To what extent is growth in the economy fueled by the easy transfer of money within it? For instance, pre-ATMs you had to plan ahead, write a check for cash, get the cash out of the bank - you had to stand in line to deposit your check - and the bank was only open during certain hours, and not on weekends or holidays.
Credit cards helped some - but until the mid '60s, credit cards weren't exactly a staple of commerce. If you're of a pre-ATM age, you probably at one point got Travellers Checks for a trip you were taking. Now, it's hard to find a place that'll take them - credit cards are indeed accepted almost everywhere.
Now, you can stop at an ATM day or night and get cash. Buy groceries, and get an extra $20 in change. How much does that ready availability of cash and the easy mobility of funds affect the buying habits of people - and in what direction?
Yeah, I know - you don't really have an answer either. But it's something interesting to think about, isn't it?
J.
Comments (2)
I had my first job and bank account before ATM machines were widespread and reliable.
I was able to save a lot of money on my measly income because the bank was only open when I working.
I didn't ever feel good about carrying tons of cash on me so if they didn't take a check then I didn't get what they were selling.
With Deit cards, credit cards, ATM's paypal, etc.. the financial powers that be have made it easy t spend money from the comfort of out computer or living room.
Heck, even the last holdout
McDonalds takes debit cards these days.
Posted by Hammer | October 5, 2006 1:50 PM
Posted on October 5, 2006 13:50
Hammer nailed it. :^)
I always have some cash on hand in case of power outages, emergencies, etc..
If the power is out, then the entire system is useless. Our dependence on power makes us vulnerable.
Posted by Ben USN (Ret) | October 8, 2006 3:46 AM
Posted on October 8, 2006 03:46