I’m fairly sure my parents never used an Automated Teller Machine. Even though they were only in their 60s when ATMs became widely available, they continued to go into the bank to do their transactions. I remember thinking it was odd at the time. Why wouldn’t they prefer the ease and convenience the machines offered? Why add another 10 – 15 minutes to get a task done by standing in line and talking to a teller?
Fast forward 40 years. I’m now in my 60s and can better understand my parents’ reluctance. While I’ve embraced some of the digital cash conveniences, there are others I happily do without. If the system is safe, easy, and useful, great. But, if I don’t fully understand it, or I don’t see the benefit – especially if it involves downloading another app, I’ll stick with what I’m used to.
I’ve switched almost exclusively to using credit cards to purchase items and pay most of my bills electronically. I seldom use cash, and if not for haircuts and occasional pedicures, I could count the number of checks I write each year on one hand. Just today, the woman ahead of me at the grocery store wrote a check and I realized how rare that was. The checker told me that he gets only about five or so a day. The safety and convenience of credit cards and paying electronically has made a checkbook – something that was always in my mother’s purse – nearly obsolete.
Digital wallets are appealing. I see lots of people using their smartphones to purchase a cup of coffee or board a plane. More and more items, including loyalty rewards cards, event tickets, metro passes, and gift cards, can now be stored in a digital wallet. Not having to carry cash, credit cards, or print out paper receipts seems worth the one-time task of setting it up.
On the other hand, peer-to-peer payment apps, like Venmo, Zelle, and Cash Ap, are of little interest to me. I vaguely know how they work but I haven’t found that I need that payment option. If I was much younger, and my friends were using it, I’d probably make a different decision.
Cryptocurrency falls firmly in the “I don’t understand it” category. Fun fact: a Bitcoin purchased for $10 in 2012, would have been worth over $60,000 in 2021. Since then, the value has decreased substantially (today’s value would “only” be about $32,800), but that $10 initial investment would still look pretty good. But you know what? I don’t care. Yes, I would have loved an extra $60,000, or even a piddly $32,800, but investing in a product that I don’t understand isn’t in my comfort zone. I will leave that type of investment to those who either understand it or those who love to gamble.
How about you? Do you still prefer to pay with cash or a check, or have you fully embraced electronic cash, or a little of both? Anyone purchased a Bitcoin for $10? (Yay, you!) How about a $60,000 one? (So sorry, but maybe it will be worth that – or more – again.)
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Interesting. Just today I went to get cash out of the bank ATM. I got my money, but when the transaction was finished, the machine froze. I thought, well, I’d better go in and let them know. I hadn’t been inside the bank in a long time, and I was surprised they’ve completely done away with tellers.
I seldom write checks. Mostly for my massages and sometimes contractors.
Oh, wow, no tellers? I get money out of an ATM now and then, but I’m amazed how long it lasts until I need more. I don’t know if it started with Covid, but we hardly use actual cash at all anymore. We stopped writing checks for anything that needs to be mailed. Mail theft and check washing have become big issues here.
Our bank has done away with tellers, too. Not sure that their new design is more customer-friendly, but I can tell they leveraged professional designers…
It’s funny, an earlier post I read about a couple’s experience with a cashless society (in Scandinavia) prompted my own post today: do we perceive “value” the same way if it’s a cashless transaction, a cash one, or in the olden days, one made with coins “worth their weight in gold”? It SHOULD be the same, but all too often… it’s not?
As for bitcoin, we first heard of it when it was at 2 cents ($0.02…) a bitcoin. Imagine if we had invested $10 in bitcoin back then (we did not… 🙃)
We must all have money on our minds 🙂 The perceived value of cash vs. digital is such a good point. I know some people can get in a lot of trouble putting all their purchases on a credit card, then realizing they don’t have enough to cover it all when they get their statement. Yikes!
Bitcoin has always been a mystery to me. I’ve had people try to explain it but my eyes just glaze over. It might have been worth a $10 gamble, though…
I recently heard a terrific lecture on the history of money, it gave me several big and wonderful aha moments which I didn’t expect from what I thought would be a dry lecture.
As for Bitcoin, it’s one of those things I think the lecturer on the history of money would not invest in, so you’re in good company?
That sounds like a really interesting lecture. I’ve heard the same thing about Bitcoin from several respected economists and successful investors. If they won’t invest, I think I won’t either.
Some stores, particularly non chain (or very small chain) small businesses wish people would write more checks because credit card issuers charge fairly high fees (usually a %) and that eats into small business profits. Cash is fine with them as well. Most prices now are higher to compensate for the credit card issuer processing charges. Haven’t noticed any small businesses advertising a lower price for cash or checks yet though, perhaps credit card issuers (often large banks) have managed to make that illegal by now to ensure a steady flow of profit from credit card payment processing fees.
I’ve seen both a discount price for using cash and an added charge for using a credit card. Since so many (most?) people use credit cards for most purchases exclusively these days, I don’t think small extra charges or slight discounts will change that. Probably most just consider it the cost of doing business and want to make it convenient for their customers so they adjust their prices accordingly. Checks and cash are slowly becoming a rare way to pay for anything.
Great questions, Janis.
I’m an old soul when it comes to many of these things.
I do use ATM for simple transactions — but for anything more than that, I go to the teller.
I do use credit cards but also cash. I haven’t owned cheques in years.
I don’t use a smart wallet but I do use the Starbuck app because I eventually tired of my counter-purchased coffee always being last priority over mobile orders.
And like you, if I don’t know a system well or have any concerns about its safety – I go back to my Luddite ways! 😀
That’s interesting about Starbucks. So, you order through your app and it automatically debits your account? I guess it makes sense that those “easy” orders would take priority… and they probably would like to encourage more customers to go that route. I haven’t fully set up a smart wallet yet, but the idea of having everything in one spot is intriguing… as long as my phone doesn’t break or get stolen 🙂
Yup, you order through your Starbucks app. It debits your account. You builtld ‘stars’ for freebies this way. And you get any drink or bakery item for free on your birthday!
