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this post was submitted on 23 Aug 2023
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AusFinance
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Before we go cashless, fees need to be 0%. Start by fixing that.
We need to use EFTPOS instead of visa and MasterCard.
0% for banking and spending your own money.
Businesses should just factor merchant fees into sticker price much the same way they would (should?) be factoring in the cost of carrying cash, as consumers we wouldn't even notice. And yes, cash does have a cost (time taken traveling to/from the bank or ATM, risk of loss or theft on the way etc).
Don't pay bank account fees as an individual, please.. there are so many ways to get free banking.
It's not free to run a payments network. So who should pay for it? Tax payer funded?
Who pays to design, print/mint, transport cash? It's always been taxpayers
Two options:
Don't go cashless.
Go cashless but fees = $0.
Idgaf how it works, but it's asinine to have a $4 a month account keeping fee and pay per transaction to store and spend your own money. If it gets any worse I'll be pulling all my cash out and going cash only for everything.
Financial institutions should bear the cost as the cost of the privilege of having a banking license