Quote:
Originally Posted by barahona44
I don't think the average heroin pusher is going to take American Express from their clientele.
I've been hearing about this cashless society for a long time.It's still a ways off. Especially since large parts of Europe and Asia still operate on a limited credit model.
What WILL go the way of the 8-track and black and white TV sets is the personal check.-15 years at the most I say.
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Since interest rates are climbing, I started to shop around yesterday for competitive rates for CDs, money market, high yield savings, etc. One of the better deals out there for any of the above products is being offered by PurePoint that is owned by a huge Japanese-owned financial interest known as the MUFG (Mitsubishi UFJ Financial Group). Supposedly, this is the world's fifth largest bank with assets in the trillions.
PurePoint bills itself as a "hybrid" (brick-mortar/online) bank. While they offer very competitive rates, they are very clear on one thing:
They conduct NO CASH transactions whatsoever. All transactions are either bank tranfer, wire transfer, mobile deposit or by check only. This includes withdrawals, as they offer no ATM service. Notice the blurb under the "Fund your account easily".
https://www.purepoint.com/online-ban...sit/high-yield
Mr. 44, cash will go out of style long before checks will. I can tell you some very interesting experiences I've had when making "large" (but always under 10K) withdrawals from
various banks. Some banks have even told me that the next time I want to withdraw anything over 5K, it would be prudent for me to call the day before to
order the amount needed! The excuse they give is that they don't keep large amounts of cash on hand. This is a policy that is doubtlessly in place to discourage "large" cash withdrawals.
The entire world has been and is still moving in this direction (cashless) because it is unwittingly fulfilling a biblical prophecy,( albeit one made by logical inference) in the Book of Revelations.