Interesting topic. I don’t use Apple Pay. I prefer to print my airline tickets, because I’m afraid my phone will die at the airport. My parents went into the bank also. It was a small town and they knew everyone by name. As for Zelle, I paid for a new AC unit. The money left my account and didn’t get to our handyman. Ever. I got my money back, after paying the handyman again — about six weeks later. I do like Venmo though. I’ve heard of lots of issues with Zelle and hacking.
I think I’ll steer clear of the digital payment methods. I’ve heard too many stories, including yours, of payments going to the wrong person. I print out my tickets too… and I’d probably still do that even if I had them loaded into my digital wallet, just in case. I guess that defeats the purpose, but I’d feel better. 🙂
I do the same with my plane tickets. I use Venmo because a tenant asked to pay that way. I want it to be as easy as possible to get paid!
If we were still landlords, we’d probably use Venmo too. It’s a good way to get paid quickly with no bounced checks.
Yes!
Interesting topic. Terry and James of Gallivance (not sure if you follow them) just posted an article on their blog about a cashless future. 🙂
In general, we prefer to pay as much as possible with credit cards – it’s easy and it gets us points/miles. Actually, in the US, it annoys me to wait in line at the grocery store longer because people on front of me pay with cash or check. Checks are not part of our lives anymore.
But, here in Peru, most visits to stores and markets require cash. We can use our credit card at bigger grocery stores and at some gas stations. Just today, however, we needed to fill our gas tank (ouch) in Puno, next to Titicaca Lake, and after stopping at three gas stations, nobody accepted credit cards. We didn’t have enough cash to fill the tank, so just bought $45 worth of gasoline.
In Colombia, grocery stores required an ID to validate the credit cards and in Ecuador, each time we spent more than $50 at a supermarket, a manager was involved so we could eventually pay with credit card.
And, no, I don’t actually ever carry a wallet on me. Mark does – he has the credit cards. I have some bills in my back pocket and change in a front pocket of my jeans. 🙂
We have found the same thing while traveling, credit cards for most things, but we always had cash on hand because that was often the only thing they accepted. It was so odd seeing that woman pull out her checkbook… it made me realize that I hadn’t seen anyone do that in ages.
Thanks for letting me know about that post, I’ll check it out.
I’ve got one leg in and one leg out. I use on-line banking a lot. I pay with credit cards if I can but don’t have accounts for Venmo or Zelle. I just got a new credit card (my old one expired) and I can “tap” to pay. We’ll see how that goes!
I really like the tap to pay option. I’m so used to it now that it seems weird when a store doesn’t have their system set up for it. Pretty soon they’ll probably just insert a chip under our skin and scan that to pay. :0
That’s not a bad idea!
I haven’t possessed a cheque book since we came to Portugal 5 years ago, and I seldom used one before in the UK. I carry very little, if any, cash, and my husband generally pays when we’re out together (same account so it doesn’t matter). Out shopping I’d use chip and pin, and I do have a Wallet on my phone but it’s mostly for travel- boarding passes etc. But Mick normally prints them out too. We’re only semi-Dark Ages, Janis.
Chip and PIN was something we heard about when we were traveling in Europe but, fortunately for us (since we weren’t set up for it), we never had to enter a PIN. I’m with Mick as far as printing out tickets too. I guess it kind of defeats the purpose, but I’d rather be on the safe side. I’m right by your side in the semi-dark ages 🙂
I do online banking but still like being able to walk into our local bank to do business occasionally. We have checks but don’t write many and use credit cards often and pay in full when the bill comes. Husband is into apps but I avoid them. Crypto??? I don’t understand it or see the need for it. Good post.
Credit cards (like you said, as long as they can be paid in full each month) have the added advantage of having a statement that lists purchases. Having that record has come in handy every once in a while. Crypto makes my head hurt 🙂
I am quite happy to tap my debit or credit card. I always have my wallet with me for my driver’s license and health card. I did reduce all the other cards in it though, including all the loyalty cards that were just creating bulk. I bought a small wallet and a small crossover purse. I still need a purse because I need somewhere to put my reading glasses. I am lost without them.
I’m with you… my purses have become smaller and smaller over the years. I just need a hard card carrier, my glasses, and my phone. The last few times I was at a mall, I noticed that a lot of young women don’t carry a purse at all. It makes me think that they must do everything with the digital wallet on their phone.
Obviously they don’t need glasses.
Err…I purchased Bitcoin at around $47,000. Not a lot, just a few hundred dollars’ worth, and solely as an experiment. At this point I’m just hanging onto it indefinitely.
I mainly use debit/credit cards, but it’s nice to have cash on hand sometimes. I don’t know what this “check” thing is, though…
Crypto is nuts, as far as I’m concerned. When I first started to write this post a few days ago, a bitcoin was “worth” about $10,000 less than it was “worth” today, so I had to update the numbers. Anything as volatile as that isn’t in my comfort zone. I hope your experiment works out well for you!
Checks, you little whipper-snapper, are ancient forms of payment.
I’m not sure shops here accept cheques any more – I can’t remember the last time I saw anyone using one. I pay almost everything online, by card, or by phone app, and John uses his Apple watch. That’s definitely a change since covid when people stopped wanting to touch money, and it’s stuck. I remember there used to be notices on shop counters saying they wouldn’t accept cards for small amounts, typically anything under £5. Now I’ll tap my card for even just £1 and nobody blinks. Having said that, I do usually have some cash just in case I go somewhere that the card machines are down. Cryptocurrency? No idea!
