This is so true and explains brilliantly why it is in all our interests to make the effort to use cash 💷
Why should we pay cash everywhere with banknotes instead of a card ?
- I have a £50 banknote in my pocket. Going to a restaurant and paying for dinner with it.
The restaurant owner then uses the note to pay for the laundry.
The laundry owner then uses the note to pay the barber.
The barber will then use the note to pay for shopping.
After an unlimited number of payments, it will still remain a £50 value, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made.
BUT
IF I go to a restaurant and pay digitally via Card,
- the bank fees for my payment transaction charged to the seller are 3%, so around £1.50
( and so will be the fee of £1.50 for each further payment transaction )
-for the owner re laundry or
- payments of the owner of the laundry shop,
- or payments of the barber etc.....
Therefore, after 30 transactions, the initial £50 will exist at only £5, and the remaining £45 has become the property of the bank … thanks to all of the digital transactions and fees!
Use it or lose it folks…
Once it’s gone we won’t get it back!
Cash is king! #CashIsKing
@piersmorgan Todays revelation payment of £650 for a cup of tea. Wish someone would pay me this to make them a cup of tea . Cost of living crisis some people have to much whilst others have none
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No child should be starving at school.
Currently, almost a million are missing out on free school meals. With more families sliding into poverty, we need action now.
I just signed to demand universal free school meals - will you join me? https://t.co/3uPivyVHPd via @38degrees
No child should be starving at school.
Currently, almost a million are missing out on free school meals. With more families sliding into poverty, we need action now.
I just signed to demand universal free school meals - will you join me? https://t.co/Xgwn1hYdy3 via @38_degrees