Posted 09/30/2019 2:31 pm
Since I have been involved in these discussions on CCF, I have looked around me a bit more, and seen these situations.
1. I usually pay my Real Estate Tax bill in person at the county treasurer's office since it is near where I work, and this allows me to pay at the last minute if I want. I pay by check, but I see a large percentage of the in-person transactions being done in cash (for obvious reasons). Usually hundred dollar bills involved, given the size of this type of transaction. I have watched some transactions where the bills on multiple properties were being paid in cash, and seen some pretty impressive wads of bills.
2. More surprising to me, I was recently standing in line at the customer service line at a Home Depot store. The woman next to me was holding her most recent Home Depot credit card bill, and a wad of cash. WHen it was her turn, I watched the cashier count out somewhere between 8 and 10 $100 bills and some smaller notes. It hadn't occurred to me that people are paying "store" credit cards in cash like this.
3. As for there being "plenty of plastic" etc. for paying for things, the retailer pays a fee for this, and some retailers will either offer a discount for cash, or add 3% if you want to use a credit card. Gasoline retailers are one example, but I also just ordered some new windows for my house, and was told that paying by credit card would incur an additional 3%, which in this case added up to over $100 (i.e. "real money.")
This last example has come up every time we discuss this, and I don't see avoidance of this unwanted fee going away unless it's forced upon the public.
4. As late as 2017, there was statistical evidence that large percentages (39%) of in-person transactions are carried out in cash https://www.frbsf.org/cash/publicat...ment-choice/
I work in a small retail store in an upscale urban neighborhood and can say from anecdotal experience that:
- fewer than 10% of our transactions are conducted in cash
- we receive about one $100 bill per day
- drug dealers do not pay with $100 bills. They pay with ones and fives
1. I usually pay my Real Estate Tax bill in person at the county treasurer's office since it is near where I work, and this allows me to pay at the last minute if I want. I pay by check, but I see a large percentage of the in-person transactions being done in cash (for obvious reasons). Usually hundred dollar bills involved, given the size of this type of transaction. I have watched some transactions where the bills on multiple properties were being paid in cash, and seen some pretty impressive wads of bills.
2. More surprising to me, I was recently standing in line at the customer service line at a Home Depot store. The woman next to me was holding her most recent Home Depot credit card bill, and a wad of cash. WHen it was her turn, I watched the cashier count out somewhere between 8 and 10 $100 bills and some smaller notes. It hadn't occurred to me that people are paying "store" credit cards in cash like this.
3. As for there being "plenty of plastic" etc. for paying for things, the retailer pays a fee for this, and some retailers will either offer a discount for cash, or add 3% if you want to use a credit card. Gasoline retailers are one example, but I also just ordered some new windows for my house, and was told that paying by credit card would incur an additional 3%, which in this case added up to over $100 (i.e. "real money.")
This last example has come up every time we discuss this, and I don't see avoidance of this unwanted fee going away unless it's forced upon the public.
4. As late as 2017, there was statistical evidence that large percentages (39%) of in-person transactions are carried out in cash https://www.frbsf.org/cash/publicat...ment-choice/
I work in a small retail store in an upscale urban neighborhood and can say from anecdotal experience that:
- fewer than 10% of our transactions are conducted in cash
- we receive about one $100 bill per day
- drug dealers do not pay with $100 bills. They pay with ones and fives
Edited by tdziemia
09/30/2019 4:40 pm
09/30/2019 4:40 pm
