JOKER, do you keep your cash in a bank account?

I am one of those people who only use cash. In the past, I got myself into too much debt and it cost me. Now I have prepaid debit cards so that if I need cash I can still get it from the ATN but if someone steals my information, they are only going to get a small amount that I haven't drawn out yet.

Yeah, those are nice but what if you have the problem they identified in Albuquerque, NM. Crooks had installed a card reader at a local gas station and was able to get a lot of people's information. Finally, somebody reported it and they staked it out to catch the bad guys.

I have never heard of those special wallets, but they sound very interesting. What were the names of those?

The other day I read about special wallets, lined with some sort of material that blocks criminals from being able to read your cards/steal data while they are still in your pocket. Maybe cash will enjoy a comeback as a backlash to such concerns?

If I remember correctly, countries like Japan and Korea already use this kind of system. That feels like a punch straight to those concerns: if they can do it, why not us? It's ironic that as things get simpler, the risk of being a crime target also increases. I think that's why we're still so hesitant.

I would agree with that. Some of it definitely is a preference and whatever helps you sleep at night is an okay way to approach it, but that does seem a little extreme. In certain situations, its safe to have a credit card / debit card as a backup.

FrankN wrote: That is interesting FrugalFran. Do your friends use cash only because they do not understand the technology/risks of using a debit or credit card? I would imagine they find it very difficult and a lot of planning to only use cash 100% of the time.

I know two couple like this and both do it because they've been victims of identity theft multiple times. The one couple actually has credit cards, but they restrict use of them for major purchases, like travel and electronics. The other couple has no plastic whatsoever and still writes checks for their bills. I personally think that going about it the old fashioned way doesn't mean you're any safer than the rest of us because these days hackers can get your information regardless. If you have a bank account, you're susceptible, so you might as well take advantage of the convenience of a debit card.

Breakinger wrote: I didn't see this coming either. I still haven't tried using one of these wallet apps or the Apple Pay on my phone. I think that the technology behind it is fascinating, but I'm just unsure about the security part of it. What if someone gets ahold of your phone? How secure is this new technology going to be in that situation?

I'm with you. I don't know how safe these are. I'm kind of a late bloomer when it comes to new technology. I usually wait until it's been out and proven. I'm not using Apple Pay or anything similar.

The envelope system for cash is just as effective as multiple bank accounts. But I'm with you Fran, I'm too far gone in the e-systems to turn back now.

That is interesting FrugalFran. Do your friends use cash only because they do not understand the technology/risks of using a debit or credit card? I would imagine they find it very difficult and a lot of planning to only use cash 100% of the time.

FrugalFran wrote: I have some friends who strictly use cash and refuse to have a debit card attached to their bank accounts. I really don't blame them, but I think it would be too hard for me to go back now. I couldn't imagine going back to the days of trying to determine on Saturday morning how much cash I need for the weekend.

I have to agree with you, FrugalFran, I could never go back. I don't have credit, but having the option of using my debit card like a credit card on the occasion I find myself without cash is too much of a convenience to give up!

I have some friends who strictly use cash and refuse to have a debit card attached to their bank accounts. I really don't blame them, but I think it would be too hard for me to go back now. I couldn't imagine going back to the days of trying to determine on Saturday morning how much cash I need for the weekend.

Technology is interesting but not at my expense. I just don't feel safe using some of these new money apps. I'm perfectly happy pulling out my card and paying. I know some people that don't trust them, and only use cash.

Share your concerns ... haven't seen enough need to use the newest technology and it seems to be changing everyday with several providers entering the world of tech. As a small buyer I will stay with the physical use of cards and call it a day. As has been said tho, the technology is interesting.