Cash, Check, or Credit?

I can remember when this was the question you would be asked when making a purchase at a department store, but now it is almost assumed that you will pay with a card. So now the question is debit or credit?

Everyone gets irritated with the person who is slowing down the checkout line by taking the time to write a check. On top of that, many vendors are not interested in handling cash because of security and accounting issues related to cash. For example - It is much harder for an employee to steal money from their employer when customers pay with a form of credit or debit card. Stolen cash is virtually none traceable with the exception so certain circumstances where the serial number are use systematically or when in a dye bag. But a vendor cant really put those measures into action without a lot of hassle—I wont say it is impossible, but well……

So now you are wondering what all of this has to do with you or with the ‘average hockey mom or Joe Six-pack”. (now there are two turn of phrases that have the potential to get on my nerves just as much as dat Soulja Boy).

In the name of modern technology and modern convenience we have been overly trusting of following the masses. My grandmother understood this concept because she said that credit cards would lead to the “Mark of the Beast”. When I was a child that seemed un-sensible and illogical. But now when I look at what all has shifted in the way that we ‘barter’ and ‘trade’ with merchants and vendors. I can’t help but to take a second look at this theological point of view.

We have bought into or been manipulated into this system of funds management…… but lets bring it home.

The issue this brings up for me----- is that both the credit and debit systems of payment are tied to either your banking institution or another bank that owns the card. So in the midst of the current Wall St turmoil, what is the safest way to deal with money issues?

“Let me clear my throat!..... I hope you don’t mind!” What about payday? Most employers currently only give employees the option to receive their paycheck via direct deposit – one bank sending money to another bank. So what happens if one, or both of those banks go under? Oh yes, I understand the concept of the FDIC, but on a reality of process, how fail proof is this system based on today’s economic and financial systems? Is the FDIC set up to handle the downfall of a large banking institution or several banking institutions at one time? And even if it is, how long will it take until an individual actually gets some money in hand? And will it be cash, check or credit?