactly how you're supposed to use money.

@Mortalnomad 8 ай бұрын

Imagine if we went full cashless, and vendors started charging fees for small purchases. I tried buying a soda at a store for 1.00 but they had a 5.00 minimum for cards.

@aspensulphate 8 ай бұрын

You would think that if stores were concerned about robberies, they would be more proactive about shutting down shoplifters.

@merandasomnolentgamer8323 8 ай бұрын

It's not just fees. EVERYONE is making a LOT of money off our data and there's no data to sell if you're paying cash.

@davegiddings2545 8 ай бұрын

This person gets it.

@atlfun08 8 ай бұрын

Yes, The data harvesting is ridiculously annoying at this point

@scruf153 7 ай бұрын

that is what they want data they want to track our every move

@abbyxiong3931 7 ай бұрын

So true.

@ShroomFactory 5 ай бұрын

There's still plenty of data - your phone and its apps are tracking your every movement and store you go to.

@nunya4815 8 ай бұрын

Government agency’s have refused cash payments. Also going cashless makes it easier for governments to track all your purchases

@frequentlycynical642 7 ай бұрын

For good reasons. I can't pay my property taxes with cash if I wanted to. There is no way an office could have a safe way to do cash transactions and have amounts on hand to make change for what can be many thousands of dollars for one property.

@grizzlygrizzle 7 ай бұрын

@@frequentlycynical642 That doesn't make sense. The largest bill is $100, so the maximum amount of change for any transaction would be $99.99. And tax offices don't have that many transactions.

@davidhoward4715 7 ай бұрын

nunya4815, it is because you paranoid conspiracy nuts muddy the water that we cannot make a unified stand against the "cashless society".

@frequentlycynical642 7 ай бұрын

@@grizzlygrizzle Dang, you are correct. But then the tax collector would need all the security precautions that a bank has, vaults, guards, armored cars. Just write a flippin' check or put it on your Visa.

@src4409 8 ай бұрын

I live in a rural small city in south Georgia. You get discounts on gas for paying cash and most businesses add a percentage to your bill if you pay with card. So it's so much cheaper to pay with cash.

@brucemiller1696 7 ай бұрын

My dentist gives big discount when i pay cash.

@jeremygodwin415 8 ай бұрын

As a business owner, I pay 3.75% in processing fees. I own a coffee truck and my transaction sizes are small. Processors require 10 cents and a 2.6% rate. This is a common problem/hurdle in the entire coffee industry.

@abbyxiong3931 7 ай бұрын

I love getting coffee from a small business and I usually tip in cash.

@myaccount9498 8 ай бұрын

Australia has had a major telecommunication provider outage today + anyone who didn't have cash, was up the proverbial creek!

@AvalonMisty 8 ай бұрын

thanks for sharing this helpful news

@gathercreatelivewithleslie8340 8 ай бұрын

The fee is enforced on customers for the "privilege" of using the card. So what happens when the government doesn't like what you're doing or saying, like in Canada and they freeze access to your account and you have no cash at home to purchase anything. This needs to be fought against. They also know people spend a lot more when they don't use cash. They want to make it seem like, well when everything goes digital we can eliminate drugs etc and illegal transactions, nope, they will just do venmo or square etc. It's a way for the government to track and control every way you can spend and know what you buy. Also you kids can't earn easily, now they also have to file.

@willelliott5052 7 ай бұрын

I just spent a considerable amount of money on Amish furniture. Upon asking, the store would not agree to a cash discount. So, they paid the card fee and I took the modest card rewards. They should be wiser than that.

@frequentlycynical642 7 ай бұрын

Their choice.

@vittoriaconn958 8 ай бұрын

Visa: "Cashless means freedom and convenience for customers and merchants!" Reminds me of health insurance pre-authorizations, which have resulted in actual death: "We do this to eliminate unnecessary procedures for our members!" In both cases, it's all about the corporate bottom line ONLY. Whole lotta gaslighting going on.

