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  #1  
Old 11-16-2014, 02:26 AM
connie189 Female connie189 is offline
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Default All Cash$ ??

Someone here said "Cash is King".

That made me think of an older lady that was in front of me at the Walgreens pharmacy counter paying for her medications a couple of months ago.

She had 3 expensive meds ($250 and up). To my surprise, she reached in her purse and pulled out a Walgreens drug envelope (the one they put your prescriptions in) and started counting out (on the counter, in front of a bunch of people loitering around) $20 bills to pay for her meds.

I was robbed at gunpoint in an elevator back in 1976; since then don't carry anything over $10.

Would you carry all cash to pay for your medications or groceries?

I was almost tempted last month to go cash since I'm on debit MasterCard #3 replacement because Home Depot, Jewel Food Stores and Michael's got hacked when I shopped there.
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Old 11-16-2014, 10:35 AM
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From what I've read debit cards are the most vulnerable to being compromised.

I use either a credit card or cash. If my only choice were debit card or cash I would use cash.

I live in a very rural area and not worried about cash. But I don't just carry it around. We do our grocery run twice a month and have a budget to work from. While it is a fair amount spent at each trip I just bring along enough cash that the budget allows for that trip. Just about everything else is bought on-line since I have no access to bigger stores like Home Depot, Staples, etc. On-line it is credit card only for sure.

I think it was me who said cash is king. With all the hacking going on anymore I don't leave much money in the bank at all (after direct deposit). I don't have enough savings or investment money to even worry about getting 1%-2& interest.

I do get some funny looks sometimes when paying big bills in cash - like stopping at my insurance agent's office and paying my auto insurance for the year in cash.
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Old 11-16-2014, 11:39 AM
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Credit cards liability is limited to $50 . That said in all the hacking reports lately I don't think I have heard of one person losing any money.

On debit cards . If it is lost you liability pdepends on how quickly you report it.
Only if you wait 60 days are you liable for full amount. Report it within 2 days -same as credit cards -$50.
If it is hacked you are responsible for nothing

So it seems to me carrying cash is much more dangerous.


http://www.consumer.ftc.gov/articles...nd-debit-cards
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Old 11-16-2014, 01:29 PM
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According to your linked page - debit cards - if reported within 2 days liability is $50. If reported more than 2 days after is $500.

Plus it doesn't say how long it takes to get your money back into your account - is it 30 days - 60 or 90 days?

Not worth the risk in my opinion.......
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Old 11-16-2014, 02:45 PM
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Quote:
Originally Posted by coaltrain View Post
According to your linked page - debit cards - if reported within 2 days liability is $50. If reported more than 2 days after is $500.

Plus it doesn't say how long it takes to get your money back into your account - is it 30 days - 60 or 90 days?

Not worth the risk in my opinion.......
I guess I was assuming one would know they list their card and report it in a timely Manet.

Concerning getting your money back.???? If you are not responsible for loss it is still there and not gone. I would be more worried about cash or being robbed.
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Old 11-16-2014, 03:15 PM
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I had my debit card compromised.
The bank shut the card off because their software detected fraud.
It was a small amount but it took several days for the bank to credit my account.
If my account had been drained it would have been very inconvenient to go several days while waiting on the bank.
According to the bank it can take them up to 90 days to replace the stolen money.
That's why we went to cash or credit card as much as possible.
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Old 11-16-2014, 03:41 PM
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Quote:
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I had my debit card compromised.
The bank shut the card off because their software detected fraud.
It was a small amount but it took several days for the bank to credit my account.
If my account had been drained it would have been very inconvenient to go several days while waiting on the bank.
According to the bank it can take them up to 90 days to replace the stolen money.
That's why we went to cash or credit card as much as possible.
Understand thanks.
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Old 11-17-2014, 02:34 AM
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I paid for the property in cash....realtor didn't know what to do. Same with the building materials,,,they all flipped out.
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Old 11-18-2014, 08:59 AM
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I try to pay with cash as much as possible. Years ago I got into trouble with credit cards. I hate them with a purple passion. I follow Dave Ramsey's plan and I do the envelope system of his. Since I started following him I have a better handle on my finances.