That’s interesting… I almost never see checks “in the wild” anymore, so I don’t know if they are an accepted form of payment in some stores. There are some smaller restaurants that add a fee (usually around .50 cents) to payments using a credit card. I guess this is to cover the fee the credit card company charges. I assume that would be the same if using a card loaded on a digital wallet.
Yep, I’ll never be one of those instant zillionaires who bought crypto at a low point and sold it at a high. But, neither will I be the sad soul who did the opposite.
I guess most places have just decided to absorb the credit card fees even on small amounts. Many won’t accept American Express though because their fees are so high.
No to Bitcoin, yes to Zelle. We still use checks, but use so few we stopped putting our address on them (still using ones from two homes ago.) I currently use Zelle for most of the things I used to write checks for….graduations, weddings, etc. However, we still use checks for small business contractors who love avoiding the transaction fees associated with credit cards. Even our favorite local restaurant gives us a discount for paying cash. Our bank doesn’t have a branch in our town, so haven’t been in a bank in nearly two years. Definitely rely on the ATM for cash. Great discussion Janis!
It seems that the way we handle cash – digital or real – has changed immensely in just a few short years. Although I am open to changing along with the times, I also am wary of opening myself up to fraud. I read that becoming cashless is actually safer, but I’ve also heard a few cautionary tales. Like you, we’ll keep our checkbook for when we work with small business owners, but that’s just about it.
This is a great post and timely for any age, Janis! As much as I use and appreciate technology, I’m slightly leery of certain apps and online transactions. All of my online payments are done on a bank credit card. I’ve been hacked too many times using my credit union’s debit/credit card. Hackers take $$ out of your checking account, and as good as the banks are about detecting fraudulent charges, you may have to beg the bank to get your money back. On the other hand, using a bank’s credit card for online purchases is the smart way to go according to an article on Nerd Wallet. The banks WILL get their money back.
I use my debit for POS machines. Sometimes I use cash. I’ve used Venmo and Zelle but these frequently fail. I rarely write a check–only recently did I pay a contractor for some work done with a check. Hubby still writes some checks. The only other thing I do is print my airline boarding pass. I’ve been delayed in the boarding line when someone’s phone died. LOL! You’ve opened a great discussion, nicely done!
Hi Terri! I am happy to see that I’m not the only one who uses a bit of everything. Are you saying that you see a difference between a bank’s credit card and a credit union’s credit card? I’ve never had money taken from my checking account (yet, fingers crossed) but I’ve had fraudulent charges on my credit card. Years ago, I had an attempted check wash (it was discovered before the check was used). A pox on the criminals!
I always admired those who had their airline and/or event tickets on their phones – so modern… but I’d still print them out just in case.
I doubt there is a difference between a credit union and a bank card, but the process for retrieving fraudulent funds taken from your checking account compared to a credit card can be harder to navigate. In other words, the banks will protect their own assets better.
Janis, I think most of us (people of a certain age) are skeptical about the safety of digital transactions but eager to keep up with changes, so we are willing to dip a toe in to test the waters. We pay almost everything through online banking, with a few things on autopay. We still have a checkbook and write two or three checks per year. I have Venmo but have only used it once to reimburse a friend. Thankfully, she was standing in front of me when I did it so I knew I paid the right person. I can see the appeal, but it doesn’t fit my lifestyle. We use Apple Wallet for event tickets, airline tickets and parking passes as it makes storing and accessing future events easy. We also have Uber and Lyft apps which are connected to our bank account. Those are essential when we travel. I have never used an ATM as we don’t use much cash and I haven’t been inside a bank in years. Malcolm picks up cash when he visits the bank, which is pretty rare, so I use him as my ATM. 🙂 Even as far as we have come, I am still in the naysayers club, and will always feel that someone is out there, perched at the ready to swipe my info. Bleep….gone!
Oh, I forgot about Uber and Lyft… we do that too. I really would rather not have so many things attached to our accounts, but it seems hard – maybe impossible – to avoid. Just think of all the money we’d save (including insurance) if people were just honest. I think most are, but we have to guard ourselves from those who aren’t Smart to use Malcolm as your ATM 🙂 … service with a smile 🙂
I still write a few checks for a couple of bills because they get to the Billee faster than the eCheck does. No bitcoin for me either for the same reason.
I also prefer real tellers so rarely use an ATM machine. It took me decades to finally use ebanking to pay some bills. I guess I’m old school for life.😀
Nothing wrong with old school. 🙂 And, I like talking to the tellers at my credit union… and keeping them employed. I’ve recently avoided writing a check and sending it through the mail since check washing has become such a “thing.” If I can’t hand it to the person it’s meant for, I prefer to avoid actual checks.
I don’t actually use a wallet anymore. I’ve got a little bag for cash and a little bag with cards I use a lot and another little bag for cards I seldom use. I like my system. I haven’t updated to phone paying with tapping, but my husband has. I do have Apple Pay. I like it. I cannot tell you the last time I wrote a check. Well over a year, I’m certain.
All investment is a gamble, just different odds. I’m not a crypto lady, but if I were a bit more flush, I might would give it a go. I have friends who’ve done as well with crypto as they have in the market.
Hi Joey! It sounds like you have a system that works for you, and that’s what counts. I am anxious to try Apple Pay but I want to try it first when I’m not holding up everyone in line (I don’t want to be “that” lady 🙂 ). You are right about all investments being a gamble of sorts… I just want to make sure I have a basic understanding first. Crypto just doesn’t make sense to me.
I like using notes. Shrapnel coins 🪙 I’ve done away with. .
I love the crisp feel and smell of new notes from the bank. I love watching the teller count out my withdrawals from my passbook at the local bank 🏦
No digital currency for you, huh? Your comment reminded me of the first time a teller handed me my withdrawal without counting it out. I asked why and she said that the machine spits it out (unlike a cash drawer) so they didn’t need to count it out. I asked that she do it anyway. Apparently, they added my request to their customer notes because they count it out each time for me now. I’m old school too that way 🙂
I love that ” they added my request to their customer notes”, hey, that’s so human.
