Are you a member of the cashless society?
I rarely have cash on hand, usually no more than $20 at a time. I don’t even have a checkbook. I rely solely on my debit card. I pay my bills electronically. I swipe my card when making a purchase in the store. Even the vending machines at my job take debit cards (even though I try to avoid them).
I have never had a problem with being “cashless” until yesterday. I was making a purchase yesterday, swiped my card, entered my pin…DECLINED. No way! My paycheck had just been deposited the day before, I KNEW there was money in my bank account. So I swiped it again. DECLINED!
I left my purchase with the cashier and left the store to go across the parking lot where an ATM is at. DECLINED!
At this point I was beginning to freak out! I called my bank and it took forever to actually get someone on the phone. It seems that their computer system was down which was resulting in declined transactions for customers using their card as a debit or using an ATM. They informed me that if I swiped it as a Credit it would go through. So I went back into the store, swiped my card and successfully made my purchase.
Thankfully I was able to use my card as a Credit but it was still a major inconvenience and an embarrassment.
In today’s society we are moving more and more towards a cashless economic society. Most Americans have at least 2 credit cards in addition to a debit card from their bank. As we move towards a cashless society what problems will we face? What advantages?
In addition to credit and debit cards there are now other options like virtual wallets. Google now offers Google Wallet which allows you to send money instantly with the Google Wallet Card. There are also BitCoins. BitCoin is touted as being an innovative payment network and a new kind of money. According to their website, Bitcoin uses peer-to-peer technology to operate with no central authority or banks.
Do you keep cash on hand or do you rely solely on debit or credit cards? Have you used any other options such as Google Wallet or Bitcoin? How is this movement towards a cashless society affecting you? I know for myself, even though I may be mostly cashless, I am going to start keeping a stash of cash on hand for moments like yesterday when I couldn’t access my account!