@ccmusic2249 8 ай бұрын

That processing fee is not insignificant. I've done the math with my small business. Cashless only makes sense if you have high volume. That's a decision only businesses can make. On a side note, a cashless society is a terrifying thought and unfortunately, if we leave our leaders to their own devices, it will become a reality

@tonycrabtree3416 8 ай бұрын

^^ I used a processing company for recurring payments and they took 6% of bank transfers and 10% on credit card transfers. I always preferred cash, but I just didn't want to be seen as a collector of money from my clientele.

@kasession 8 ай бұрын

My hairdresser is a one woman operation. I've always paid her in cash. Some years ago, we had a conversation about her taking credit cards. I mentioned to her I didn't think it was a good idea, because she didn't have the volume for it. No more conversation about her taking credit cards.

@barexampasser 8 ай бұрын

If a business doesn’t accept card or charges me a fee for card, I always 100% without a doubt do not spend money at that business.

@kasession 8 ай бұрын

@@barexampasser If you pay with a card, there is a fee. You're not paying it. The business that you are using pays it. If they charge you $100 for an item, the business gets maybe $98 and the card company gets the rest.

@tduck828 8 ай бұрын

Not always. I know several restaurants in my area that charge that fee directly to you.

@TrainerAQ 7 ай бұрын

There was a time I couldn't pay cash at airports. As a pilot I got annoyed at this cause I couldn't get change to give tips to my drivers. It was a challenge for a while!

@theadvocate3006 8 ай бұрын

Watch for those 'processing fees" that will ultimately be passed on to the buyer 👀

@YaYousef5 8 ай бұрын

Yep. Interchange fees, which can reach up to as high as 4%, are transferred to customers regardless form of payment. That means people who pay cash suffer the most because the prices of all goods and services are raised to take care of the fee. What's the interchange fee used for? 1. Profit for the CC companies and 2. To pay for customer rewards. Those points and miles you get from credit cards? It's a gigantic illusion, because if you're making 2% cash back but the prices of all goods and services are raised by 4%, you're effectively paying 2% more. It's 100% BS and feeds off of poor people because 60% of households who make less than $30k a year use cash. Feeding off of poor people to pay for rich people rewards.

@johnathin0061892 7 ай бұрын

@@YaYousef5 "Rewards" credit cards are the trading stamps of the 21st century. Fools think they are getting something for nothing, but are really paying for it in the increased cost of what they buy.

@PleaseReadMyComment 8 ай бұрын

Yes go cashless! That way central banks can lock you out of your own money if you have unpopular opinions like those pesky Canadian truckers

@LegacyAirTech 8 ай бұрын

They can already do that if you only use cash, noone keeps their savings under the mattress you still have to go through banks to withdraw cash or use a debit card

@adambaumeister2376 8 ай бұрын

@@LegacyAirTechspeak for yourself a lot of us have large sums of cash in safes at home

@buckibanker 8 ай бұрын

@adambaumeister2376 then they slowly or quickly just devalue that cash

@motoryzen 8 ай бұрын

@@LegacyAirTechspeak for yourself

@tonycrabtree3416 8 ай бұрын

Justin Trudeau just checked into the chat!

@dkstudioart 8 ай бұрын

Luckily every store I frequent accepts cash which is my preferred form of payment. Another reason stores want to go cashless is it's easier to automate and get rid of cashiers.

@scruf153 7 ай бұрын

just think if all those so called out of date jobs came back

@rhaythe 8 ай бұрын

Around my area, there's an incentive to going to cash. Instead of raising prices, restaurants are charging a "convenience fee" for debit/credit card swipes. Cash bypasses that entirely.

@Wrencheasy 8 ай бұрын

That’s not legal in many states. Mine for example. The laughable part is that the state institutions charge the fee but don’t allow private businesses to..

