4 ms·

> I don't love that I also have a 3% tax going to VISA/Mastercard/Amex/... People seem to forget processing cash isn't free. If you're small, it's a trip to th

> I don't love that I also have a 3% tax going to VISA/Mastercard/Amex/... People seem to forget processing cash isn't free. If you're small, it's a trip to the bank. If you're large, it's an armored truck. Employee theft is a problem. Counterfeit money is a problem. If we pretend it's 1% instead of 3% (since you can get 2% cash back), 1% for not dealing with the downsides of cash sounds ok.

shapefrog 3y ago
Banks also literally charge a % fee to deposit cash into your account.
- marklubi 3y ago
  Can you provide a citation on that one? I've never heard of such an absurd issue. The closest I can think of is when a bank tried to charge my son for using their coin counting machine because he didn't have an account there (he's a minor, but I had an account).
  - jdietrich 3y ago
    Many business accounts have a monthly allowance of free cash deposits, but the standard fee is 30¢ per $100. https://www.bankofamerica.com/salesservices/smallbusiness/resources/business-schedule-fees/ https://www.bankofamerica.com/salesservices/smallbusiness/re... https://www08.wellsfargomedia.com/assets/pdf/small-business/information-schedule.pdf https://www08.wellsfargomedia.com/assets/pdf/small-business/...
    - marklubi 3y ago
      Thanks for the details. While I think it's ridiculous, a 0.3% fee for over $20k in deposited cash per month doesn't sound unreasonable for handling risk. Personally, I wouldn't be banking with either of those companies because I think they just exist as parasites. Find a good credit union.
      - ejstronge 3y ago
        It’s not absurd - the bank has to spend money to move depositors’ cash. This is a standard part of a commercial banking relationship
      - shapefrog 3y ago
        UK banks are 1.2% for human / 0.6% to use the machine - no free amount. https://www.barclays.co.uk/content/dam/documents/business/Accounts/BAR_9918661_0922_WCAG.pdf https://www.barclays.co.uk/content/dam/documents/business/Ac... Consumer banking is a very different beast to business banking.
- deleted 3y ago
  [deleted]

shapefrog 3y ago

Banks also literally charge a % fee to deposit cash into your account.

marklubi 3y ago
Can you provide a citation on that one? I've never heard of such an absurd issue. The closest I can think of is when a bank tried to charge my son for using their coin counting machine because he didn't have an account there (he's a minor, but I had an account).
- jdietrich 3y ago
  Many business accounts have a monthly allowance of free cash deposits, but the standard fee is 30¢ per $100. https://www.bankofamerica.com/salesservices/smallbusiness/resources/business-schedule-fees/ https://www.bankofamerica.com/salesservices/smallbusiness/re... https://www08.wellsfargomedia.com/assets/pdf/small-business/information-schedule.pdf https://www08.wellsfargomedia.com/assets/pdf/small-business/...
  - marklubi 3y ago
    Thanks for the details. While I think it's ridiculous, a 0.3% fee for over $20k in deposited cash per month doesn't sound unreasonable for handling risk. Personally, I wouldn't be banking with either of those companies because I think they just exist as parasites. Find a good credit union.
    - ejstronge 3y ago
      It’s not absurd - the bank has to spend money to move depositors’ cash. This is a standard part of a commercial banking relationship
    - shapefrog 3y ago
      UK banks are 1.2% for human / 0.6% to use the machine - no free amount. https://www.barclays.co.uk/content/dam/documents/business/Accounts/BAR_9918661_0922_WCAG.pdf https://www.barclays.co.uk/content/dam/documents/business/Ac... Consumer banking is a very different beast to business banking.
deleted 3y ago
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