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US Banks low on change due to Pandemic

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#1 by valerie » Tue Jul 14, 2020 15:36

Maybe more people are saving their coins today.

I know I save mine but have been considering turning in my nickels because
they are heavy and the least amount of change I receive.

The latest pandemic shortage: Banks running low on coins | MPR News
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#2 by Darkstar2 » Tue Jul 14, 2020 15:54

valerie wrote: Maybe more people are saving their coins today.

I know I save mine but have been considering turning in my nickels because
they are heavy and the least amount of change I receive.

The latest pandemic shortage: Banks running low on coins | MPR News

Pretty soon they will be short on paper. I guess you know what this means, physical money is being phased out, I guess you also know what this means :mrgreen: Nowadays it is not convenient for people to carry coins, especially when more and more stores are not accepting it, despite paper money being legal tender, as with coins, some stores are refusing it to avoid contact, pretty soon your digital wallet will be implanted in your hand, when you want to pay all you have to do is wave your hand to a machine :D
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#3 by Arvind9 » Tue Jul 14, 2020 16:08

Our economy is still 80% cash,corruption and black money is still high,there is an effort to make an digital transformation,but with less than 20% using it,still many dont have bank accounts;and fraud is on the rise,,a digital payment could empty your bank account,so people still prefer cash.
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#4 by tasman1 » Tue Jul 14, 2020 16:10

Heavy and no value , biggest coin here is 2 dollar , value of 1 carrot :mrgreen:
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#5 by Darkstar2 » Tue Jul 14, 2020 16:49

Arvind9 wrote: Our economy is still 80% cash,corruption and black money is still high,there is an effort to make an digital transformation,but with less than 20% using it,still many dont have bank accounts;and fraud is on the rise,,a digital payment could empty your bank account,so people still prefer cash.

You nailed it - It's been proven that when people use digital payment methods they are less careful with their spending, especially with the massive credit - everything is credit card this credit card that, can't pay now, no problem, use your plastic and pile DEBT. Even in casinos machines accept digital payment, just enter your bank debit card and you are set.
As far as criminals and scammers no problem, as long as crypto currency is alive, you are minutes away from buying your super duper illegal whatever at the swipe of your bitcoin wallet :mrgreen: Digital transactions will facilitate the piling debt, corruption and crime.....and potential for hacking and cloning and stealing digital wallets.
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#6 by valerie » Tue Jul 14, 2020 17:11

I'm sure most of you don't know or don't remember.

Back in the 70's, I think it was, we had a big shortage of pennies in the USA.
People were saving them so much there grew a big shortage. I don't think it
lasted long. Maybe I will do a search and see if I can find that.
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#7 by valerie » Tue Jul 14, 2020 17:17

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#8 by Darkstar2 » Thu Jul 16, 2020 11:26

Wasn't that the era where people were collecting those pennies inside piggy banks ? Maybe in those ancient times people could actually buy stuff with pennies, a pack of jelly beans, stuff like that. Today, people don't collect anything - thanks to credit, most people are in debt .
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#9 by wildbillhickok » Thu Jul 16, 2020 11:52

On my opinion paper money and nickels are slowly disappearing.
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#10 by dutch1898 » Thu Jul 16, 2020 14:18

Maybe my wife and I are a bit old fashioned,but we have no debt at all.
No mortgage.We do use credit and debit cards and do a daily online
check on those accounts.Credit card is paid in full every month.
I guess we are pretty rich that way. :lol:
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#11 by Nikorj » Thu Jul 16, 2020 15:08

No debt here either.

Recent statistics shows that on average all (Adult) Danes have at least $30.000 on their bank-account, While 18% of them have at least $100.000.

We might pay a high tax, But we are also paid well.


Stay away from loans if you can avoid it!!!, Sadly some people end up in situations in which it's the only way out.


It's "Of course" based on the average median income.
Last edited by Nikorj » Thu Jul 16, 2020 15:14 » edited 1 time in total
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#12 by tasman1 » Thu Jul 16, 2020 16:38

Nikorj wrote: No debt here either.

Recent statistics shows that on average all (Adult) Danes have at least $30.000 on their bank-account, While 18% of them have at least $100.000.

We might pay a high tax, But we are also paid well.


Stay away from loans if you can avoid it!!!, Sadly some people end up in situations in which it's the only way out.


It's "Of course" based on the average median income.





Average income ........................... I earn 1.00 , you earn 101.00 = average income of 51.00 ,, not bad
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