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Bank of America CEO: 'We want a cashless society'

Javier E. David
Editor focused on markets and the economy
  • d
    deal
    Cash must stay. Cash sets a bottom of 0% interest rates at the banks. Without cash, banks can go into negative interest rates on accounts. With cash, if the bank goes into negative interest rates, we can simply withdraw our money into cash and put it in a safety deposit box at a rate of 0% (which would cause a run on the banks that banks certainly do not want). You may say that negative interest rates will never happen. Wrong. In Japan, Sweden, and now Switzerland to name a few countries the interest rates are negative (and kept at 0% for personal bank accounts so people don't pull out all their money in cash). Cash not only preserves financial privacy, it sets a bottom limit for interest rates on personal bank accounts. Keep cash.
  • t
    tim
    Sure they want cashless, Then they'll start to charge a transaction fee everytime you use you card or pay with the app.
  • D
    Drew
    Of course the banks and to an extent the government would love a cashless society. The Feds are already notified if you put too much money into your account or if you take too much out. Eventually, if the government wants to freeze assets of a company or individuals that fail too comply with whatever edict is made up for that day. They will be able to do that. Meanwhile, the banks will continue to charge merchants more money for the "privilege" of using their bank cards (already happening with VISA and MasterCard)
  • S
    Syzygy
    B of A (and other large banks) also wanted out of brick and mortar branches, but that also didn't happen. Fortunately it is still what people want, and not what Bank of America wants.
  • L
    Leigh AnneP
    Quote: “We want a cashless society,” Moynihan, who heads up the second largest U.S. bank.

    Response: of COURSE they do! They can charge for transactions AND know your purchase history at the same time!!!! Can't do that with cash.
  • G
    GR8timze
    a money trail for EVERYTHING......but who controls/safeguards the trail....who has access
  • J
    JOHN
    What I really don't like is businesses that won't accept cash. I was under the impression that us govt currency had to be accepted for payment
  • C
    Chris
    I think I'd like to use massive stone boulders for money like they do on the Island of Yap. Both fun and efficient all at once. Also I would like Bank of America to be required to store several thousand of them per client.
  • G
    Gregg
    The government wold love a cashless society. Just another way to have power over you, your financial information, and what better then to lock your account with the touch of a button. Maybe people want privacy in their transactions and cash provides that.
  • r
    raymond
    Once the power grids go out so does our money . No thanks . I prefer paper .