I know! No ATM would do that for me. 🙂
It’s interesting to hear your thoughts, Janis. I’m not thrilled with Venmo and Zelle but even our local Farmer’s Market is pushing that method as a replacement for cash. I’m trying to adapt. But I do love my Wallet and primarily use Apple Pay. I had to learn during the pandemic, and once I got comfortable there was no turning back. Don’t you wonder what will come along next? 😉
I guess that makes sense at a farmer’s market. They certainly wouldn’t want credit cards or checks. Hopefully they still take cash. I do wonder what will be next. They developed all these new payment methods in just a few years… what do they have planned for us in the future? I was kinda, sorta kidding about having a chip installed under our skin so they can just scan us, but I’m probably not too far off.
You’re right!
My younger colleagues at work sometimes try to goad me into getting Zelle, but I’m like you: not another app, please!! So I write them a check (or occasionally withdraw cash) and we all have a little laugh. Otherwise I’m pretty digital. I pay most bills online. Whenever I see someone ahead of me in the checkout lane writing a check it always takes them forever!! I think the digital world has made me impatient.
My favorite thing about some check writers in the grocery line back in the day was that they would wait until everything had been rung up before they searched in their purse (sorry, but it was always a women) for their checkbook. Maybe they thought that, maybe, today would be Free Day and they wouldn’t have to pay? For gosh sakes, get your checkbook out early and start filling it out. You know the date and the store name… you can even sign your name, since that probably hasn’t changed either. Then, just fill in the amount… easy peasy! (I guess I was impatient before the digital world. 🙂 )
Great topic! My mother HATED the ATM movement. She preferred to go inside the bank and berate the poor tellers for their inability to add her 25-check deposits in their heads, rather than running them through an adding machine. I was horrified by how rude she could be to these people.
I’m a pretty early adopter of a lot of technology. I’ve read that my banking apps are actually more secure than using the laptop to monitor my accounts and move money around. I love them. I love the advantages of Apple Pay, and the wallet app on my phone. At the same time, I don’t like supporting anything Apple because of it’s monopoly on commerce. I began using an old-school “digital” form of banking when I agreed to auto deposit of my paychecks. This was back in the 80s. My colleagues were aghast. But never once did I experience a delay or loss of deposit. Which could not be said for those who stuck to the check form of payment.
I write 8 – 10 checks per year. Mostly to the sprinkler guy and other small business owners. My hair stylist is all about Apple pay. I recently itemized my spending for the year. Even with 6 weeks of cross-country travel, I averaged only $20 per month of cash spending. The pandemic really pushed me into the convenience of digital banking. I never cash checks at the bank anymore. I deposit them through apps. Which of course, means that physical banks will be disappearing. I worry about this. But not enough to change my habits.
I do worry about people’s jobs too (one reason I avoid self-checkouts) but I’m afraid technology is pushing us in that direction. I think my parents enjoyed going into the bank so they could chat with the tellers. I remember that my father regularly brought them treats around the holidays. So different from today.
I’m glad to know that you have fully embraced your digital wallet. That seems like such a convenient way to handle money… and, like you, I understand it’s a lot safer than older methods. It’s hard to avoid Apple, Amazon, or Google, etc.
I have not used any of the cash apps and I love the ease and safety of paying bills electronically. In fact Chase Bank just instituted a two-step verification process recently for signing in and Bank of America now has a feature to lock your credit card if you’re not using it … both new features to me in the last week. Maybe they rolled it out and I am an “S” to later to deal with it. No digital currency like Bitcoin. I do use checks for taxes and water bill payments although you can pay it online at the City’s website, but through a third-party vendor and they charge 6% to do so – I say “no” to that. The rest is credit cards. I am a bit of a germaphobe and after COVID began, I handle cash as little as possible.
I set up two-step verification whenever possible too and lock down what I can. It’s a bit of a hassle and I’m sorry it’s necessary, but we do what we can to protect ourselves. I don’t send any checks through the mail. I wonder if you could set up bill pay with your bank to pay your water bill. There probably wouldn’t be a fee for that. I agree, cash is dirty, and I’d rather avoid handling it.
Yes, too much hacking and infiltration of accounts is going on these days Janis. I’m going to look on that water bill and see if I can pay it electronically rather than using a credit card. We had a robbery yesterday, second one of its kind – a postal worker was robbed at gunpoint for the master key that he has for an apartment building, so the robbers can get checks. That’s a new one on me. It was not around here – in the northern suburbs, but would the thieves not think the postal carrier would alert the police right away so the police could secure the boxes somehow and wait for those robbers to try to access them?
That’s too bad. I don’t think criminals are the brightest bulbs… hopefully they will get caught.
Yes. I want to mention that I use Malwarebytes Premium and they have enhanced their service with extra protection for online banking and credit card protection, so I am going to get it when my subscription is due in February.
Janis, I just realized today that I haven’t been getting notifications of your posts for months now. I didn’t realize it until Donna commented about your short story showing up on another blog (which I really enjoyed, BTW!). I’ve added you to my Feedly now so I shouldn’t miss anything else!!! You aren’t the only one either…I don’t know what changed or why but when I try to resubscribe I get told I’m already subscribed to emails GRRRRR!
Deb
I’ve wondered where you’ve been! It seems that WP is giving a lot of us trouble lately. The thing about missing post notifications is that you don’t know what you aren’t getting. I’m glad you liked my story!
This is a thoughtful and timely post. I’ve been using digital funds for a long time – even to transfer money person to person. However, investing in bitcoin is beyond my comfort level by several levels. That said, the pastor of our CA church bought his home with crypto currency, and you know he didn’t make that much as the pastor of a young church. I have to admit I was pretty shocked. But I’ve graduated from my 60s. My little brother turned over the 70 leaf today.
