The future of cold hard cash....

[Pebbles]

It is becoming the day and age of the Debit card. You have no cash on your... but your hungry... No worries! Go to your local fast food restaurant and just whip out your card!

I must admit I don't carry much cash myself. I use my debit for almost everything. A fact I didn't regret after having my purse stolen by a very talented thief last year (we saw it on camera and she did it right next to me, my 12 year old and baby and we are not unobservant people). Only ended up losing $1 and some time with the police and continue to watch for identity theft which luckily has not effected my credit.

Do you see debit becoming the downfall of cold hard cash? Do you see cash disappearing in an attempt to control crime? What's your take on cash vs. debit?

[The Big Dog]

I use my credit card for pretty much anything over $20 nowadays, and I pay bills online. Plus, I get 1% back for every CC purchase I make, so there's the financial incentive to go that way. I don't know if or when cash will go away completely, but I definitely see it as less important. There will be times when you need to use it, such as when you go out to dinner with friends and you have to split the tab at the end of the night.

Recently, I owed a friend about $100 for three concert tickets. She lives near the concert venue, so she always gets the tix. Anyway, I didn't know when I'd be seeing her again, and I didn't want to forget, so I finally just issued a check to her out of my account. Bank sent it directly to her address. No money ever changed hands.

I also foresee advances in the technology. For instance, I wouldn't be surprised if someday soon we combined credit card transactions with a fingerprint or retinal scan or something like that. Not sure yet how I'd feel about that, from a civil liberties standpoint. It would depend on how they (whoever they are) intend to use the data.

As for debit, I don't use it much. I'd rather float my money on the CC and pay it a month later. Besides, I don't get the 1% back on my debit card. I pay my CC off every month, so that's not a problem for me.

[Comanche]

cards are fine and dandy until the lights go out! IMO, everyone should have an emergency stash of cash on hand in case of some kind of major power failure (terror, power grid problems, etc). your debit cards obviously won't work without. You would need something to purchase necessities where offered. prob never really be able to get completely rid of cash.

[banshee]

As long as the tooth fairy has to visit, there will always be a need for cash.

[jrod]

Ive never owned any kind of plastic. All my purchases are done with cash. Im still young and poor with no need for credit card bills, or and easy means of liquidating my bank account. I do not like who the age of plastic money cards has opened the doors to so much fraud, especially with e-commerce today.

[alicia-w]

plastic is useless during a hurricane and for sometimes days afterwards. the ATMs dont work (or are empty), the credit card machines dont work. nada

nothing talks like cold hard cash.

[pojo]

I also foresee advances in the technology. For instance, I wouldn't be surprised if someday soon we combined credit card transactions with a fingerprint or retinal scan or something like that. Not sure yet how I'd feel about that, from a civil liberties standpoint. It would depend on how they (whoever they are) intend to use the data.

It is already happening. I saw a billboard for Piggly Wiggly grocery stores here in Charleston that has fingertip scanning... every bit of your information popped up when you scan your finger on the sensor. We have that technology already in the military... we can't get ID cards without a fingertip scan and our ID cards have a microchip built right in with our information on it. That same little microchip that is in many phones (I know I have it)... its called an SIS chip... it has all your data information that is on your phone... if you change phones, that chip goes with you so you don't have to reprogram all those numbers.



I myself, I barely use cash..... if I have it... I spend it. I use my debit card a good percentage of the time... its easier and faster. Just be careful for those 'wandering eyes'...try to wear off the paint on your card numbers that way it is harder for thieves to steal your identity. Cover up portions of the numbers if you get a chance also (when you are using it)

[The Big Dog]

Just be careful for those 'wandering eyes'...try to wear off the paint on your card numbers that way it is harder for thieves to steal your identity. Cover up portions of the numbers if you get a chance also (when you are using it)

Yeah, that's a good thing to remember. Whenever I go to the ATM, I cover the card number when I insert the card. I also use my other hand to block the PIN number that I'm punching in. I know, it sounds paranoid, but bank robbers have advanced beyond "stick 'em up." They mount cameras on the machines, use phony facades -- quite high tech. If only they would put their efforts toward something productive.

[pojo]

Just be careful for those 'wandering eyes'...try to wear off the paint on your card numbers that way it is harder for thieves to steal your identity. Cover up portions of the numbers if you get a chance also (when you are using it)

Yeah, that's a good thing to remember. Whenever I go to the ATM, I cover the card number when I insert the card. I also use my other hand to block the PIN number that I'm punching in. I know, it sounds paranoid, but bank robbers have advanced beyond "stick 'em up." They mount cameras on the machines, use phony facades -- quite high tech. If only they would put their efforts toward something productive.

