Banks Prefer a Cashless System
In this section we will consider some of the necessary tasks that must be performed by banks and other financial institutions as they handle money in the course of their business. We will also look at how these tasks will be made easier or eliminated altogether with the full implementation of the cashless system. We will see too how with the "closed" cashless system, security for banks will be enhanced to a level of being almost absolute.
Problems With Cash and Checks
The counting and handling of paper money, coins, and checks is an essential and very time consuming part of every bank's business. Much work is involved when one must account for large sums of money. Also, there are many security problems to be considered when financial institutions handle and transport physical currency.
Counting the money a bank has on hand to make certain that all paper money, coins, and checks are accounted for must be done several times each business day. It is necessary to know the exact amount of money the bank has on hand at the beginning and end of each business day. This requires the employment of a number people to perform these tasks.
Smaller amounts of cash are counted manually, while larger sums of money are counted by machine. Machines are faster and generally more accurate in the counting of money. The use of machines also can reduce the number of employees needed to perform the task. Machines though, are not without their own inherent problems. Among these are the initial expense of purchasing the machines and the cost of maintaining them over the time they are used. Another problem with machines is that, while machines make fewer mistakes than people counting money, mistakes still occur. No matter how careful the employees are or how reliable a machine may be in performing the task counting money, there is always the possibility of a mistake when counting paper money and coins.
Then there is the task of moving large bundles or bags of money within the bank. This can be a difficult and sometimes strenuous job. The lifting of heavy bags of coins and bundles of paper money requires physical effort and can lead to job related injuries. Job related injuries are a potential financial risk to banks or any other business. In the cashless system, the risk of on the job injuries due to employees handling money is completely eliminated, since there is no physical money to be counted, moved, or physically handled in any way.
A very real security concern is apparent when it is necessary to transfer coins and paper money to and from other banks and businesses. This is a task which has many risks, including accidents involving the carrier’s vehicle, accidental loss of money, armed robbery, or even the murder or abduction of employees. Since the moving of physical money from one place to another is inherently dangerous, most banks employ the services of armed couriers using armored vehicles. This, of course, is another expense for banks and businesses.
The Cashless Solution
Since electronic credits take up no physical space because they have no mass and since it can be moved almost instantaneously by communications systems, all of the aforementioned problems associated with counting, handling, moving, and storing physical money will be completely eliminated. This means that once cash is replaced by electronic credits that will be stored in and moved by computers, profits will increase. The speed and accuracy of accounting will be improved, and at the same time, errors will be practically eliminated since manual counting of physical money will be replaced by calculations performed by computers.
At the same time the risks and expenses associated with the transfer of physical currency by courier will be eliminated because coins, paper money and checks will no longer be used in the new monetary system. Instead of moving cash over the highways in armored vehicles, the transfer of funds will involve sending and receiving electronically encoded data, representing "money", to and from other financial institutions and businesses through communications systems.
Elimination of Theft Will Mean Greater Profits
Banking will enter a totally new dimension with the total implementation of the closed cashless system where "money" is nothing more than electronic ones and zeros stored in computers. The new "money" will exist only in the memories of computers and therefore cannot be removed from the system. This new virtual money can only be transferred from one financial account to another. In this closed monetary system a person cannot take physical possession of "money".
One feature of our present open monetary system of currency is that there are actual coins and paper notes which enable us to take physical possession of our money. This aspect of the open system ensures a measure of independence and privacy for individuals who want to conduct their financial dealings apart from the banks. A negative aspect of this feature is that the physical money we use in our present system of commerce can stolen.
With the implementation of the cashless closed monetary system, robberies and other forms of theft will become a thing of the past. The elimination of theft is a benefit of the cashless system brought about by the fact that there are no coins or paper money for the thief to steal. Since "money" will be stored in computers and cannot be removed from the closed monetary system, thieves will not be able to take physical possession of or remove "money" from the bank. The dangers associated with armed robberies will also be eliminated. For instance, there will be no murders or taking of hostages during armed robberies since there will no longer be money that can be physically taken.