We had someone buy a very expensive, newly built home in our neighborhood using bitcoin. He turned around and sold it for a lot more less than a year later. I think he did just fine financially, but it would have kept me up nights. I’ll stick with my much more boring investments. 🙂
Me too, Janis! You wrote a great article. 🙂
Two months in England. Didn’t use cash once!
We hardly use cash when we travel too, but we always have it on hand just in case. We came home with an excess of Euros because we had a hard time finding small things to buy to get rid of it. 🙂
You’ve already gotten a huge response to this post. We’ve all had to learn new ways of doing things.
I’m 80 years old and deposit checks with my phone. I don’t drive because of my eyes and need this convenience to deal with my online bank. Two relatives and my cleaner use Venmo, and others have set up Zelle for my convenience. I’m glad I have checks to pay for handyman repairs. At some point I expect I will refuse to learn more modern ways. Guess I’ll wait and see.
I’ve never deposited a check using my phone, but my credit union pushes that option. I guess I should try it… although I seldom receive check nowadays. It sounds like you’ve happily embraced the new technology. I’m glad that it has worked out well for you.
So far banking has been fairly easy. I can still read the instructions!
We do as much as possible electronically. I rarely use or carry cash. I refuse to do Bitcoin because I don’t understand it and don’t believe anyone who says they do
I’ve had several people try to explain Bitcoin to me, but I just don’t get it. It’s hard for me to value something that is intangible and seems to be based on… what? And, the fact that it is used for criminal activities doesn’t make me any more likely to jump in.
My neighbors have a bitcoin business. When they talk to me about it I can’t help but think ponzi scheme
You referenced COVID, and that’s exactly when I reduced my usage of cash – drastically. We run everything possible through credit cards (based on which cash rewards are best for particular categories) and pay the bills in full each month. I have never liked carrying a purse, and only do it when absolutely necessary. These days, I usually carry only my wallet, put my keys in my pocket and hook my glasses on my shirt. If I’m wearing a shirt with a pocket or my favorite shorts with a buttoned, credit card sized pocket for my license, health care card and credit cards, then no wallet at all. (I bought those shorts in five different colors because I liked them so much.) I still write about a dozen checks a year, mainly for balances due to medical and dental providers. When I do write a check, I use a permanent marker, and I drop it at the PO as close to pickup time as possible. I had to laugh at your comment about your parents’ close relationship with their tellers. If we have business that needs to be done indoors at the bank, Alan’s our guy. He likes to visit with his “friends,” one of whom has kids who attended school with ours. The difference could be that we use a local bank and our closest branch is in a small town. My apologies for the extra long comment – your post covered a lot of territory! Oh, wait! No bitcoin (ever) and no digital payments. I embrace technology for a lot of things, but security is always on my mind, so I limit my usage in some areas. Two-step authentication is a pain in the neck, but I always opt for it whenever possible. Okay, I think I’m finished now. Finally. 😁
Thank you for such a thorough reply (you get an A+)!
I carry a small cross-body pouch (hardly a purse) and that’s it. My phone is my car key and I’m hoping our state will soon join the several others who allow drivers licenses to be uploaded to digital wallets. I remember you mentioned using a permanent marker for your checks… smart!
I can just see Alan chatting up the tellers. I think a lot of them (and in other lines of work too where customers come and go quickly) are used to little interaction. It’s nice to make actual eye contact and have a bit of a conversation.
Btw, I still can’t comment on your site. The way that it worked before is no longer working. I guess I (even as Anonymous) am in Blogger Spam Jail and they have thrown away the key.
Like stocks – diversification is a useful concept in payment options IMHO. Checks are rare, but useful at times, so we still have the checks. Case in point, my recent purchase of handmade Hammered Dulcimer case and stand only took cash or checks. Cash comes in handy at odd times, like when I want to be sure my tip truly gets to the intended person. Also as a musician, it’s kind of nice to receive payment for merch in cash, since there’s no cost for me to receive it (credit cards charge a fee for each transaction). On the same vein, Paypal is great, but it takes a percentage, too. I could continue on other payment options, but I think you get the idea. My mantra of ‘it shouldn’t be either/or, but in addition to’ applies because in life, one size does not fit all!
You make a really good point about having cash on hand. For instance, we like to tip the musician who plays during our lunch at a favorite dining spot. If we only had our credit cards or digital wallet, that wouldn’t be possible. I also like to leave server tips in cash for the same reason you do. You also mentioned fees that credit card companies charge the merchant. I have heard that the fees have ratcheted up quite a bit over the years. One size definitely does not fit all, so I guess it’s nice to have multiple options.
Yay! You tip the ‘background’ music guy (I hate that term, personally, because it’s music that’s been told to be tamed & faded!). Just sayin’…
🙂
I love electronic banking. Most of my regular monthly bills are set up on auto pay with the bank. Huge convenience! I use credit or debit card for almost everything else. Bought a little RFID wallet for credit and debit cards, ID, SS, etc., with currency crunched in too. It resides in a larger purse for phone, glasses, tissues, keys, stray receipts, loose change, etc., you name it. About the only cash I use is when driving through a fast food place, which is rare, and I write maybe one check a year to I can’t remember who — small contractor maybe. I set up Zelle (I heard the other similar services were not very secure) just to pay small amounts to my son when he picks up something for me. Crypto has never made sense to me — how can somebody just make up a currency system and have it work like real money? Yeah, math and finance not my strong suit. At 80 years of age, however, I’m beginning to worry about forgetting passwords, PINs, the garage code, etc. And the app that keeps track of all my passwords? It, too, has a password in case the fingerprint doesn’t work.
