A tail of how long £50 lasts
Lady comes into Top Banana Antiques sell's £50 worth of china, we pay her cash, saving bank charges as given to us by our clients.
She takes her granddaughter out for dinner pre-university. Spending £50.
Restaurant owner pays his grocer £50,
Grocer gets his windows cleaned and pays £50.
Window cleaner buys his wife some chocolate and flowers.
All five transactions received £50 and spent £50 getting £50 worth of goods or services.
Lets do this again with debit card, each transaction has a charge within 25 steps the bank now has all the £50 and none is left for the user.
Every step looses 1.5% or a fee meaning every step less is left to be spent or given into the community. We charge our dealers nothing to accept cash, and whilst the bank charges us we use cash to pay bills and our dealers, of course giving or receiving a receipt.
Bear in mind everytime you use a card someone looses out, how do you get your nectar points, air miles, Amex points because they, the card provider charges the recipient of the card and to get you to use their card they give you cash back points etc but all at a cost. Just remember in 25 steps / transactions the bank will have absorbed all the original £50.
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Lyon Oliver
August 27, 2023
Interesting but a lot of1.5 percents add up.This time of year the main shareholder of the bank will be holidaying with his friends and family on a yacht off StTropez.It may be teenaged daughter 16 th birthday so they go ashore for supper and order magnum of crystal champagne brought to the table with sparklers in for 4000euros.to bring the bill to 12000 for the night. Not a thought for the little people who feed the system.Bravo Top Banana for your insights