@YaYousef5 8 ай бұрын

Yeah and more businesses should do that! Because the interchange fee feeds off of poor people to pay for rich peoples' rewards. Instead of raising the price of all goods and services to cover the cost of the 4-5% fee, which affects everyone including people who pay cash (60% of households that make less than $30k a year pay in cash), it's better to charge people who use rewards cards!

@scarling9367 8 ай бұрын

@@YaYousef5Interestingly, businesses never adjusted prices when fee limits were imposed on debit cards. Businesses won't be passing on any savings to anyone.

@tomr9074 7 ай бұрын

North Carolina allows a surcharge and I am beginning to see it more and more. I am going to start carrying more cash and save the 3% surcharge.

@tspencer661 8 ай бұрын

Thank you for mentioning that many people in the US don’t have bank accounts. Too many people are unaware of this. It’s impossible to make online purchases without a bank account.

@frequentlycynical642 7 ай бұрын

Recent news stories shutting off often long time customers because of "red flags." Ironically, consistent and frequent cash deposits, working in adult or marijuana businesses, etc. So suddenly you have no way to pay for things with a cashless society.

@tspencer661 7 ай бұрын

@@frequentlycynical642 I’ve known people who have never had a bank account for various reasons.

@camh3958 8 ай бұрын

Don't forget what the Canadian government did to protesting truckers. Cashless means more government surveillance and control. Support the "wrong" side and lose your ability to purchase food for your family.

@portnera 8 ай бұрын

What will they do when they have no electricity to process their payments?

@warrentrout 7 ай бұрын

Can't do it with cash either. The registers won't work

@portnera 7 ай бұрын

@@warrentrout yeah heaven for bid they learn how to count lol

@nathanwardlow1342 7 ай бұрын

@@portneramuch more than counting. If their system doesn't allow for manual inputs on sales. Inventory is off sales tax is incorrect product will go bad quickly with doors opening and closing.

@cashflow68 8 ай бұрын

Thats the main reason I bought Visa and MasterCard stocks when it first came on the stock market. I smile every time someone uses their cards. Cha ching. If you can't beat them, then invest in the companies.

@victorblas3483 8 ай бұрын

I RARELY carry cash, mostly card for me. I have a friend that is super paranoid with cards since she's been hacked two or three times so now she does the cash envelope thing. Always pays with cash.

@clwest3538 8 ай бұрын

Yep, Had a friend have her debit card hacked and her account cleaned out - took her over 6 months to resolve the issue ... she had to borrow money to cover her living expenses that month and she changed banks (was a national bank). Everyone says you can resolve issues in like 30 days - yeah, not if you're a poor peon working a 'regular' job and not wealthy ....

@elcheekoful 8 ай бұрын

See I'm the exact opposite. It scares me to carry cash. I know one timemy dad had 500$ cash in his wallet. Dropped it inside Walmart. The security cameras couldn't see in that location. My dad NEVER Got his money back. So safe to safe. It scares me to carry cash.

@MetroJet2000 8 ай бұрын

And I got mugged on the street. Lost the cash in my wallet but the bank flagged the attempt to take money off my card and stopped it.

@eileeneclark9011 7 ай бұрын

11/20/23...I use CASH to TIP FOR GOOD SERVICE... RESTAURANT WAITERS/WAITRESSES....COFFEE SHOP PPL... DONATIONS TO VARIOUS SMALL CHARITIES LIKE LOCAL LIBRARY "LATE FEE" + "DOG POUND" CONTAINERS....

@Totalyrediclous998 8 ай бұрын

I can tell you that in WA state in 2025 all business will again have to accept cash unless they can prove they are a target of theft because of the type of business they do.

@stephaniefubi 8 ай бұрын

Easy fix - open every product you intend to purchase before leaving the store. Now, it’s a debt, and every business must accept cash for payment of debt.

@marusholilac 7 ай бұрын

If I eat a restaurant meal before proceeding to the cashier, don't I have a debt?

