SeaWorld Entertainment converts Florida parks to cashless operation

The app for one of my accounts says: "You may deposit $1,000,000.00 today and $4,XXX,XXX of $5,000,000.00 in any 30-day period."

I'm not sure if I can do that all in one check or not...

Limits are typically per day and a rolling 30 day period. Vary by bank, by type of account at given bank and customer at given bank. Can be in a single check in terms of single day limit. But will take time for funds to be available to you. At some dollar amount, wire transfer would be better option (allowing immediate access to funds).

I’m in no danger of depositing a six figure check, let alone seven.

GoBucks89:

At some dollar amount, wire transfer would be better option

At 4.5% interest, and assuming about $30 for a wire transfer, and 5 days for a big check to clear, I think that number is around $50,000. Obviously, any of the assumptions might vary (and there are other reasons to want the money quicker).

My bank has a $10,000 limit - not sure if it’s per day or per item - which has forced me to use the mails once or twice.

ApolloAndy:

I write a decent amount of checks. We end up paying most of our contractors with checks for some reason.

Because card fees on big payments cost too much. Ex: buying a new pinball machine from a distributor, any electronic payment incurs a 3% fee. On a 7K game that costs a lot more than a forever stamp and a trip to the PO. I buy/sell/trade pinballs and always pay by check on a new game. Used games are always cash deals; there's too many ways electronic payments can get reversed (even Zelle).

All along the Jersey Shore, the boardwalks and businesses on the barrier islands, cash is still king, especially with the mom and pop businesses that dominate the region (we all know why).

I know of multiple businesses and restaurants that are cash only and don’t even accept electronic payments. It’s very prevalent here in this region.

The same is true up in the Adirondacks where we spend a few weeks each summer. I definitely know why, but it's interesting to me that tourist traps in particular have adopted this practice while other businesses and areas have not.

I think the difference is mom & pop shops vs. chain/corp places. Those old local places don't want to deal with a) technology, b)change, c) fees associated with digital. At least those seem to be the top 3 answers I get when I ask why continue to be cash only instead of accepting credit cards.

Since Covid, every single athletic activity here in Stark County (NE Ohio) everywhere has been online purchase only. I don't mind purchasing a ticket to my kid's thing online at all. The annoying part, though, is the dreaded processing fee. Because who likes to pay a processing fee?

Anyway...

There has been lots of clamoring amongst people in this area about not being able to use cash to go to a local high-school sporting event.

Enough so that the Ohio High School Athletic Association (OHSAA) passed a rule saying that all schools starting this academic year must provide a cash-purchase option.

So schools everywhere raised cash-only prices, and kept online purchases the same.

Now everyone can enjoy processing fees.

The big problem with going cashless is the credit card companies are capitalizing on it and raising processing fees, which in turn is being passed down to the customers with higher prices....or having to pay credit card surcharges for every transaction.

The company I work for which is a family owned business just recently started to charge credit card surcharges to offset the increase in processing fees and they are expecting it to save them 10-15k a month.

For me it's frustrating to see 3-4% surcharges being added all over. I recently had a car repair done and having to pay a extra 3% to a already expensive bill was really upsetting. I'm sure as more businesses go cashless the processing fees will continue to rise.

99er:

At least those seem to be the top 3 answers I get when I ask why continue to be cash only instead of accepting credit cards.

Now I'm curious, how often do you ask?

Every time. I usually just throw it in to the conversation already being had with the person checking me out but I always ask just out of curiosity. In full disclosure though, it is becoming more rare that I come across a store/restaurant that is cash only. Feels like it happens the most in NYC when I run into a small bodega or deli.

In terms of places adding on a charge for credit usage, I even find that to be pretty rare while I travel around. Unless they are baking it into the price of the product but the places I frequent often, local or chain, do not have a price point for cash and another for credit.

Oh, I always assumed it was for avoiding taxes.

99er:

the places I frequent often, local or chain, do not have a price point for cash and another for credit.

