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Email this12:41 pm
October 21, 2013
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It would seem counterproductive for the banks to go cashless if the result is that more people resort to crypto.
3:03 pm
October 27, 2013
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Loonie said
It would seem counterproductive for the banks to go cashless if the result is that more people resort to crypto.
Crypto is not cash either. Nor are the banks going cashless. It is the in-branch services that would go cashless. Cash is still available at each and every ATM. So are cheque deposits if one is not included to use photo deposit via one's smartphone.
5:31 pm
October 21, 2013
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I was thinking more of the underground economy. ATMs provide limited amounts of cash. If you want to do underground transactions, crypto may make more sense. It's not something I have any experience with, just speculating and trying to understand.
I see that crypto is now accepted by some vendors. I noticed a few weeks ago that there were crypto machines on Queen St in Tornto that looked like ATMs but I did not examine them.
5:46 pm
October 15, 2015
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What i find when i go to a branch is it may be one or two people but they take forever whatever they are doing. I just got 20.00 from a bank machine. I just feel better having some cash in my wallet.
5:42 am
March 30, 2017
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Loonie said
I was thinking more of the underground economy. ATMs provide limited amounts of cash. If you want to do underground transactions, crypto may make more sense. It's not something I have any experience with, just speculating and trying to understand.
I see that crypto is now accepted by some vendors. I noticed a few weeks ago that there were crypto machines on Queen St in Tornto that looked like ATMs but I did not examine them.
The underground economy is prob where most of the ‘cash’ is flowing. Contractors gets paid in cash, pay their guys in cash, Pay their golf annual dues in cash. Same with restaurants. Also whenever I see people paying their $300+ at costco checkout, makes me wonder what biz they r in… that underground sector will continue to use cash over crypto.
7:22 am
November 8, 2018
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I do not see widespread adoption of crypto, to the level of making banks worry. Crypto for salary direct deposits, interac transfers, utility bills, CRA taxes, etc. - not happening in Canada.
Banks have nothing to worry from going cashless.
Just before COVID, visited local bank branch and saw people at teller window paying utility bills including cable Internet (spotted logo of my cable Internet provider on papers they were holding).
What an irony: paying for Internet by cash in person at a bank.
I'd love to see Canadian government squeezing out cash from circulation more aggressively, to put pressure on underground economy.
8:06 am
October 21, 2013
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christinad said
What i find when i go to a branch is it may be one or two people but they take forever whatever they are doing. I just got 20.00 from a bank machine. I just feel better having some cash in my wallet.
About 20-30 years ago, TD had a policy where, if you had to wait more than five minutes for a teller, they would give you $5 cash reward, My dad made good on this one quite a few times. It didn't improve customer service. Eventually they just closed the branch.
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