As much as I’d like to get rid of my purse completely, there are a few things – like sunglasses – that I need to take along. I think I’ve reduced it down to as small as possible, though. I have a pretty good password system that I can (at least for now…) remember with a simple, obscure hint. I’ve been tempted to try one of those managers too, but so far have resisted. I’m concerned about forgetting also. Right now, I’m okay but who knows? So much of our modern lives requires a password/passcode.
I feel like it is important to stay current, even though it is soooo hard to change. We have switched to a credit card almost exclusively because it is more secure than a debit card and we get frequent flyer miles on it. My son talked me into setting up Venmo for some transactions we made with him. It gets easier.
I don’t totally trust the online systems. I use my phone for my boarding pass, but still get a paper one as backup (lol). We recently got concert tickets and they arrived via email, and I had to send them to “my wallet” to use. I was leery but it worked beautifully. I don’t think I am quite ready to switch to a phone app to make purchases just yet, but we will see. It would be easier than carrying around a wallet.
Ditto on Bitcoin.
I wonder if we will be the last generation to print out our tickets as well as store them on our phones? 🙂 It worries me to have too much of my life in one place.
I think my next venture will be to make a purchase using my digital wallet. I’ll wait until there is no line at the coffee shop and hope for a very kind, patient cashier. Maybe I’ll remind her of her grandmother 🙂
I try to make everything as on-line or bank-drafted as I can. I use the credit card nearly all the time. I am a fan of Venmo because it comes in handy. I have a couple of places that I use an app pay. Cash and checks are a last resort.
I like the idea of the peer-to-peer payments like Venmo, but I don’t have anyone who asks me to pay them that way, so I’ll pass for now. Do they charge a fee either to the payor or the payee?
Very interesting read, Janis. I hadn’t really thought about the many ways I pay for goods and services, not until our local co-op asked customers to pay with cash whenever possible. Apparently, companies who allow credit card purchases pay a fee for their customers’ convenience. For a financially struggling company, that fee can be a lot of money.
So when I know I’m going to shop at the co-op, I often stop by my bank first and use the ATM to get a wad of cash. I only use the ATM or the drive-through teller when I need cash. For some reason, I prefer to take care of deposits with a teller.
I occasionally use my digital wallet, but not often. Actually, I used it once to purchase groceries. It was a bit embarrassing. The cashier had finished checking all my groceries when I realized that I had left my wallet at home. Another cashier came over and helped me figure out how to use my digital wallet. Fortunately, I had added a credit card a long time ago to it so I was able to pay and be on my way.
Still, for most things I use a credit card the “old-fashioned” way: whip it out and insert it into the card reader. I don’t even use the “tap” thingie. I know it’s there, but I can’t be bothered 😉
I’ve never trusted bitcoin. I don’t understand the point of cryptocurrency if you have to use cash to get it.
Regarding the credit card fee, I’ve seen some places add a charge (often .50 cents) to the bill if you use one. Others, offer a “discount” if you use cash. Both have the same outcome, but I think the psychology is different (carrot vs. stick).
Funny story about how you first used your digital wallet. Thank goodness you had that as a backup! My observations at the grocery store is that most use a credit card, rarely a check, and sometimes a digital wallet. It probably correlates with the age of the customer.
I think the “tap” option on a credit card is so much easier (although sometimes the exact place to tap isn’t obvious). Now, if a reader doesn’t have that option and I have to actually insert my card, it feels positively old school.
Janis, I had to laugh at your comment about inserting a card feeling “positively old school.” It does feel that way and, yet, I keep doing it 🤷🏼♀️
The digital wallet saved me that time at the store but then I was very nervous driving home since I also didn’t have my driver’s license 🤦🏼♀️
Also, about credit card fees, some nonprofits that I donate to will ask me to include the fee in my donation, which I always do. I’m not sure why I don’t see more businesses passing the credit card fees onto their customers since we use them for our own convenience.
Janet, you certainly caught everyone’s attention with this topic. 🙂 I still carry a small wallet in a small cross body purse, but it only includes two credit cards, medical, driving, and library cards. I remember when I carried a different card for every store and gas station, and my wallet resembled a small filing system. We use cards for everything because it is easier to track and to return things. We do track it though because we’ve been hacked a couple of times over the years. I actually wrote a check this week for vehicle licensing purposes because otherwise I had to pay an added expense to use a card. A while back while at the post office, I had a purchase around $3 and handed him a card. He asked if I had cash so I started digging to get it. I jokingly said I could go home and get my checkbook, and he laughed and said ‘you still have a stone tablet.’ We use online banking, deposit checks that way too, request insurance reimbursements via my phone, but my husband occasionally goes into the bank when he needs to talk banking business with someone. No bitcoin here and I do not pay with my phone because I’m concerned if I happen to set my phone down unintentionally and it’s picked up that our financial info will be available to others. I very seldom use cash, but last weekend I used it to pay to get into a quilt show. You hit a home run with a very topical post. 👏👏
So sorry that your comment went to spam jail, Judy! Hopefully that won’t happen again (but I guess you never know with WordPress).
Your current money (real or digital) handling sounds very much like mine, down to the small cross-body purse. I’ve had my credit card compromised at least twice. I was made whole each time and it hasn’t happened again in several years. I also almost had a check washed. It’s a long story how the criminal was caught, but suffice it to say that having a brother who is in law enforcement really helped 🙂 I almost never send a check through the mail anymore for that reason.
Have a great weekend, Judy!
Cheques are definitely on the way out – although my husband received one in the mail yesterday, the birthday cheque from my parents. So while my father still writes cheques and my parents (they’re in their 80s) still like to go into a branch, those ways are changing. I don’t carry cash at all these days and often just go out with my phone and use that for payment. I love the convenience of having event tickets and boarding passes in there too.
Hi Jo! I’m happy you commented because it made me realize that I wasn’t getting your posts… must fix that.
We get checks from my mother-in-law (in her early 90s) still… I think that’s it. I’m intrigued that you often only use your phone for payments… have you ever had a problem? While I like in in theory, I think I’d worry that something would stop working. Not a big problem if I’m home, not so great if traveling.