Funny, as not only is what I posted above observable for us (tickets to kid's sports everywhere), but last night we ordered a pizza at our local pizzeria after the HS football game. I paid by card, and only afterwards when I went inside to pick it up did I notice a sign saying that starting this month, they are adding a 3.5% fee to anyone paying with a card due to increasing bank fees for them. Pay with cash and you don't get that added fee.

I've never paid with cash there in the 15 years that we have lived here, but I will next time.

OhioStater:

Because who likes to pay a processing fee?

CoasterDude316:
The big problem with going cashless is the credit card companies are capitalizing on it and raising processing fees, which in turn is being passed down to the customers with higher prices...

There is a lot of nuance to this. What Kevin is describing is the ridiculous gold rush of countless niche companies offering a digital payment option to whatever market. Ironically, this became a thing because you could process cards for cheap. And I bet most of the time they're either doing a white label Stripe implementation, or just funneling money through their pipes and periodically settling the net amount. So High School Ticket Guys Dotcom is paying 2% plus 25¢ for each transaction, and charging an extra buck or two per ticket. Huge margins, and it doesn't actually cost that much.

Anyone doing a decent volume is getting low percentage and transaction rates. I think even Stripe's retail is 2.9%/30¢, and that's just a schmuck like me selling CB memberships. I've been on sales calls with them for way lower rates to do white label or volume.

It used to be way worse to have a card merchant account, and I did that too back in the early aughts.

Someone has to pay for the networks, which frankly perform miracles given the volume. For merchants, adding 2% to their prices shouldn't be a big deal. It's the cost of doing business. For consumers, if you don't carry a balance, the points and cash back stuff should have you essentially rolling in discounts. I get 2% back.

If more online stats using PayPal/Venmo, and more banks use FedNow over ACH to move money, that could threaten Visa/MC. I guess we'll see.

After thinking about it, and you mentioning pizza, Ohio Stater, I just remembered there is a pizza shop behind Magic Kingdom that I go to for lunch and they just started adding a small percentage for credit card users. But for a slice and a drink, the extra 30 cents didn't seem like a deal breaker for me vs having to carry cash in the off chance I am craving pizza when I am working. There could be more places that do this and don't advertise it upfront that I am just not noticing. But again, the little extra is fine with me for getting to carry my slim wallet.

Have you tried the Japanese/Thai place?

There has historically been a problem with credit card payments, in that the person making the decision to use the card is (typically) not the person paying the fee. Back when I was an internet payments product manager,* the card networks (MC and Visa) prohibited surcharges for using a card - because they obviously wanted more people to use cards. Merchants weren't happy about it, but there wasn't a lot they could do, until some of the big merchants like Wal-Mart started flexing their muscle.

On top of that, the miles and points and cash rebates provide further incentives for consumers, which are obviously baked into the processing fees. And if you can't levy a surcharge for card users, essentially all of your cash (and check?) customers are subsidizing other people's flights. Not really a great scenario for anyone other than the cardholder.

(Of course, this assumes there is no cost to handling cash, which there clearly is: theft, the time spent counting it, slower transactions, bank service charges, etc. But those costs are harder to calculate than seeing 3% fees.)

It will be interesting to see whether surcharges start to change behavior, or if we've all gotten so used to using cards that we put up with them. As with 99er, for me it depends on the amount in question. On average, with a cash transaction, I'm going to end up with $.50 in my pocket that will end up in a jar on my dresser. So arguably, I'm better off paying with a card for any surcharge that is less than that.

*Right around the time everyone was figuring out they needed internet payments, but before they had figured out how to do it.

We noticed that card surcharges were relatively common in Hawaii for either food trucks or little mom & pop places. We generally just paid them, in part because I don't care about 3% on a lunch bill, and in part because the ATM fees for withdrawing cash from Not Your Bank are higher on a percentage basis anyway unless you are taking out a please-rob-me amount.

Jeff:

Have you tried the Japanese/Thai place?

I have not. The bagel place is great though! Started going there enough that they knew my order when I walked in. They also cater which is great for morning meetings.