| In UK - Bank of China no longer accepts cash deposits 13:07 - Apr 16 with 1427 views | Lord_Lucan |
Madness. |  |
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| In UK - Bank of China no longer accepts cash deposits on 16:39 - Apr 16 with 1247 views | Bent_double |
It's almost as though banks want to do away with cash altogether... |  |
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| In UK - Bank of China no longer accepts cash deposits on 19:08 - Apr 16 with 1169 views | Plums |
Cash and bank cards are virtually obsolete in China. It's all on the app... |  |
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| In UK - Bank of China no longer accepts cash deposits on 19:20 - Apr 16 with 1153 views | Lord_Lucan |
| In UK - Bank of China no longer accepts cash deposits on 19:08 - Apr 16 by Plums |
Cash and bank cards are virtually obsolete in China. It's all on the app... |
Yes I know.
Most things are paid by WeChat, but that’s not what I’m talking about.
I had a zoom call thing with Bank of China in London today about opening a business account and they advised that they don’t accept cash deposits. | |
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| In UK - Bank of China no longer accepts cash deposits on 20:30 - Apr 16 with 1082 views | Plums |
| In UK - Bank of China no longer accepts cash deposits on 19:20 - Apr 16 by Lord_Lucan |
Yes I know.
Most things are paid by WeChat, but that’s not what I’m talking about.
I had a zoom call thing with Bank of China in London today about opening a business account and they advised that they don’t accept cash deposits. |
It's China's way or the highway isn't it? | |
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| In UK - Bank of China no longer accepts cash deposits on 13:44 - Apr 17 with 839 views | Leaky |
| In UK - Bank of China no longer accepts cash deposits on 20:30 - Apr 16 by Plums |
It's China's way or the highway isn't it? |
Guess I will turn down any boiler services in China from now on. |  | | |
| In UK - Bank of China no longer accepts cash deposits on 14:19 - Apr 17 with 776 views | BloomBlue |
No bank wants us to use cash, they cannot take their cut from it as easily as they can with card/apps.
When I worked I was working on a system used by a couple of banks and they were fully focused on more card payments- this was approx 30 years ago, so phone apps not really available then. The banks knew if people used cards they could take a payment fee before the money was passed to the retailer. So if you paid £2 in cash for a coffee in a cafe, they knew they couldn't get to it until the retailer paid it into the bank, and the retailer might use the cash to pay for other overheads, meaning the full £2 wasn't paid in. But if you paid £2 using a card, they were able to immediately take 10p (or as much as they want) and just pass on £1.90 to the retailer.
That's why it was deliberate policy by Banks in those years to push regulators / government's to make it easier for people to use card payments / then mobile apps, they knew it would make banks even more profitable. COVID pushed that usage to record levels, and hence more profits for banks. They hate retailers taking cash and now trying to kill it slowly by either refusing to take cash and/or adding ridiculous handling charges.
Banks and their shareholders want us all to use cards/apps, it makes them richer. |  | | |
| In UK - Bank of China no longer accepts cash deposits on 16:23 - Apr 17 with 662 views | SuperKieranMcKenna |
| In UK - Bank of China no longer accepts cash deposits on 14:19 - Apr 17 by BloomBlue |
No bank wants us to use cash, they cannot take their cut from it as easily as they can with card/apps.
When I worked I was working on a system used by a couple of banks and they were fully focused on more card payments- this was approx 30 years ago, so phone apps not really available then. The banks knew if people used cards they could take a payment fee before the money was passed to the retailer. So if you paid £2 in cash for a coffee in a cafe, they knew they couldn't get to it until the retailer paid it into the bank, and the retailer might use the cash to pay for other overheads, meaning the full £2 wasn't paid in. But if you paid £2 using a card, they were able to immediately take 10p (or as much as they want) and just pass on £1.90 to the retailer.
That's why it was deliberate policy by Banks in those years to push regulators / government's to make it easier for people to use card payments / then mobile apps, they knew it would make banks even more profitable. COVID pushed that usage to record levels, and hence more profits for banks. They hate retailers taking cash and now trying to kill it slowly by either refusing to take cash and/or adding ridiculous handling charges.
Banks and their shareholders want us all to use cards/apps, it makes them richer. |
“Banks and their shareholders want us all to use cards/apps, it makes them richer.”
Also makes it harder for people dodge tax. Plenty of people saying public services are broken whilst paying a lower effective rate than our public servants. |  | | |
| Madness on 22:32 - Apr 17 with 502 views | NthQldITFC |
Embarrassment. |  |
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