I’ve never had a problem, but if I’m travelling tend to use a physical travel money card not attached to my regular credit cards. In Vietnam it was all cash.
I have a check book but use it rarely. Have cash on hand because occasionally a truck backs into the power pool and then the debit machine is down at the take out place and then you are SOL. True story! Mostly debit and no apps. I occasionally go to the bank to deposit a check because that’s how our farm income comes. I don’t bank on my phone as I am prone to losing it or killing it. I do bank on line but from my computer.
Like most, it sounds like you do a little of this and a little of that. We are probably in the tween stage of the transition into an almost totally digital world. I imagine the younger generations will have no idea what checkbooks are and have very little use for actual cash. Funny story (although probably not at the time) about the truck backing into the power line. Ooops.
We had 2 little kids with us and had to drive another 20 mins for a different supper spot and an ATM machine that was working because the debit at restaurant 2 was not working either!!
Hey Janis! Since we’ve been traveling more we have really embraced electronic banking. Nearly all payments that way unless they charge a high percentage to us a CC. And we started using Zelle this year and REALLY like it. Super easy through our bank to make payments to workers and vendors and they love it too because it comes in immediately. We deposit 99% of our checks with my phone–SO EASY! Who needs a bank these days especially when they keep getting sold and changing their name. So far we haven’t had a bit of trouble (fingers crossed) and life is so much easier. Interesting how we are all so different. ~Kathy
Electronic banking is really a must for travelers. It makes me wonder how long-term travelers managed before that was an option. I haven’t had anyone request a peer-to-peer payment but maybe it’s only a matter of time. It sounds pretty easy once set up but I’d just as soon have as few pathways to my bank account as possible. And, we’ve never deposited by phone. We get so few checks and our credit union in close to the grocery store we go to so a once or twice a year visit doesn’t seem like too much.
This is an interesting post Janis, and coincidentally, one we addressed recently on our blog. We were traveling in Scandinavia which is, for all intents and purposes, totally cashless. Like you, I go cashless in much of my daily life, but at the same time, we hang on to some old cash traditions like carrying emergency cash with us at all times. My philosophy on all these new tech issues (digital wallets, touchless pay, etc) is to make sure the technology is working for ME, as opposed to using the tech just because it’s available. This is particularly the case with money issues when we travel. But having said all that, going cashless has made my personal life considerably easier, and while I’m not on the cutting edge, I’m happy to adapt. ~James
I like your philosophy… I’ve signed up for a few techie things because I thought I should embrace modern “conveniences” or increase ways to connect to others, but I eventually unsubscribed because they didn’t fit me.
Several commenters mentioned your blog post so I checked it out… very interesting. I haven’t traveled to Sweden or Norway but during our recent trip to Spain, Portugal, and France, I used our credit card for most purchases. In Mexico, not so much. I guess just like making sure the technology works for us, we, as travelers, need to make sure we are aware of local norms, and adjust our payment methods to adapt. Thank you for your comment!
A cheque?| I can’t remember when I wrote a cheque or saw somebody use one, Janis.
I thought chequebooks were a thing of the past. I rather think cash is also going that way. I used to put all my spare coins into a moneybox and empty it every Christmas. I used to get over £100 in that moneybox, but that never happens anymore. Last Christmas, there was less than £10 in my moneybox, most of which was from picking up coins I found on pavements or the floor.
All my bills are paid via direct debit, so I never have to go to a bank. And I use ApplePay a lot on my AppleWatch. However, I always take a credit card (and some spare cash) in case a machine in a shop is not working. I’ve only had to use the spare cash I took once in the last year.
Although I still write one now and then (mostly to my hair stylist and the gal who does my pedicures), I don’t use my checkbook very often. It was kind of a shock to see the woman in the grocery line write one… and she was younger than me. I wonder if I’ll order new ones when my current checks get used up… and that will be a long time from now.
I do like the idea of Apple Wallet and Apple Pay (and using my watch to pay), but I haven’t completely made that leap yet. Your mention of having a money box reminded me that I have a jar full of spare change somewhere. I don’t want to count it our so maybe I’ll just dump it into a charity kettle at Christmas. Good idea!
That’s a great idea about the spare coins doing nothing in the house, Janis. I’ll donate what’s left to a charity at Christmas, too.
I love using Apple Pay. It’s easy to use, and you do not need to enter a PIN. Most retailers seem to accept it, too. And given I always wear my Apple Watch, I now know that I’ll always be able to pay for something if I’ve forgotten my wallet containing my credit card.
You’ve reinspired me to make the plunge and pay for something with my Apple Watch. If the world doesn’t end at that point, I may just make it a habit 🙂
I carry a traditional Coach leather wallet that I’ve had for decades. Not that I use cash often, but I like the wallet. I don’t do anything about paying for things with my phone, because I try to do as little as possible with my phone. I use credit cards for most transactions, I want the cash back features on our accounts. Great topic, btw.
I agree about not using my phone to do any financial transactions. Infact, I hardly use it as a phone… mostly camera and text. As my purses have gotten smaller, I had to stop carrying a wallet. Now I just have a hard-case card carrier, my sunnies, phone… ummm… camera, and some greenbacks just in case. My back and neck thank me 🙂
You make a good point. I could get along with less weight in my purse, just keep my old Coach wallet as a souvenir from my younger days. Any hard-case brand in particular?
I used to buy them at the dollar-type stores but they lasted about as long as you’d expect. My current case, which has lasted for years was purchased at a store in Canada and there is no indication who made it.
Thanks for the information. I’ll look online [of course] and see what I find.
I really don’t carry cash at all, but I’ll try to scrounge some up if I want to do something like buy a lottery ticket, lol. I have had to install Zelle and Venmo in situations where I am collecting money from a group of people & they all start asking me if they can pay me thru the apps. So I adapt!
