Posted on 12/22/2017 11:28:33 AM PST by gubamyster
Nice. Very nice.
One more ‘win’ for Trump AND the American people...
Strippers still take cash.
er....so I’m told.
BOA is evil.
A bank not accepting cash does seem bizarre.
...except that’s the reality we’re heading toward.
If you’re in the banking business, you’ll probably notice the percentage of money transactions involving cash, and how fast they’re dwindling.
There’s literally a cost to handling cash deposits, and small enough amounts are reaching the point where it costs more to process it than the profit in doing so. We’re reaching the point where small cash deposits are simply unprofitable to handle.
Most people are foregoing cash in favor of “plastic” (and even that’s being supplanted by NFC & other no-card transactions).
They’ll still accept large pre-processed cash deposits (say, from large businesses involving pre-bundled/wrapped packets well-trusted), so can still provide ATMs where they draw a good percentage in profits for processing.
Reality: we’re heading to a cashless society. Everyone who benefits from it will encourage it.
Thank you, President Trump!
I’m doubtless no more informed on this than you are.
It seems to be putting cash into someone else’s account, not banning cash deposits altogether.
“Tried to sell some Bitcoin for a cash deposit on localbitcoins yesterday, and learned that Bank of America no longer accepts cash deposits into someone else’s account.
“They claim its because of money laundering concerns, of course, because saying the truth - that they don’t like Bitcoiners using their bank as a liquidity provider - wouldn’t sound good to their customers.”
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