The cashless system will also prove to be a deterrent to those who would attempt other forms of theft, such as embezzlement. Since "money" cannot be removed from the closed monetary system, but can only be moved about within the system, any unauthorized movement of "money" will be instantly detected and easily traced. Since "money" cannot be removed from the closed computer system, banks will enjoy near perfect security.
More Control Equals More Profits
In addition to the benefits of having fewer employees, improving efficiency and achieving near perfect security, there is also at least one other huge incentive for banks to adopt the cashless closed system of banking. Since banks make money with money, the more money a bank can control, the more profit it can make.
Presently there are untold millions, if not billions of dollars of currency in circulation that are not under the control of any bank. This wealth is now in the open monetary system. This money is in circulation, in pockets, piggy banks, dresser drawers, and who knows how many other places. In order for one to be able to buy and sell in the coming cashless society, all money that is held by an individual must be deposited into the system.
Once the transition to the cashless system is completed, the money that has not been surrendered to the banks for conversion to electronic credits will be worthless.This means that all of the wealth that is now held by individuals will then be controlled by the banks and other financial institutions.
Surrender or Else
Before the transition to the cashless system can be completed, a deadline must be set for individuals who possess coins or paper money to surrender them to banks for conversion to electronic credits. Once the deadline passes, any currency still held by individuals will become worthless. Fearing the very real threat of losing not only their money but all that they have, people will flock to the banks to surrender their wealth to this system. They will realize that if they do not become part of this new economic order, they will no longer be able to buy or sell.
Once all money is brought into the "closed" monetary system it will be controlled and utilized by the banking industry to make greater profits. Banks will be the conduit through which every financial transaction, whether small or great, must pass. This will also enable them to make huge profits by charging a small processing fee for every purchase made.
Information is Money
With the closed monetary system in place, banks will have an exact record of every person's spending. Every detail of each transaction will be recorded, including who bought what, where it was bought, when it was bought, and for how much. Once this valuable information has been collected, it will then be marketed to businesses which can use it as a marketing tool or for any other purpose that they believe will increase their profits. Of course, we will once again be assured that our privacy will not be compromised and that all of this personal information will be kept away from those who might misuse it.
Fewer Loan Defaults, More Profits
The primary business of banks is to loan money. When a borrower fails to repay a loan, the bank's profits suffer. There are several ways that the cashless system will enable banks to reduce losses due to delinquent loans. For the first time ever, banks will have a complete record of every person's financial history, down to the last penny. With this information, banks will be able to reduce the default rate of the loans they make because with the information collected and stored by the closed monetary system, the loan approval process will become an exact science. No one will be able to deceive a loan officer about their financial history or their ability to repay a loan.
A loan applicant's total income will be known to the loan officer because a record of all of one's "money", whether it is income, expenditures or savings, will be stored in the memory of the closed monetary system. Another way that banks will be able to increase the profitability of loans will be to use the closed monetary system to force repayment of loans and thereby reduce losses caused by nonpayment.
Whose Money is It Anyway?
Already many people have their paychecks or other income deposited directly into their financial account and have loan payments or other bill payments made by electronic fund transfer. Once this closed system is fully implemented, all deposits and payments will be done electronically. Individuals will no longer be the first to have access to their “money”. Banks will be the first to have access to the credits deposited in a person’s accounts. This means that as soon as funds are transferred to a person's financial account, the bank can automatically transfer the amount of any loan payment to the banks' account.
In the case of bills that are due, the credits will be immediately transferred to the account of the creditor, utility, the government, etc. All payments to creditors will be transferred prior to an individual gaining access to their funds. Instead of the person who has earned the “money“ having first access to their “money”, they will be the last. This practice will ensure the repayment of debts, as long as a person has an income. This means that a person will not be able to “walk away” from a loan or mortgage they do not want to pay.
These are a few of the ways banks can make use of the cashless "closed" monetary system to improve efficiency, security, and overall profitability. No doubt there are many other ways the banks and other financial institutions will be able to utilize the closed monetary system to maximize their profits.
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