Saturday, December 26, 2009

Bank Goes Thru Withdrawals & Casinos Quarterless!

"Don't order any more withdrawal slips!"
"We're keeping our cash from now on."

Have you heard this yet?  The National Irish Bank has notified all of it's customer that starting in February, they will stop handling cash withdrawals.  They want to save employee costs by eliminating any cash withdrawals by their customers at all of their branches.  They told the customers that they will have to use ATM's or request cash back from a merchant whenever they use  their debit cards!  Don't even think about cashing your paycheck there either!  They just don't want to handle cash at all.  But, they did not say they wouldn't accept cash kidding!

The National Irish Bank also announced that it's closing 25 of it's 58 branches because of unprofitability.  Is this a new shitty banking practice that will torment consumers world wide?  Maybe it is.  This is not the first bank to go "almost cashless".  Other European banks have already done it.  In all of Europe, the Irish are regarded as the people who are the most cash dependent.

Oh Shit No!

You can still withdraw ALL YOU WANT from
Banks in the United States, because we will
Never run out of cash? credit? FDIC?

What will be the banks' next magical trick?
Will United States banks try eliminating cash withdrawals?

Remember that the Casino Slot Machines used to pay off in quarters or other denominations?

Not any more, now the slot machines print you a voucher, which you can feed into another machine, or back into the machine that just paid you.

So, the banks want our deposits, any way they can get them.  But they don't want to handle cash going back over the counter to you.  It seems like it would work, but it adds inconvenience to the customer, while saving the bank money.  I think it will also mean that the banks will have  at first thousands, but quickly millions, and eventually billions of dollars of additional cash flow by reducing the amount of cash in their customers pockets, which would be the certain result of slowing down the time period in which a paycheck becomes a handful of cash; that is because much more of the deposited funds stay in the bank a day or so longer.  It's a windfall of free cash for the banks to use.

Just wait, I think it'll be happening here one day.

Fat cat bankers like to say,

"Our Bank is pleased to earn your business"

John DeFlumeri Jr.  in Clearwater
"Decisions About Money and Controversial Commentary"
copyright 2009 john DeFlumeri Jr.

1 comment:

Financial Samurai said...

Oh wow, I wish them good luck! Not sure if the concept will work, but it if does, the bank is smart!

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