@JoBamium 8 ай бұрын

I remember hearing of some businesses, usually small ones, charging for card transactions. Also the fact that the Government charges for using a credit/debit card makes me use cash every time to perform my car registration. 20$ compared to 21$, oh no won't earn that single dollar just for offering "convenience".

@johnconner8437 8 ай бұрын

Boycott cashless establishments. No to the nwo

@davidhoward4715 7 ай бұрын

The NWO? really? I remember when trolls had some imagination and wit. Now you’re just swivel-eyed crackpots peeing in alleyways and shouting at the wind.

@eldersprig 6 ай бұрын

I need ice cream from that cashless place

@JakeTerch 8 ай бұрын

Cash is ideal for bars and restaurants that would normally charge a fee for processing card payments. It’s also fun to save up the coins you get back as change for a future vacation or college fund for the kids!

@Muchacha2024 8 ай бұрын

My change becomes vending machine money. 😂 I guess I must still be 12. Lol.

@hellosaysandrew 8 ай бұрын

Having change actually annoys me, I won’t lie lolol. 😅

@zzzarkka 8 ай бұрын

One of the most annoying things for me as a server is someone paying their $17 lunch tab with a $100 bill. I love hearing “ no change” That’s just one tab out of 15 elderly woman.

@scottshapiro2795 8 ай бұрын

You could use a rewards credit card or a cash back credit card for vacation or college fund. But you do need to be careful you don't overspend. If you don't, that could be a good substitute for saving your change.

@Mind_Breach 8 ай бұрын

How big is the room where you are putting the excess change because you are going to need a large one for a college fund for kids or a vacation.

@melissalee1709 8 ай бұрын

I've been to several stores lately that thanked me for using cash. One store even lowered the price of some chocolates so I could use the cash I had left and not my debit card. The shop was a small Christian-owned shop in a mall. I do love to use exact change when able to speed up the process.

@takecare5077 8 ай бұрын

How many millions did you say in a earlier video had their identity stolen last year alone? *To say theft only occurs with cash is not the full story it occurs digitally too!*

@You-Be-The-Judge 8 ай бұрын

Don't kid yourself. The cost of the processing fee is passed on to the consumer either through higher prices or like they do here they simply add it on to your check if you are not paying with cash. 1:15 Since George said I could hit the like button as many times as I want I hit it twice. Try it see what happens 😁 1:46 To combat them only wanting cards because of faster service you could pull out cash and then when they say they don't take cash slowly put the money back then fumble getting a card out etc. 😜

@JustenHarden 8 ай бұрын

As a gigging musician here in Nashville, I still love & use cash often. Crazy that the Publix self-checkouts don’t accept cash anymore.

@frequentlycynical642 7 ай бұрын

Nor crazy. Too difficult.

@evanhermiston7588 8 ай бұрын

i agree that in Target i dont owe a debt. i am free to put the item back on the shelf but....at a restaurant I have eaten and drank before a bill arrives. i cannot return what I have consumed so I would say a debt exists. and if cash is legal tender for any debt.....well..... and if you want to say no its not a debt....well, thanks for the free meal

@PhantomMagician1846 8 ай бұрын

good point

@davidlundy5007 7 ай бұрын

If our government does away with cash then all the credit card companies should be government regulated and interest and fees should be done away with.

@Reidh77 7 ай бұрын

As a service industry worker, I appreciate you pointing out that it's bad behavior to complain to workers about policies that they're being told to follow.

@krashanb5767 7 ай бұрын

No it's not. As an employee, you are representing your company.

@Reidh77 7 ай бұрын

@@krashanb5767 I guess you're technically correct. However, it is rude and poor decorum. Why would you yell at a server about a price increase when you can just ask for the manager to air your grievance? Would you be worried that you might embarrass the people with you if you were to do that? You probably should be.

@krashanb5767 7 ай бұрын

@@Reidh77 and how did we get from complaining to yelling?

@alan_clough 8 ай бұрын

Why any business would trust the cc companies in 2023 is beyond me.