It sounds like all of us are doing a bit of this and a bit of that. I will probably have to install one or a couple of those peer-to-peer payment apps at some point, but I’m holding out for now. I already have too much stuff on my phone 🙂
I rarely use cash or check. It’s mostly all about the credit card (yay, miles!), but Venmo has been handy for person to person transactions. I’m glad I was talked into that one.
I like the idea of the ease of apps like Venmo, I’m just a bit wary of, A) the payment going somewhere it isn’t supposed to (I’ve heard of that happening and the payee not being able to get their money back) and B) having yet another app connected to my back account. Too many bad people with too much time on their hands. :0
Both of those are super valid reasons!
I’m shocked to read in the comments too about banks that don’t have tellers! I use an ATM now and then, but the bank I go to rarely has a line so I often still go in to see the teller.
I agree! If there isn’t much of a line, I don’t mind going inside and interacting with a real person. I would much rather take a little more time and help ensure the teller keeps his or her job. Kind of like using a real checker at the grocery store rather than self-check.
I’m happy with technology and for decades have used (first) a telephone bank, then moved to online when it did. It suited me because of the work I did where I had a boss who totally ignored boundaries and allowed me no privacy during the working day (and of course bank staff take lunch breaks at the same time as everyone else). I left the job, but I liked the flexibility and never went back.
The only time I’ve had a problem with the new teller-less bank option is when my card’s been stolen or cancelled due to online fraud, because I have no other cards (and won’t, following a struggle with clearing joint debt left to me by my ex) and I was trying to get some cash to get me by while I waited for the new card.
When the pandemic hit, I went to an ATM and took out a chunk of cash in a fit of paranoia. What I was paranoid about didn’t happen, but it was very useful as all kinds of people were doing work for cash during the pandemic – like Himself needing new tyres after a blowout (Himself was still working as on the critical job list).
None of us knew what to expect when the pandemic began and getting cash out to have on hand made sense. At least having a pile of cash came in handier than having piles of toilet paper 🙂
I’m not ready to give up “my” tellers at the credit union. I don’t go in very often, nor do I use the ATM very much (since I seldom use cash), but I like that they are there. I imagine as us Boomers fade away those jobs might become obsolete. We don’t have kids or grandkids, but I know that those generations view cash handling very differently. When I think about how uncomfortable my folks were with ATMs, I can’t imagine how they would have felt about digital wallets.
An (older) colleague recently mocked me for not having a digital wallet! But then, she’s never had her phone stolen while I have (multiple times).
We’re about the same age, Janis, and I’m with you on what works and doesn’t work for me. Too complicated and downloading another app? – I’ll stick with the old method for as long as I can. My husband still writes checks, but I haven’t in years, and I rarely carry cash. Bit Coin? Don’t even ask me to describe it – I have no idea and don’t care. Lol.
A workable combination of methods works best for me. I wouldn’t want to go all digital (I’m not sure how that system would function in a zombie apocalypse, for instance), but I do like the convenience of not writing checks and using cash only rarely. I do want to experience the thrill of paying for something with my Apple Watch, though… I would feel so modern.
Ha ha ha ha. You are sooo much more modern than I am. A computer on you wrist! And yes, we must all have a back up plan for the zombie apocalypse, which may be nearer than we think!
Hi Janis, I was wondering why I wasn’t receiving any notifications from you. I have fixed it. The only time I need cash is for basketball, as we pay per game. We no longer use cheques, and most banks have stopped using them. I am not a big mall shopping consumer, primarily online, apart from groceries or the local markets and plant nurseries. It’s great to see you’re still writing short stories.
Hi Suzanne! For some strange reason, it looks like I haven’t been receiving notices of your posts either. WP has been quite wonky lately. I will resubscribe to your bog also.
Interesting that you say that most banks have stopped using checks. I haven’t heard of that happening here… and I doubt the older customers would go a long with that. Neither my husband nor I use very many each year, but we still have a few vendors that prefer them.
Janis, NZ banks stopped processing incoming or outgoing cheques since 31 May 2021.
I rarely use cash, hardly ever write a check, and use digital payments/boarding passes/tickets. I will say, though, that I’m not crazy about being forced to use my phone for everything. I bought my husband concert tickets a few weeks ago, and it turned into a big deal b/c they were purchased in my name but only my husband was attending. It would have been so much easier to just have a paper ticket I could hand him.
As for cryptocurrency–I’ll pass. It would have been fun to invest that $10 back in 2012, but a lot of people have lost fortunes gambling with that stuff.
I agree that I like the convenience but dislike the assumption that everyone has a smart phone and/or wants to use it. I will probably always be that one who both loads tickets on my phone and prints them out… just in case.
No Bitcoin for me. I’m in the category of I also don’t understand bitcoin. And checks? No, no one uses checks here anymore so I’m surprised that you still have people using them out your way. The last time I used a Travellers check was in 2011 and that was in Norway and it was impossible to cash. It caused huge problems for the bank. I had to shut down the bank so they could process it.
Things change so fast. And yes, in the last 18 months since I bought a new phone I don’t have a wallet anymore. But I do have a separate coin purse because well those coins are used some places still.
Since I do see people using checks now and then here in the US, I wonder when or if they will ever go away, at least in the foreseeable future. I think they’d have a small riot of senior citizens on their hands. Of course, once the boomers are gone, I’m sure they will become a thing of the past.
Cash is still needed for small payments, like tips and inexpensive purchases (since the credit card companies charge a percentage to the retailer I don’t like to use them for little things). I’m sure in just a few years, it will change again and we’ll have a whole new way of buying things.
I know what you mean. Things change quickly. I don’t think we have ever been a big personal check kind of country. We were very quick to adopt electronic transfer. Even seniors here love using credit or debit cards.