Gig Businesses – choose your bank wisely

The war on cash

Business owners choose your financial institution wisely! Did you know there is a war on cash?

“Tim, never let the U.S Government do away with the penny. Tim if the penny goes away, it is only a matter of decimal points.” Walter V. Smith, Comptroller 24 years

Two large banks are waging war on cash in the United States. These two banks have implemented policies, which although subtle, are controlling. These policies will have an adverse effect on small businesses. One bank has America in their name, the other began as a six-horse stagecoach.

These cash policies are intended to limit, while tracking, cash transactions. Banks become more profitable by limiting cash transactions. Limiting or eliminating cash, banks reduce labor hours and personnel requirements. When financial transactions are digitized, less time and labor is spent counting, dispersing, and managing cash.

Requiring personal identification to deposit funds into a bank account is an invasion of privacy. Recently I made a deposit to my account consisting of three checks, and $50.00 cash, for a total of $125.oo. This deposit was on a personalized deposit ticket issued by the bank. To make the deposit of $50.00 cash into my account, my personal identification was required. Understandably, excessively large sums of cash should be accounted for but $50? One bank even limits individuals making deposits into an account to be a signature on the account. (This means a business cannot have an employee make deposits into a business bank account, or a parent depositing funds into a child’s account)

Small business is a major revenue generator for the local economy, often in cash. Financial institutions exist to support businesses and must earn our business. We are expected to trust banks with our money, shouldn’t they be expected to trust their depositors?

Moto-Tec-it Tim