Bank Advocates Cashless Economy Then Says No Cash In Safety Deposit Boxes

[WhatInThe]

JP Morgan Chase Bank now has a no cash in safety deposit box policy shortly after an bank executive advocated a cashless society.

http://www.infowars.com/report-jpmorganchase-bans-storage-of-cash-in-its-safety-deposit-boxes/

An electronic transaction economy is not realistic, cheap or private. Is it any wonder that the banksters want to control the flow of money electronically and demand a piece of the action for what would've been simple free cash transaction.

 

[Son_of_Perdition]

We already have it with credit cards. Try to use a credit card on an online gambling site. We live in the information age, the amount of data we are willing go give up for convience the more control the banks, government and manufactures will have over us. Credit cards analyze your purchasing habits, advise you in your spending and play big brother. We will see the day when instantaneous purchases will be critiqued and blocked because you are spending too much on sodas and sweets. The idea of protection offered by using a credit card versus cash or debit will control you daily. They will know your location, what you had for lunch and what you stopped at the corner market for dinner. They will know what movies you watch and what your choices of online viewing are.

They don't have to insert a chip in your children because you will be providing that information when you get them that iPhone when they turn six. You smart phone will track your calls, texts, location, how long your talk to your sister, what pictures you take then send or receive and all mobil online activity. Your smart HDTV can watch and record what snacks you like when watching a movie at home. You car now has the capabilities to track your mileage, duration of short trips, speed, driving habits and even where you are stopping at. Cameras are everywhere and can watch and record your every move, argument, littering habits and/or clothing adjustment.

This from Daily Finance by Mitch Lipka

Nomi collected data from nine million mobile devices in just the first nine months of 2013, the FTC said, tracking movement both inside and outside stores, the type of device used, dates and times and even the phone's signal strength. Collecting all that information, the company would tell its clients about when customers would walk by without going in, how long they stayed in the store when they did go in, and whether they went to other locations of the same chain.

 

[Cole Slaw]

We will see the day when instantaneous purchases will be critiqued and blocked because you are spending too much on sodas and sweets.

I seriously doubt there will ever be a day when the CC company DOESN"T want you to spend money. They don't care what you spend it on, as long as you spend it.

 

[Son_of_Perdition]

I seriously doubt there will ever be a day when the CC company DOESN"T want you to spend money. They don't care what you spend it on, as long as you spend it.

Oh ya think, from a commentary from Chairman of Signature Bank, Scott A Shay on an interview on CNBC dated: Thursday, 12 Dec 2013 | 7:00 AM ET.

It is not too far-fetched to wonder if the day might come when the health records of an overweight individual would lead to a situation in which they find that any sugary drink purchase they make through a credit or debit card is declined. Sounds far-fetched but maybe not so.

I've learned never doubt what can happen to our rights anytime someone gets a chance to change it. Look at the device that auto insurers are pushing to plug into your car to monitor your driving habits. It may or may not adjust your rates based upon driving, they say it's so you can reduce your rates but it can also be used to increase your rates because you may be following too close to the driver ahead of you.

Health insurance companies want you healthy to keep them payments coming in. A healthy policy holder keeps the costs down.

Also, I would have placed my last dollar betting against drones delivering my orders from Amazon a few years back.

Try opening an account on an offshore gambling site with a credit card. You'll find out that someone is watching what you spend your money on.

 

[Don M.]

The trend is certainly towards a "cashless" society. It seems the norm for most people is to use a credit or debit card. I carry a credit card but only use it for gas if on the road, or a real bargain I might find, and don't have enough cash on me at the time. I keep a 2nd card active, but use it only for online purchases...usually through PayPal. We got debt free sometime back in the early 1980's, and haven't paid a nickel in interest on anything since. I intend to keep it that way. Between credit cards and cell phones, about the only thing the corporations and government doesn't know about a person is what time they brush their teeth.

It costs the government a fair sum to print money, and it takes about 4 cents to mint a penny. They could get rid of pennies, IMO., and just round off the price to the closest nickel or dime. It seems that every time we go to the casino, I have a handful of pennies that I toss into the fountain.