@servantrose 8 ай бұрын

everyone (in general) is in for money, greed, progress. and we are to the point of stupidity, lack of compassion and a reality-based future prospective

@YogiTheBearMan 8 ай бұрын

Because they’ll go out of business if they don’t accept credit cards

@alan_clough 8 ай бұрын

@YogiTheBearMan accept I get, but exclusively cc seems like a recipe for disaster.

@brainslag4200 8 ай бұрын

Love how in the graphic they say Food Truck makes $25K a month and then show the yearly credit card fees of $7500 and not the $625 that would match up with the revenue number.

@oliviafox6745 8 ай бұрын

If you listen he does say that much is per year, but you're right about the graphic.

@brainslag4200 8 ай бұрын

@@oliviafox6745 yes, they do say it, but not showing it in the graphic is very disingenuous. And frankly putting them both monthly or both yearly is what they really should’ve done.

@mbengambenga-xi6dp 7 ай бұрын

One time I think I lost $2000 cash I put in some books. This makes 2% credit card charge seem small, I could charge $10,000 for 10 years and not suffer such a loss. . . Cash is risky.... Yes out of control debt is bad, us humans be dumb.

@olivewoo522 8 ай бұрын

I saw a video where someone paid with a two dollar bill. The cashier and manager didn't believe it was legal tender. 🙄. My mechanic is a small business and paying cash is better for them. A small business dentist gave me a large discount because I paid with cash. I think it was $6000 and with cash I paid $5500

@mistiinseattle 8 ай бұрын

my dentist gives 5% discount for cash

@frequentlycynical642 7 ай бұрын

They give you a discount because they aren't reporting that income. They're cheating.

@frequentlycynical642 7 ай бұрын

@@mistiinseattle Because he'll save 30% on cheating on his income taxes.

@lanceroparaca1413 7 ай бұрын

@@frequentlycynical642good. F the government

@kasession 8 ай бұрын

A number of small businesses in my county offer 'discounts' if you pay in cash.

@brianmallet2298 8 ай бұрын

I always pay plumbers, hvac, electricians, etc. in cash. They always offer a discount with cash if the project is big enough

@jamesodell3064 7 ай бұрын

$160 billion in processing fees works out to almost $500 for every person in out country. The funny thing is that paying by check costs the bank more money then using plastic, yet they charge the merchant more for accepting plastic. I pay nothing for depositing checks for my business.

@mattcollins4550 8 ай бұрын

The government hates cash too. They want it gone. That being said cash should always be an option, but the reality is that if you don't use a credit card then you are subsidizing everyone else's points.

@Frosty2014 8 ай бұрын

Thanks for updating us all George and team and for the great content!! God bless all!!!

@markbeiser 4 ай бұрын

I feel like part of the reason some places are going cashless is because they can't find clerks that can give correct change, even though the machine tells them how much change to give...

@jakeforrest 7 ай бұрын

Where I come from, denying cash is illegal !

@doug6259 8 ай бұрын

Some restaurants charge more for using a card in which case I always use cash

@mikecalhoun8497 7 ай бұрын

Some places of business are passing along the fees on to your bill if you use a credit card. I've seen this many times at restaurants, on price for cash and a higher one for credit.

@debthomas8799 7 ай бұрын

I work with adults with developmental disabilities. Most of my clients do not have a credit card or debit card, they use cash. It limits where they can go and what they can do due to more and more businesses not taking cash.

@suzieq6252 7 ай бұрын

I enjoy your videos. Some don’t even pertain to my circumstances but I just enjoy. You give advice in a kinder and funny way. Not belittling and rude and conceited as others. Thank you

@Simonb1977 2 ай бұрын

When a foodtruck takes cash, they don't always register each purchase. They take out the cash and not pay taxes on those unregistered purchase.