There was a CSI: Las Vegas episode on this very problem... the show starts out with the police marathon. Needless to say, there was a guy that rigged an ATM machine that way he could get all their information. This guy used a hidden video camera to record the pin numbers and a rigged card scanner inside of the ATM to get the patrons information. One of the CSI guys picked up on the amount of money coming out of that ATM and then went to the ATM to find the problem... the guy who stole all their information was busted red handed!

I have seen theives use video phones to record the numbers off your card number... its really interesting what these people will do to steal someone's identity. Also instead of signing the back of your cards, write SEE ID on the signature pad... that way theives can't forge your signature... also butter up your signature every so often... that helps too.

My aunt had accidentially dropped her debit card, thankfully she called the bank right away... the person who swiped her card had racked up $1000 in an hour!!! Shopping spree anyone?

[weathermom]

...try to wear off the paint on your card numbers that way it is harder for thieves to steal your identity.


"But honey, I had to use it until the paint wore off of the numbers.........I really didn't want to buy all this stuff"

[gtalum]

I hardly ever use cash. On the other hand, my old-school step-father thinks I'm absolutely nuts because of it.

However, with rebate and frequent flyer mile credit cards all over the place out there, I think it's insane to pass up that discount. I do keep a cash stash in my hurricane kit in case of emergencies, but I never touch it. I tend to avoid using debit cards, except fo my Paypal debit card, because I don't trust them for security. I'd rather not have my own money tied up during a dispute with a merchant.

[pojo]

...try to wear off the paint on your card numbers that way it is harder for thieves to steal your identity.


"But honey, I had to use it until the paint wore off of the numbers.........I really didn't want to buy all this stuff"

LOL!

[cajungal]

It is becoming the day and age of the Debit card. You have no cash on your... but your hungry... No worries! Go to your local fast food restaurant and just whip out your card!

I must admit I don't carry much cash myself. I use my debit for almost everything. A fact I didn't regret after having my purse stolen by a very talented thief last year (we saw it on camera and she did it right next to me, my 12 year old and baby and we are not unobservant people). Only ended up losing $1 and some time with the police and continue to watch for identity theft which luckily has not effected my credit.

Do you see debit becoming the downfall of cold hard cash? Do you see cash disappearing in an attempt to control crime?

What's your take on cash vs. debit?

Beware. Because if you get your debit card stolen, all the thief has to do is use it as credit and seriously overdraw your checking acct. And then you have to wind up paying for all the overdrafts. I use my debit card all the time too. And I am careless and don't write down all my deductions, and overdrew out of my checking acct. twice.

[pojo]

It is becoming the day and age of the Debit card. You have no cash on your... but your hungry... No worries! Go to your local fast food restaurant and just whip out your card!

I must admit I don't carry much cash myself. I use my debit for almost everything. A fact I didn't regret after having my purse stolen by a very talented thief last year (we saw it on camera and she did it right next to me, my 12 year old and baby and we are not unobservant people). Only ended up losing $1 and some time with the police and continue to watch for identity theft which luckily has not effected my credit.

Do you see debit becoming the downfall of cold hard cash? Do you see cash disappearing in an attempt to control crime?

What's your take on cash vs. debit?

Beware. Because if you get your debit card stolen, all the thief has to do is use it as credit and seriously overdraw your checking acct. And then you have to wind up paying for all the overdrafts. I use my debit card all the time too. And I am careless and don't write down all my deductions, and overdrew out of my checking acct. twice.

I hate writing down all my deductions.... its a royal pain in the arse. I think the last time I balanced my check book was *cough, cough* October. Yes, I do get careless, but I can check my account every other day to make sure there is enough money there to cover my deductions. Yes, have overdrafted before (due to the fact my military paycheck wasn't there like it was supposed to be.) Online banking is wonderful, now if I could pay my bills online it would be even better!

[The Big Dog]

Online banking is wonderful, now if I could pay my bills online it would be even better!

You can't? I thought that's pretty much standard in banking nowadays. Maybe the smaller banks haven't gotten around to it yet, but certainly all the bigger ones have.

[coriolis]

I pay cash whenever possible. I do write checks for bills. When there's no more cash, I stop buying stuff! For me, at this location, the risk of getting robbed is less likely than some electronic screw up.

[Pebbles]

Beware. Because if you get your debit card stolen, all the thief has to do is use it as credit and seriously overdraw your checking acct. And then you have to wind up paying for all the overdrafts. I use my debit card all the time too. And I am careless and don't write down all my deductions, and overdrew out of my checking acct. twice.

Not true. I asked my bank just about this. Your debit is protected just like a credit card. You are not liable for any charges or any charges the bank may give (if you report in a timely manner and get a police report). Well not at my bank at least.. my bank has some of the best customer support ever which is why I bank with them. All you have to do is show them the police statement. They do go through a fraud department though to double check the alleged theft. And any bank that would make you pay overdraft on a stolen account if you show them a police report should be shot! You are not liable for those charges as you didn't make them so the bank should wave those fee's.

