Reply to post: Re: Refunds hide fundamentally insecure system

Met police commissioner: Fraud victims should not be refunded by banks

Chris Evans

Re: Refunds hide fundamentally insecure system

Certainties in life: Death, Taxes and Theft inc. card fraud

"Dealing with cash is a definite, rather high, cost."

Probably less than fraud or can you cite otherwise?

"Also, doesn't the merchant pay a small cut of each transaction? Cash doesn't provide that."

Credit/debit card Merchant service companies charge me between 2.5 and 4% so not such a small cut!

For cash, businesses do get charged a handling fee by the banks. My bank charges 0.5% to pay in bank notes, coins are a lot more. Not sure about withdrawals.

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