@ShortyCatRamblings 7 ай бұрын

I prefer to pay cash when I can and definitely try to pay cash at small businesses so they don't get stuck with the fees. I know it's become common to pass those fees along to the customer but I really hate that too because it's the cost of doing business if you accept cards. I used to pay with a card for everything but I do think it's helped reduce my spending to use cash.

@MalluStyleMultiMedia 8 ай бұрын

I used to work in a gas station in south side Chicago when I was a teenager .. it was so hard to take all that cash to the bank .. it was mostly coins and dollar bills .. so imagine how big $20k would be in small bills and coins 🤯

@racerx6 8 ай бұрын

No are garage sales, no more flea markets, no more cash discount deals from contractors....sounds great.

@Lcshell 8 ай бұрын

I am definitely not for going to a completely cashless society. However, it actually makes things so much easier and simpler when either hosting or shopping at yard sales (think Venmo, CashApp, Zelle etc). Same for flea markets, pop up shops, etc. (where vendors are actually supposed to be collecting and reporting sales tax by the way lol). Nobody has to worry about stocking up on change and cash just to have a yard sale. People can usually still pay with cash, but prices may need to be tweaked to accommodate the “no change available”

@scarling9367 8 ай бұрын

What are you talking about? There's plenty of ways to deal with that stuff. Square, PayPal, venmo, etc.

@racerx6 8 ай бұрын

@@scarling9367 oh I see, then there is a an electronic copy of all the transactions for the IRS to follow up on. Great idea.

@lorijharman-runyan6433 8 ай бұрын

@@scarling9367 For me, using all of these apps are too much work. I'd rather not have to sign up for all of these accounts. Please, just take my cash.

@markbajek2541 8 ай бұрын

Cash businesses have a tendancy to fudge their IRS numbers or not report a percentage of their sales/jobs/tips etc.

@joshhoward1289 8 ай бұрын

Great content George and team.

@TheFirstRealChewy 8 ай бұрын

A big reason to go cashless is that you can do more with less, so less employees.

@ShroomFactory 5 ай бұрын

Less employees means more profit. Companies have to make a bigger profit every year - especially if they are publicly traded.

@judopanda7169 8 ай бұрын

Your content is informative and entertaining!

@AlexandriaBozza 8 ай бұрын

Does anyone else come to this channel primarily for the humor?

@nutandboltguy3720 7 ай бұрын

On the flip side I know of 3 businesses that are anti credit card: Taco Casa on Airport Freeway in Irving, TX gives a discount for paying cash, CDC Surplus on Beltline Rd in Richardson, TX is cash only, and The Project Lounge in Biloxi, MS is cash only and has awesome cheeseburgers with the right amount of dive bar atmosphere. You’re welcome.

@logankillingsworth8725 8 ай бұрын

In soccer/football they refer to the field as the pitch.

@BachBeethovenBerg 8 ай бұрын

Here in Massachusetts both Fenway Park and Gillette Stadium are cashless. They skirt around the state law that requires them to accept cash by providing reverse ATM machines which allows you to submit cash and load up a prepaid Visa or MasterCard

@frequentlycynical642 7 ай бұрын

For a fee, no doubt!

@DoingitWrongDG 8 ай бұрын

I'm using my cash to buy Visa stock. Not sure where that leaves me.

@jasondima1411 8 ай бұрын

I love the home alone scenes!! Keep them coming!

@davelk1995 8 ай бұрын

Glad yo hear you like our new soccer field, I've been to over 20 games in the last 2 years.

@giantpune 2 ай бұрын

5:49 Did I hear a Wilhelm scream tucked in there?

@linda7345n 7 ай бұрын

Really good info on what's behind all this cashless nonsense. Other than that, I wonder if George does stand-up on the side. He's quite funny.

@gofigure84 8 ай бұрын

A business is better off taking cash because it saves the processing charges. But we live in a world where people believe in a magical mythical thing called good debt.