P.S. I asked the fraud department of one of my CC's who ends up paying the bill? He said actually the store where the purchase was made takes responsibility for the bill since they are suppose to double check identification.

Of course I am sure they defray their costs through taxes in some way as it's lost profits.

[pojo]

Online banking is wonderful, now if I could pay my bills online it would be even better!

You can't? I thought that's pretty much standard in banking nowadays. Maybe the smaller banks haven't gotten around to it yet, but certainly all the bigger ones have.

the only thing I can do is check my statements or account numbers... that's it. I have a smaller bank that would explain why they haven't come around to online bill pay yet. It would make my life a heck of a lot easier!

[cajungal]

Beware. Because if you get your debit card stolen, all the thief has to do is use it as credit and seriously overdraw your checking acct. And then you have to wind up paying for all the overdrafts. I use my debit card all the time too. And I am careless and don't write down all my deductions, and overdrew out of my checking acct. twice.

Not true. I asked my bank just about this. Your debit is protected just like a credit card. You are not liable for any charges or any charges the bank may give (if you report in a timely manner and get a police report). Well not at my bank at least.. my bank has some of the best customer support ever which is why I bank with them. All you have to do is show them the police statement. They do go through a fraud department though to double check the alleged theft. And any bank that would make you pay overdraft on a stolen account if you show them a police report should be shot! You are not liable for those charges as you didn't make them so the bank should wave those fee's.

P.S. I asked the fraud department of one of my CC's who ends up paying the bill? He said actually the store where the purchase was made takes responsibility for the bill since they are suppose to double check identification.

Of course I am sure they defray their costs through taxes in some way as it's lost profits.

Not true according to what happened to a co-worker of mine. She was at Wal-mart and she lost her debit card. She let the bank now immediatly as well as the police. The thief overdrew her checking acct. by $400. And my co-worker was taken to court and was forced to pay the $400. And the thief got away scott free.

[Pebbles]

Not true according to what happened to a co-worker of mine. She was at Wal-mart and she lost her debit card. She let the bank now immediatly as well as the police. The thief overdrew her checking acct. by $400. And my co-worker was taken to court and was forced to pay the $400. And the thief got away scott free.

There must be more to the story.. I am truly sorry for your co-worker... there are laws about this that a court has to uphold them. If she reported the card stolen in 48 hours of her losing it AND informed the bank of the purchases within 60 days she should of never been liable. Did she maybe not get all the paperwork to them in time? Luckily, to my surprise, I had no problems with my bank or credit card companies. Actually it took only a few phone calls, a trip to the bank to set up a new account and mailing in a copy of the police reports and some forms to all the company's involved to set things straight. (this woman did make purchases and also used my blank checks many months after the theft with another bank which the police contacted me about). I didn't lose even $50.

My purse now stays looped through my arm the WHOLE time I am out of the house now. Please ladies don't let go of your purse for an instant. I know we think no one will snatch them in front of our face usually.. but this woman grabbed it while i leaned over to grab a package of meat... one hand on the cart.. and followed the contour of the carseat my baby was in before placing it in her jacket. And did this as my 12 year old leaned over to look inside the main part of the cart. I was utterly shocked how she did this. And you can see she followed us for about 40 minutes through the store waiting for the right opportunity to snag it. Looking at shelves like she was picking out stuff which was how we didn't notice her. Even the manager was shaking her head in amazement watching the video. And I see women all the time putting their purses in the front of the cart...because they never leave/take their hand off the cart. Believe it or not she did it so well it took me a full 3 minutes to realize it was gone, plenty of time to walk quite calmly to the front of the store and exit.

This is a quote from The federal trade commission at http://www.ftc.gov/bcp/conline/pubs/credit/atmcard.htm

ATM or Debit Card Loss or Fraudulent Transfers (EFTA). Your liability under federal law for unauthorized use of your ATM or debit card depends on how quickly you report the loss. If you report an ATM or debit card missing before it's used without your permission, the EFTA says the card issuer cannot hold you responsible for any unauthorized transfers. If unauthorized use occurs before you report it, your liability under federal law depends on how quickly you report the loss.

For example, if you report the loss within two business days after you realize your card is missing, you will not be responsible for more than $50 for unauthorized use. However, if you don't report the loss within two business days after you discover the loss, you could lose up to $500 because of an unauthorized transfer. You also risk unlimited loss if you fail to report an unauthorized transfer within 60 days after your bank statement containing unauthorized use is mailed to you. That means you could lose all the money in your bank account and the unused portion of your line of credit established for overdrafts. However, for unauthorized transfers involving only your debit card number (not the loss of the card), you are liable only for transfers that occur after 60 days following the mailing of your bank statement containing the unauthorized use and before you report the loss.

EDIT: If this happened to your friend before March of 2000, then more then likely she was liable as the same laws were not in place then