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Autodeposit change | |||||||||||||||||
Why not allow customers to have the CHANGE from their cash transaction credited to their bank account, via their ATM card? For those of us who don't like to carry around coins, it would allow us to "bank" the change for other purchases or savings. This could be offered as an option where we could 1) Accept bills, but deposit loose change, 2) deposit all change (bills and coins), etc.!
macc, Aug 13 2005
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Security, paperwork, and cost.
It may not be secure, or worth securing, it might take too much paperwork for the amount of of money, plus the fixed costs might be higher than the money involved.Not to mention that, depending on where you are, ATM cards may not be tied into the debit card network retailers are. Stores don't want to become banks.
What may be within possibility, is that change can be used to buy points on a store "points" card.
If you are at a checkout line why not use your check / credit card instead of cash??? You will not have loose change.
To pay with cash and then present a card to handle the change would make everyone else in line wait longer than they need to.
How much time is wasted in people trying to find change to pay correct amount?
What-if all paper money is instead replaced by the same "rewritable" physical paper that can be electronically programmed for a specific amount by the giver to the receiver and debited directly to the giver's bank account? You dont need to carry around your wallet, there is no scope of pick pocket or losing and tons of costs can be saved printing money. Just one small tablet that you carry and which "beams" currency transactions to another tablet of another person. May be it can authenticate with your biometric fingerprint or whatever. I need to pay you $2.50? no more fumbling for cash and change... Show me your tablet I will show you mine. I enter $2.50 and "beam" to you.. Of course it must somehow be made such that the "beam" only reaches the recipient and not somebody else who may be showing off their own beams...
You printing currency on the fly, or at least the system to do that, would lead to fraud and counterfieting.
Now if you are talking about paper you carry with you, and can assign an exact value to and authenticate, so the recipient can debit the value from your bank account, you are talking of a Cheque (Check in US English).
This is not practical as it stands, but I could see running a credit card and having the change automatically credited to a credit card. "For Deposit Only" transactions do not require a signature so the transaction would just be a matter of swiping your card and seeing a confirmation message that the change had been deposited into your account.