@LegacyAirTech 8 ай бұрын

This is only true for small businesses who dont sell lots of items. Businesses make WAY more money on people who buy way more than they can afford on a credit card rather than being limited to the cash they have on hand

@Enrique-Garcia 8 ай бұрын

It depends on the business. If you're in bigger ticket items, customers are more willing to buy from you if they can charge it to a card.

@gofigure84 8 ай бұрын

@@Enrique-Garcia I figured that would be a given and my point would be understood within reason.

@gofigure84 8 ай бұрын

@LegacyAirsoft this wasn't about credit card use. It was about having to A card debit or credit vs cash. If a customer can pay cash it is better for the business because of processing fees to take it.

@gofigure84 8 ай бұрын

@exentertainment then again I have seen people pay $10k plus in cash as down payment on a vehicle. Have even seen people pay in full, with cash money for a vehicle.

@habbadabbado5765 7 ай бұрын

Restaurant nearby charges 5% more credit card purchases.

@andromedach 8 ай бұрын

going cashless lets them force tips

@wyntyr_7096 8 ай бұрын

Try to get food, fuel, or lodging when there's no electricity...

@mjordan812 7 ай бұрын

It needs to be noted that the processing fee is imposed by the merchant's bank, NOT Visa. Visa's cut is a flat per-transaction fee.

@JosiahK555 8 ай бұрын

all part of moving to CBDC, dave wont admit there is a problem though, he doesn't know what's coming, no cash means total control over what you buy, and with CBDC they will have perfect control, getting rid of cash is just the first step.

@mitchell.9632 8 ай бұрын

To echo off your comment: Hello negative interest rates if getting rid of cash happens.

@lindaparks4486 8 ай бұрын

I've been in store where the card reader is down. If cashless...will sales do the same?

@marusholilac 7 ай бұрын

I did the cashier a service. My only recourse would have been to take up the matter of the 51 cents in incorrect change with the manager. The cashier might lose the job, which is why I also never, ever, fill out questionnaires about any service I received. Everybody needs a job and not everybody in any profession is suited to it. Also, I'd say that about half of all my grocery trips involve an error at checkout. Some are the fault of the person placing the shelf tags, some the data entry people, and some the cashier. No reason to single out the cashier for a demerit.

@RenzoRosales_FL 8 ай бұрын

That "America" clip with the helicopter was missing the iconic ending, a bit sad it wasn't included but I know this is a family-friendly show. Great content!

@CMoore-Gaming 7 ай бұрын

I work on cash recyclers, when cash gets to a certain level managing cash becomes costlier than paying fees.

@patrickabernethy2970 8 ай бұрын

When you use cash the person behind the counter probably was never taught to make change. Sad our school system has quit teaching our kids such a basic life skill.

@markbajek2541 8 ай бұрын

Yep most of em could't count up from the amount to the amount you are giving them

@johntracy72 8 ай бұрын

That's what happens when the three R's are deemed outdated and unimportant.

@marusholilac 7 ай бұрын

I recently tried to make a $10.49 payment by offering $20.49. I half expected the cashier's head to explode like in a cartoon. I got more than I was due in change but had wasted so much of the customers' time behind me that I just took the money.

@frequentlycynical642 7 ай бұрын

I manage a thrift store. Turns out a GenZ thought a quarter was worth fifty cents.

@frequentlycynical642 7 ай бұрын

@@marusholilac Nice rationalization for cheating the cashier. The difference will come out of his/her pay.

@jesseparker2656 8 ай бұрын

The first time i encounter cashless payment only was at the gift shop at the "Field of Dreams" home film location gift shop. The gift shop is inside their barn, lol.

@josephsantangelo2801 8 ай бұрын

Small business don’t have to worry about having change or being robbed or being stolen from.

@mitchell.9632 8 ай бұрын

I believe small business get their bank accounts broken into digitally too. Still have a headache of not known where in the world you got robbed from.

