Cashless society

[Value Collector]

and that could bring about a smashed side window, not so long ago

Oh yeah, for sure. But It can’t be seen, I am not silly enough to leave attractive items visible, it’s under the armrest thing that goes up and down.

 

[Value Collector]

You are probably not worth wasting any more time on this matter. However, just to finalise it from my side, it has around 1.7m banking clients - personal, wealth management and business. A few hundred or so leaving at any one time will not have any impact at all as they will be replaced by other clients.

Always keep in mind despite what one may think none of us are special in any way or "I'll show 'em" by taking business elsewhere will have a detrimental outcome for the organisation.

Anyways, chat away.

True, and the “I get paid in cash, and store it under the mattress” type of people probably aren’t the customer the banks want anyway.

 

[Belli]

I might invest in MQG (I have) but always found they are the banks for the suckers and are greatly helped by bribing Financial advisers, or BC management rotten companies.
Only got a few TD, investment account etc when I was green and dumb arriving here
No surprise they are a success .
Have never been competitive for me

The one benefit I've found with Macquarie is when using its Authenticator the daily limit for moving funds via EFT is $100k per day (BPay it's unlimited I believe.) It was handy with the SMSF account and the personal one as the transfer was instantaneous. I've had to shift more than that at one point and it was easy to get a temporary increase in the daily limit. However, I haven't tried the same with other financial institutions. The amounts of money moved is astounding. Multiples of the level of money held in ATMs.

But at least it's convenient spending all your money.
Like handing over a $50 note is hard.

Withdrew cash ($100) at the beginning of November. Still have around $80 left. As for using a debit card I don't spend much really (I'm single). I topped up the card with a couple of hundred last week and I reckon that'll last me probably until sometime early January. It's no drama though when the financial institutions are with Osko. The transfer, within the stated limits applied by the bank, happens instantaneously no matter the time or day of the week. Easy as should you really need funds.

 

[Dona Ferentes]

okay, this is interesting.

so, how are big transactions done these days?. ... car purchases, property settlements . clearly not EFT

 

[divs4ever]

Same I have never been pick pocketed, but also never been electronically scammed either, common sense can save you in both regards.

never had an activated credit or debit card .. avoiding those scammers has been easy

now they may have got my Medicare details , but better them than me overdosing on the prescribed medicines

but desperate times for some is coming .. an ounce of prevention is easier than filling out another insurance claim

 

[Belli]

property settlements

It's almost mandatory from what I've heard lately. Also heard but cannot verify the financial institutions are doing away with bank cheques.

Online Property Settlement & Actionable Insights | PEXA

PEXA offers secure online property settlement, digital solutions & actionable insights to unlock the life-changing potential in property.

www.pexa.com.au

 

[divs4ever]

okay, this is interesting.

so, how are big transactions done these days?. ... car purchases, property settlements . clearly not EFT

painfully , try a million dollar settlement you would think the funds came directly out of the manager's pension fund ( and that WAS an EFT )

but to their credit CBA were too stunned when i took out a half mill. ( in physical cash ) to even open the door for me when i left ( unlike the manager at the new bank who still waves to me )

if i was freaking laundering money i would have been using Credit Suisse and Deutsche , like the pros do

but of course micro-managers have to micro-manage and it will speed up the destruction of the economy

i loved the time i tried to open an account with a ( bank ) check for $160K ... written by a QC just 20 metres from the branch ( and one of their prestige clients .. since it was a major legal firm ) ( surely they could have just picked up the phone and called him , the lift takes minutes each way ) anyway i recounted the tale to a former manager of the very same branch and he just rolled his eyes

you can bet the big banks will continue to aggravate small customers and get caught doing bad things for big customers

 

[qldfrog]

okay, this is interesting.

so, how are big transactions done these days?. ... car purchases, property settlements . clearly not EFT

I had to do a few big transfers this year in the 60k then as paying a house cash, some 7 figures ones..a first for a peon like me.
I actually found even the small 5 figures one with CBA were asking a lot of phone calls verifications etc.
Amazingly, for big payments, bank cheques were asked..and then to avoid/limit fees and have immediate credit, CBA recommended the use of international money transfer....for a transfer between Australian accounts..
So IMT or physical bank cheques...

 

[farmerge]

I was tapping my watch for payment for a while. Too easy to blast through a thousand $.
But that's the point. Banks, govt, business, they all churn fees and taxes.

But at least it's convenient spending all your money.
Like handing over a $50 note is hard.

Handing over a $50 note is fine as long as it has a piece of string glued to it, so it can be returned to the giver.

 

[Value Collector]

I was tapping my watch for payment for a while. Too easy to blast through a thousand $.
But that's the point. Banks, govt, business, they all churn fees and taxes.

But at least it's convenient spending all your money.
Like handing over a $50 note is hard.

It’s not the handing over the $50 that is hard/annoying.

It’s dealing with the change (especially foreign currency) and then having to make a special trip some where or go out of my way to pick up more $50 notes when I run out.

I also like my $50 notes to be sitting in the bank earning interest, while I spend the banks money and earn points.

But everyone is different I guess.

