Well, in the short term, this cashless business thing is headed for a legislated halt in many jurisdictions ... google and you will see
With the caveat that I haven't looked at prior pages of this thread and I only quickly skimmed what people wrote on this page .... hence I may not be totally in context ... but the following needs to be said ...
eta - sorry in advance, Bonner ... but you, more than most, know that Chambo is on-point
The fully unbanked in the US is MANY millions of households ... and when you look at certain states, you may be very surprised about the magnitude of some of the numbers. Just google "unbanked in the US" and focus on FED reporting cuz that's real data. And then reflect upon the fact that the US is (one of) the wealthiest country in the world
Further, the debit cards that are being heavily marketed to these unbanked communities and that have achieved substantial market share have egregious fees for actual usage patterns ... when all is said and done, these are loanshark-like, predatory businesses ... and it's such a real issue that the CFPB is issuing rules to address the situation ... and if you read some of the details in the below link, these requirements are obviously being put in place because these communities are being taken to the cleaners ... and it's wrong and it sickens me ...but people in general just don't understand money and how to handle their finances prudently and don't seem to care and don't truly educate themselves* ... and I'm now talking about most people at ALL economic levels and it's also true for many big corporations ... and if there are people who are ready, willing and able to be imprudent in this department, you can be sure that faster than you can count to three that there will be a sky filled with vultures to pick at any and everything left unattended ... and that's why we have the MASSIVE financial industry that we do today who very happily and cluelessly and greedily sunk the US economy a decade ago ... of course, with the help of this overall imprudent populace ... and yes, let's not forget the regulators and politicians too ... a total societal breakdown ... but thankfully we all learned from all this, right ? ... because our country's books are pretty close to balanced ... or NOT !
Listen up ... this may take some time, but stuff is SO out of control right now and it's an ultra-serious subject that is pretty much completely off the radar ... and let me be crystal clear as I look into my crystal ball a handful of years out ... SCARY TIMES ! VERY SCARY TIMES !
* which, I agree, is VERY difficult to do because there is a giant, self-interested, conflicted, wealthy-beyond-any-sound-reason finance industry that all in harmony and all in concert endlessly chant lies and half-truths until they're believed to be true, deceives deceives deceives, confuses confuses confuses and then there's the clueless co-opted press and their clueless reporting on this stuff that just parrots what the fat financial cats (who are very slick and very articulate and very well-dressed and very well-groomed and very personable and seem very, very helpful, I might add) want them to say ... which is that this financial stuff is way too complicated and way too important for you to handle yourself so let us sweet, little fat cats do it for you ... and help you get in and get out when appropriate .,, and sell you funds with nice fees (maybe when coming, maybe when going, maybe all along during the ride) ... and sell you funds / products that have "no fees" but actually do ... and will package up some nice, tidy offerings for you to peruse ... blah blah effing blah ... I could go on for days on this subject ... and I know of what I speak ... but here's the thing, many here among us might be kinda sorta nodding along but saying to themselves "Chambo's kinda right, but this doesn't apply to me, cuz I do have my act together" ... because that's human nature ... but do you really ? ... and this applies so much to so many very smart folks ... think doctors, lawyers and even financial industry folks themselves !!! ... and it's all because they do NOT want to be "average" and get "average" returns because they consider themselves way above average ... just go note average per capita US income ... and yes, many here may well be well above average ... so why settle for the average returns of those unwashed masses ... and that's human nature too
And the problem is that it's extremely difficult for the truth to get out ... because the truth is a very lonely voice in the wilderness ... drowned out by the monstrous resources of the financial industry marketing and PR machinery and the press who eats it up and spits it out, no questions asked ...
I'm going to go back to being silly and unhinged now ... cuz that's the Chambo brand and that's the way I like it