@Alexjohn440 8 ай бұрын

BUILDING WEALTH INVOLVES DEVELOPING GOOD HABITS LIKE REGULARLY PUTTING MONEY AWAY IN INTERVALS FOR SOLID INVESTMENTS. FINANCIAL MANAGEMENT IS A CRUCIAL TOPIC THAT MOST TEND TO SHY AWAY FROM, AND ENDS UP HAUNTING THEM IN THE NEAR FUTURE. PUTTING OUR TIME AND EFFORT IN ACTIVITIES AND INVESTMENTS THAT WILL YIELD A PROFITABLE RETURN IN THE FUTURE IS WHAT WE SHOULD BE AIMING FOR.

@PierreRene008 8 ай бұрын

Assets that can make one successful in life

@PierreRene008 8 ай бұрын

1...forex 2...stocks 3...shares

@dinisluis76 8 ай бұрын

But i don't know why people remain poor due to ignorance

@dinisluis76 8 ай бұрын

Forex is profitable and lucrative investment online

@jackadalson 8 ай бұрын

Natural, there's a lot of math involved in forex trading. but this is often presented in forms of daunting technical charts, indicators, patterns.

@juanaboynkin1196 7 ай бұрын

I do not any restaurant that doesn't have a paper menu or only wants me to use my card.

@robertsteinbach7325 7 ай бұрын

Another reason, there are a few cashiers that are having difficulty making change and some businesses stock too little change (dollars and coins) to make change for large bills.

@robertewalt7789 7 ай бұрын

More than a few cashiers. Most cannot calculate the change in their head.

@canchadhandlethat872 8 ай бұрын

You know who will never go cashless...? Casinos

@grateful. 8 ай бұрын

They could have a tap to pay on there machine than it ask how much you want

@Jazna1 7 ай бұрын

I keep $500 cash in a drawer in case of emergency (e.g., multi-day major power outage) but I never carry cash on me when I go out. I used to give away too much money when I carried cash -- I couldn't walk by a panhandler without handing over a $20 bill. During Covid a lot of places wouldn't take cash and now I'm used to it. I don't like a lot of technology but I love my credit card.

@justafryguy 8 ай бұрын

Here in New Jersey a lot of vendors are charging the customer the credit card fee for paying with card…so most rather take cash.

@Redjman66 8 ай бұрын

I carry $10-20 cash just in case. I may use that once or twice a year for those few places that don't accept digital currency

@lisak6321 8 ай бұрын

And I don't have to necessarily shop or eat at locations who refuse cash. And I spent my childhood praying for all berries in CaptN Crunch and 50 short years later, sweeeet reward! I prayed for more marshmallows in Lucky Charms too, you're all welcome. Thanks for the insight George.

@buzgnat 8 ай бұрын

I'm from the UK, but was I was in New York, it seemed the transaction fee was added to the price for card payments. Is this the same throughout?

@MCP647 7 ай бұрын

The processing fee is what feels wrong about not accepting cash. Paying a 3rd party for the privilege of paying is just wrong.

@jessejustsick 8 ай бұрын

"Following stupid rules made by stupid people" sums up most of my life lol

@wickedbird1538 7 ай бұрын

😮😮I got my hair cut today at a CASH ONLY place. (They are next to a bank branch). Last week, I went to a Mexican Restaurant that charges 3% fee for payment that is not CASH.

@jamesbarton1969 7 ай бұрын

That message was from when federal reserve notes were created as an alternative to specie (metal coins). There was a reluctance to accept the paper money since prior to this paper notes were issued by banks which occasionally failed making the notes worthless. You can pay bills with coins which lack the message even though coins are no longer made with precious metals.

@scruf153 7 ай бұрын

the power goes off all the time stores will put up sines saying cash only or close down completely

@jimmyhvy2277 7 ай бұрын

My Local Council refuses cash !

@mitchell.9632 8 ай бұрын

Optus just was down for about a day. That doesn't even count what doesn't make the news of people getting their card (or phone app in Aussie land (and declines happens elsewhere too)) declined, that was just a system-wide failure.