this post was submitted on 25 Oct 2024
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I totally agree and the way Aussies are forced into using the banks was one of the first things I noticed when I moved back here from the US.
The banks are getting a cut from every transaction , it's like a tax paid to private companies.
I have one bank account, HSBC, that gives back 1% of any sales by card. They still make a profit.
People aren't forced into using banks in the US? I'm surprised.
And the banks would just love every cent and dollar in their grubby little hands so they can reinvest and make even more super profits than they do now. Too bad if there's global economic collapse though. And as we saw from the GFC the threat is still real and it would be even more damaging with no cash around.
People in US are often still using cheques as well as cash. Poor people (especially immigrants) often can't get bank accounts so have to pay to cash their pay cheques.
Banks over there often charge fees for accounts and provide less services overall, so things like bank transfers are not always possible, so people have to use third party providers or cheques.
US also has fun things like banks being able to change interest rates on credit cards individualy, so missing payments or changes in credit score can lead to massive increases in the interest rate you are charged.
It's about freedom of choice. There is just about always a cash option.