Community Chat

[THEY CallMe Mr Wilkes]

No worries here!

I write maybe 1 (or 2) per year.  I don't need them.

[millieshops]

@THEY CallMe Mr Wilkes   I agree with your assessment regarding your MIL.  Those of us who have been shopping for many decades (I'm one less than she is), have to learn to function as hybrids. 

I don't mean our cars, but my financial life is partially online and partially in personal.  I'm not about to voluntarily give up all of what I started with

[Icegoddess]

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@monicakm wrote:

Wait!  I just paid a Discount Tire Synchrony statement.  We bought new tires for my car last month.  I'm looking at it and there is no $5 fee for a paper bill.  This is a 12mo same as cash thing.  What I do on something like this is divide the balance by 12 months and pay that amt each month so there is no interest charge.  I do the same on my Amazon bill.

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@monicakm Synchrony also manages Belk cards and hasn't, as of yet, started charging for paper statements from them either.  You'll get a separate notice in the mail if they plan to do so.  I got notices for both my Synchrony card and my Lowes card.  I no longer use either.

I want paper statements.  I have my reaons, and what works for some doesn't work for others.  I'm always running out of ink cartridges in my printer when I rarely even use it, so it would probably cost me even more to print them out than to pay their monthly fee.  Plus, I've noticed they never send a reminder on the due date, but they're real quick to send you a notice if you forget a payment.

[beckyb1012]

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@millieshops wrote:

@THEY CallMe Mr Wilkes   I agree with your assessment regarding your MIL.  Those of us who have been shopping for many decades (I'm one less than she is), have to learn to function as hybrids. 

I don't mean our cars, but my financial life is partially online and partially in personal.  I'm not about to voluntarily give up all of what I started with

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Me either.  I do not believe checks will be obsolete anymore than cash will be at least in my life time.  Not sure about 50 years from now.

[Icegoddess]

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@Nightowlz wrote:

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@THEY CallMe Mr Wilkes wrote:

I have money in a checking account and pay absolutely no fees whatsoever (Capital One).

Although I would pay for paper checks if needed; one book will last me my lifetime. 

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@THEY CallMe Mr Wilkes 

You won't have to worry about paying for checks soon.

Aldi, Target, Old Navy, Whole Foods, Lululemon no longer accept checks. More to come.

When I searched it online it says checks will be obsolete in 2026?

I'm sure this won't be easy for Seniors like my MIL at 94.

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@Nightowlz the alterations place I go to prefers either cash or checks.  They charge you a fee if you use a credit or debit card.  So, I'm not sure checks will become obsolete if other small businesses do this to force the customer to cover those fees they have to pay for CC purchases.  I know I had to pay an extra fee at a nursery this spring too.  I didn't think to ask about a check, but the alterations lady offered the information when I didn't have cash.  I never carry a lot of cash.  

[Nightowlz]

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@Icegoddess wrote:

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@Nightowlz wrote:

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@THEY CallMe Mr Wilkes wrote:

I have money in a checking account and pay absolutely no fees whatsoever (Capital One).

Although I would pay for paper checks if needed; one book will last me my lifetime. 

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@THEY CallMe Mr Wilkes 

You won't have to worry about paying for checks soon.

Aldi, Target, Old Navy, Whole Foods, Lululemon no longer accept checks. More to come.

When I searched it online it says checks will be obsolete in 2026?

I'm sure this won't be easy for Seniors like my MIL at 94.

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@Nightowlz the alterations place I go to prefers either cash or checks.  They charge you a fee if you use a credit or debit card.  So, I'm not sure checks will become obsolete if other small businesses do this to force the customer to cover those fees they have to pay for CC purchases.  I know I had to pay an extra fee at a nursery this spring too.  I didn't think to ask about a check, but the alterations lady offered the information when I didn't have cash.  I never carry a lot of cash. 

I only write checks when they make it difficult for me to pay. I'm not using an e-check. I should be able to pay any bill I need to through my Credit Unions billpay.

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@Icegoddess 

The info I was reading did say they have to pay $1 to process a check? I have never heard that before. 

My AC guy said a lot of people he deals with pay in cash only. They don't want anyone knowing their business. 

I know the IRS is looking out for those that spend more than they make? They want taxes paid on all this money. 

I also read eventually they want to have 1 card everyone has that you use to pay for things? This will still take years before they get there. What we will use is what your Bank will offer. 

I want to keep my cash. I don't want any Bitcoin or any other Cryptocurrency. 

[Icegoddess]

@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions.  As it is now, they only have to report over a certain amount, like $10,000.  I know that's the limit for gifting someone without having to pay taxes on it.  Luckily, that didn't pass.  

[Nightowlz]

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@Icegoddess wrote:

@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions.  As it is now, they only have to report over a certain amount, like $10,000.  I know that's the limit for gifting someone without having to pay taxes on it.  Luckily, that didn't pass.  

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@Icegoddess 

I asked how the Credit Union worked when I had a money transfer on inheritance. I was told they don't report that. They only report it when it's over $10,000 in cash.

I asked about withdrawing money. You can get $10,000. If you want more you have to order it. LOL!!!

Her excuse for that is they don't keep a lot of money in case of a robbery. 

[TheWanderingOne]

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@Icegoddess wrote:

@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions.  As it is now, they only have to report over a certain amount, like $10,000.  I know that's the limit for gifting someone without having to pay taxes on it.  Luckily, that didn't pass.  

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The gift tax exclusion for 2024 is $18,000. It hasn't been $10,000 since 2001. 

Annual Exclusion per Donee for Year of Gift[8]Year of Gift Annual Exclusion per Donee

1981 through 2001	$10,000
2002 through 2005	$11,000
2006 through 2008	$12,000
2009 through 2012	$13,000
2013 through 2017	$14,000
2018 through 2021	$15,000
2022	$16,000
2023	$17,000
2024[7]	$18,000

Sources: IRS.gov & Wikipedia (chart)

Additionally, you don't pay taxes if you gift someone over the limit, nor does the recipient. It goes against your lifetime gift tax exemption and is settled up when you die if you exceed that lifetime exemption. For 2024, that's $13.61 million. If you're married, that doubles. 

[ALRATIBA]

I have 2 credit cards (different banks) .... the points I get on each  offset any fees.   I'm able to pay them off each month - so no interest charges.