 

[Cole Slaw]

I am looking forward to a completely cashless society. I have not used cash in years unless i have to (e.g. quarters for car wash to rinse off my ATVs). I am enjoying Apple Pay where it's accepted, and look forward to CurrentC, when it comes out. It's awesome to be able to use my phone to pay for everything, bc that's one less thing to carry around (credit cards).

 

[Don M.]

I am looking forward to a completely cashless society. I have not used cash in years unless i have to (e.g. quarters for car wash to rinse off my ATVs). I am enjoying Apple Pay where it's accepted, and look forward to CurrentC, when it comes out. It's awesome to be able to use my phone to pay for everything, bc that's one less thing to carry around (credit cards).

A cashless society would be a great convenience...IF it weren't for the risk of Identity Theft. Billions are lost by consumers every year due to credit card fraud, and all this new "gee whiz" technology is laying the groundwork for a new breed of thieves to get into peoples pockets. It's an open secret that billions of cell phone calls are gathered and tracked by our government and corporations. Making a financial transaction over a cell phone is just Inviting the hacking of a critical password, etc. I wish you luck in your use of Apple Pay, but I would Strongly suggest you also take out a subscription to LifeLock.

 

[Son_of_Perdition]

I don't mean to give anyone the impression I don't want a cashless society. I would be lost without my online access to my accounts. I pay all my monthly bills online, I went paperless & download my monthly statements. I do carry both my debit cards on travel & only carry a small amount of cash. I try to get my wife to go online, she does have online access to her bank at my urging to keep track, and make her check her account at least weekly. I've been hacked 2 times that I know of, both times nothing was lost but it could have a disaster if it went undetected.

I don't have an issue with paying by ApplePay or whatever you chose, but to me it's the same as carrying credit cards. I canceled my data service on our wireless because of the added expense that it costs. Being an impulse buyer the temptation is there to spend more than I anticipated. I like the control I think I have with cash or debit card, can't spent more than I carry, I try to leave my cards home when making short trips to the store.

Creating a progressively more strict budget after I retired made me more aware of the small little hidden gotcha's that come as we humans demand more convenience, watch out for those $9.84 charges. I use the free perks but try to avoid the fee based ones. I go over all my statements, challenging every item and charge. I've reduced my auto insurance, utilities, wireless, satellite/internet and others by doing a little tweaking and asking for discounts. It's 30 years after 1984 and I still think I can limit the amount of information that others gather about me. Call it wishful thinking.

Personal example of misplaced faith in numbers. I had a FICO score of 740 prior to retiring. I had a mortgage, 2 auto loans, several credit and retail cards. Since 2009 I have eliminated all the debt completely, cancelled all my credit accounts (that dropped my score 50 points). We sold our house & bought a mobile home & pay space rent, sold one of our autos. No mortgage, no auto loans, no credit cards and have increased our savings accordingly.

I needed to get quotes for auto insurance when I bought my older beatup SUV recently. The quotes were totally out of line versus what I had been paying for 2 financed autos. I asked my current agent why, after a little pressure he told me I had a low rating on the risk score that they base their quotes on. He said based on the numbers, I'm more likely to file a claim. We haven't made a claim on our insurance since the early 80's and that was for a hid & run who got away, never had a ticket.

My solution was to use my wife as primary driver and get quotes for her, her car is in her name only and we could attach my clunker & me on her policy. The quotes were entirely different. She has a higher FICO score with one low limit credit card & 1 retail card, my income is 5 times her income. Now she gets all the 'junk' offers for auto insurance.

 

[WhatInThe]

I seriously doubt there will ever be a day when the CC company DOESN"T want you to spend money. They don't care what you spend it on, as long as you spend it.

They want you to spend money using their service alright BUT... I remember credit card companies profiling customers use to cancel or to determine credit lines after the 2008 crash. Repetitive use at places like Starbucks and entertainment was/is considered risky use. And credit card companies and supermarkets have already been caught selling customer purchases to health insurance companies.

Do not let the desired narrative become full blown reality because it is not. It is present in scary numbers but it is not the narrative or the only way to do things. That's what they want you to think so you give in or give up any resistance to the idea.