I would rather take a chance on carrying money than my bank account getting hacked. I don't worry that much about getting robbed because I only carry about a hundred on me at a time so even if I do get held up they aren't getting much anyway.
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Old 11-27-2014, 12:47 AM
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I know several people including my sister had credit cards compromised....and they had to pay money on several things but not all the money stolen was covered under the stolen goods by the banks. They had to pay for some things. Note: all the things that bank do not have to pay you back, even though like Mo said they say they do ....but that is just not true in all cases. I know people who have had their debt cards compromised.....one cleaned out their whole bank account, and it took tons of paper work, criminal reports, police work, and they got all their money back but a few hundred....they had to close their accounts and then they got hit a second time..... that was when I pulled my debt card. As the criminals that have readers... as you use a debt card...they can read and record your account standing as far away as 20 feet. Cash at this point is easier for me.....then robbing my bank account. I do not trust the banks and I do know people who the banks just let things ride and screw over people. As I see it...anything to do with a computer.....your more likely to be robbed by a hacker then you are at gun point with your cash....if you have cash there are ways of standing and not showing the whole world what you have given to the cashier. You never flash cash anywhere....
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Old 11-27-2014, 10:06 AM
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Quote:
Originally Posted by HawaiiDi View Post
As I see it...anything to do with a computer.....your more likely to be robbed by a hacker then you are at gun point with your cash....if you have cash there are ways of standing and not showing the whole world what you have given to the cashier. You never flash cash anywhere....
^^^ I agree!
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Old 11-28-2014, 11:12 AM
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I once got jumped by three guys who dragged me into an alley to rob me. I would have none of that and fought back. We had a knock-down, drag 'em out brawl lasting over an hour. We were finally all exhausted and could hardly move anymore. One crook crawled over and went thru my pockets as I lay there gasping and found only a quarter.

"Man, you fought like a wild cat for an hour just to save that lousy 25 cents in your pocket?"

"Twenty five cents in my pocket? Oh, I thought you were after the $200 hidden in my shoe!"
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Old 11-28-2014, 12:20 PM
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Shoot Doc--if you'd been carrying--it would have been over in a flash!!!


I keep an intentionally low max balance on the credit card I use exclusively for on line/phone purchases. Bank keeps trying to raise it--I keep telling them to drop it back. Only time I ever had any card issues (different card) was buying some art at a street fair --checked the balance a couple of days later to discover someone had used it to charge a few hundred at a rental place in a town and state I'd never been to, Apparently someone in the croud had one of those scanner doohickeys.

Have an HD card, TS card, and several others--always pay them off every month except for that special no interest for 6 or 12 month deals. Have had that HD card for over 20 years--never have paid them a penny in interest.

JVC
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Old 04-16-2015, 08:35 PM
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Since I am on SSI, I can only have a certain amount in my account. To sneak by that my brother (trustee) and I get around that by me using gift cards. It works great and I don't have to ask Him every time for money. Just every so often when my my gift card is low like my grocery card.
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Old 04-16-2015, 09:31 PM
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I use cash as much as possible. Have a debit card which I can use but I prefer to keep the cash. I may not be carrying all my cash around but that doesn't mean it is all in the bank either.
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Old 04-25-2015, 06:05 PM
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We are all cash (credit cards for a trip or emergency).

People do not know what to do when you but down Franklin's in front of them...especially if it is 25K or 35K.

Cash is king and can save us around 15% at least in my area for a lot of things.

Still need to have common sense...no need to carry too much money very often.
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Old 04-25-2015, 09:07 PM
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We use cash locally, but living in the middle of South Dakota where the nearest larger town (13,000 people) is over 20 miles away isn't really a problem. When we travel to Sioux Falls or Rapid City, we use our debit or credit card. People still use checks around these parts. Try that in a major city.
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Old 04-26-2015, 12:04 AM
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I don't use my debit card except at our bank.
Everything else is cash or a credit card that is paid off monthly.

I figure every single account in the world has probably been compromised and it's just a matter of time till they get around to me again.
Already had my bank card cloned. The bank's software caught the unusual activity and shut the card off.
I wrote my first ever check on my credit union account and when my son went there to cash it they called to verify.
I just read the the Russian hacked Obama's email.
If they can hack that they can hack anything.
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Old 05-30-2015, 08:10 PM
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...I thought this was pretty good...my neighbor is a big crop and dairy farmer...he put an offer in on an old run down farm (he wanted the acreage for crops)...the kids inherited the falling down place after the parent's passed on...the kids wanted every penny they could squeeze out of the place...we all agreed the price was about 20% higher than it should have been...but...my neighbor and another big farmer both wanted it bad...their offer's were pretty much the same...my neighbor offered the kids 'all cash' (literally ben franklins) none of the kids knew what that meant.. money in your pocket...the kids were suspicious of this and called the District Attorney...there was no crime of course.

I just think of that kind of cash...no paper trail...no tax implications...AS long as you have some self discipline it would be a great thing...cash is king only if you understand what cash is...
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