 

[divs4ever]

But everyone is different I guess.

yes we are

for instance those points help the government and police track you

not normally a big thing but governments can be very whimsical and the former neighbour who was a prolific drug abuser at the time was worried about police monitoring ( and rightfully so ) however times change and maybe he has medical prescriptions for those same abused drugs , now

today's law-abiding citizen might be tomorrow's tax-cheat or major criminal without changing his/her ways one bit

the older members among us might remember J. Edgar Hoover ( former head of the FBI ) who created dossiers to coerce and blackmail citizens but ended up being blackmailed by major criminals ( whilst still head of the FBI )

but on the marvelous adventure we are headed ( or is it Bill and Ted's Bogus Journey ?? )

 

[JohnDe]

I didn't realise that 3G will be shut down, has the federal government done anything to ensure there are no issues with the cashless system?

20 years ago 3G was launched in Australia as groundbreaking technology, enabling roaming connectivity across networks and devices. While most devices now use 4G and 5G, even now millions of devices are reliant on 3G networks and some remote regions in the country are still reliant on the tech as their only option. ​

​

It is being decommissioned to make way for 4G and 5G to take over the radio frequency bands and extend their faster coverage in a process called re-farming.​

3G shutdown could cause disruptions for business

3G networks are set to be phased out at the end of the year and businesses operating older systems need to take action to avoid operational disruptions. - PowerRetail.com.au

powerretail.com.au

 

[Dona Ferentes]

I didn't realise that 3G will be shut down, has the federal government done anything to ensure there are no issues with the cashless system?

20 years ago 3G was launched in Australia as groundbreaking technology, enabling roaming connectivity across networks and devices. While most devices now use 4G and 5G, even now millions of devices are reliant on 3G networks and some remote regions in the country are still reliant on the tech as their only option. ​

​

It is being decommissioned to make way for 4G and 5G to take over the radio frequency bands and extend their faster coverage in a process called re-farming.​

owner of a relatively new Samsung galaxy 7 Edge, I received a message that my emergency 000 link will cease at end Dec, as it is 3G .

 

[divs4ever]

I didn't realise that 3G will be shut down, has the federal government done anything to ensure there are no issues with the cashless system?

20 years ago 3G was launched in Australia as groundbreaking technology, enabling roaming connectivity across networks and devices. While most devices now use 4G and 5G, even now millions of devices are reliant on 3G networks and some remote regions in the country are still reliant on the tech as their only option. ​

​

It is being decommissioned to make way for 4G and 5G to take over the radio frequency bands and extend their faster coverage in a process called re-farming.​

3G shutdown could cause disruptions for business

3G networks are set to be phased out at the end of the year and businesses operating older systems need to take action to avoid operational disruptions. - PowerRetail.com.au

powerretail.com.au

i was aware of it , and i am sure it is all planned by experts ( at something ) especially after reducing any influence of Huawei from the roll-out

Huawei - Wikipedia

en.wikipedia.org

but then i am firmly in the pro-cash , pro-barter camp , so my views don't count in a 'democracy '

​

 

[Value Collector]

okay, this is interesting.

so, how are big transactions done these days?. ... car purchases, property settlements . clearly not EFT

I paid for my Tesla using direct deposit, and chose all the options on the website. Never stepped foot in to the dealer until I had to pick up the car.

The worker at the show room pointed to my car, and handed me an IPad to punch my Tesla account details into and the car become mine.

 

[farmerge]

I didn't realise that 3G will be shut down, has the federal government done anything to ensure there are no issues with the cashless system?

20 years ago 3G was launched in Australia as groundbreaking technology, enabling roaming connectivity across networks and devices. While most devices now use 4G and 5G, even now millions of devices are reliant on 3G networks and some remote regions in the country are still reliant on the tech as their only option. ​

​

It is being decommissioned to make way for 4G and 5G to take over the radio frequency bands and extend their faster coverage in a process called re-farming.​

3G shutdown could cause disruptions for business

3G networks are set to be phased out at the end of the year and businesses operating older systems need to take action to avoid operational disruptions. - PowerRetail.com.au

powerretail.com.au

I know that She who is never wrong has an "old" 3G mobile and loves it.
Nothing fancing just a phone without all the bells and whistles and is not getting excited about having to drop it into the bin and get a replacement.

 

[divs4ever]

I know that She who is never wrong has an "old" 3G mobile and loves it.
Nothing fancing just a phone without all the bells and whistles and is not getting excited about having to drop it into the bin and get a replacement.

having been given a new iPhone Xmas 2019 , i know exactly why ( she loves her current phone )

 

[qldfrog]

owner of a relatively new Samsung galaxy 7 Edge, I received a message that my emergency 000 link will cease at end Dec, as it is 3G .

Weird, I have an old Samsung 7 edge myself as my "new" phone, and it handles 4g?
It could be more of a location,/coverage issue than phone model?

 

[qldfrog]

I paid for my Tesla using direct deposit, and chose all the options on the website. Never stepped foot in to the dealer until I had to pick up the car.

The worker at the show room pointed to my car, and handed me an IPad to punch my Tesla account details into and the car become mine.

Did the car became yours or do you own the right to use a version of a software with attached hardware?
Anyway, getting too far away from main thread subject

 

[Dona Ferentes]

Weird, I have an old Samsung 7 edge myself as my "new" phone, and it handles 4g?
It could be more of a location,/coverage issue than phone model?

the phone is 4G, just the Vodafone Triple Zero config is 3G, I think. Cheap bastards