OK, so if this is the case, does that mean you could effectively have a personal check rejected even though you have plenty in the account to cover the transaction and then be stuck with fees from whoever you wrote said check to?

Do you guys have debit all over America yet? In Canada its completely nation wide, and almost nobody carries cash anymore (at least nobody with a steady job). The most common form of payment I see is completely electronic. Straight from the vendor to the bank, no cash involved.

I see this section of the bill as the excuse now to implement electronic currency in America.

Look where this OP got the information: He acknowledges this on page 2 of the source post.

www.dailypaul.com/node/66109

He's probably one of the few legislators that understood the bill. It is just downright irresponsible to agree to something you don't understand. Everyone who voted "yes" should pat themselves on the back when the manure hits the fan. Gee, were going to hear their lame excuses all over the place. Sheeple legislators who let their buddies including both presidential candidates convince them to vote for this bill.

[edit on 10/3/2008 by sad_eyed_lady]

Another move to the New World Order cashless society.
A MAJOR step was taken today by those that really run things.
Be afraid. Be very afraid.

Starred and flagged. Word is spreading like wildfire and I doubt the cash machines will have anything left by sunday.....

Originally posted by FlyersFan
Another move to the New World Order cashless society.
A MAJOR step was taken today by those that really run things.
Be afraid. Be very afraid.

This just hit the nail on the head. They are moving to a cashless society and the only thing missing is the 666 stamped on our foreheads!

Makes sense to me....

Cash is something that requires equipment and labor to print...is very expensive to stay ahead of counterfeiters so those costs have to be factored in as well as the absence of accountability.

The government doesn't know how much money I have stashed under my bed.

So with electronic currency, comes complete transparency and accountability...a record generated for every purchase made etc etc...

Which will make cash (the paper) somewhat of a comodity to be used for bargaining.

Until they make cash non transferable.

Just because they're no longer required to does not mean they won't. Do they, and you, really expect people to pay for items under $1 with a debit or credit card? Don't forget, time is money, and in my experience it takes a lot longer to swipe my debit card, type my in pin number, and get a receipt, than to hand the cashier a $1 bill and be on my way.

Besides, what would drug dealers do?

Honestly, I think there would be guaranteed riots if banks suddenly stopped carrying cash. This may the beginning of a move to eliminate cash, but it's not going to happen suddenly out of the blue

[edit on 3-10-2008 by Marius Blackwood]

I need to get myself one of those Visa Checkcards . I had completely forgot about those commercials.

Still, people accept change much easier if it's gradual. This may be the beginning of the end of hard cash, but it's certainly not the begging AND the end. In my opinion at least.

- "Hi, I'd like to see the money I deposited"
"I'm... sorry?"
- "I'd like to see it. Feel it between my fingers"
"I'm sorry, but that is not posible, sir"
- "Not posible? But I put the money into this bank... in cash...?"
"Don't worry, sir. The money is safe here with us."
- "Well, good. Then you must be able to show me it?"
"I'm sorry, sir. You're just going to have to trust us."

0's and 1's... is that not tangible enough for you? How do you think this computer works.

It's kinda a curious how everything around us is being digitized. Turn something so tangible into something so abstract.
We no longer need to see it to believe. We just need to have it repeated enough times till it sticks.

Believe the screens. The screens are real. The screens know who you are and what you like. Trust the screens...love the screens...remember Saturday morning cartoons they were so funny so much fun. The screens are fun!

This is the welcoming party for RFID Cards

Welcome to slavery sorta

on a more optimistic note. It is a good idea that they do this. It keeps them from giving money they dont have and keeps inflation down etc. Who knows the end result.

For the last few years, I have been using a pre-paid credit card from Western Union whenever I need to make a computer purchase. I get my paycheck, cash it, then maybe put a little on the card if I need to order something online. This way they don't end up screwing with my money and I still have most of my money safe with me or in my house. I dont have any limits on how much I have to keep in it, and I think I can put as minimum as $5-$15 when I put it on there.

One downside though, is traveling. A lot of hotels you need a major credit card for a deposit, you also need a major credit card when renting a car.

Originally posted by secretstash They are moving to a cashless society and the only thing missing is the 666 stamped on our foreheads!

Gee, a friend of mine helped develop the debit system, working for Bank of Montreal. Guess I'd better let her know she's an agent of Satan.

I don't quite get where all the paranoia is coming from. Banks already keep a very low percentage of deposits as cash.

If you want to re-assure yourself with physical cash, then you'd be assuming a piece of paper holds value. And that is just the point here; money is nothing more than a belief that some value is stored in it, in particular when you are dealing with fiat money. Whether you have faith in a piece of paper or some numbers in a computer, I really don't see the difference.