Personal Finance

Shortage of $50 bills due to covid hoarding...

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  • Jul 26th, 2020 7:26 pm
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[OP]
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Jan 27, 2004
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ONTARIO

Shortage of $50 bills due to covid hoarding...

https://www.bnnbloomberg.ca/there-s-a-s ... -1.1462381

People thought there was a zombie apocalypse!

But wouldnt survival equipment be more useful? If a bunch of banks go bankrupt thats like WW3.
A lot of super crazy conditions would have to happen for that to occur.

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Deal Addict
Mar 10, 2009
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Mississauga
Wouldn't $100 bills makes more sense if people are hoarding bills? LOL

A stack of 100's is "less" space used up lets say in a safe or shoe box compare to a stack of 50's 20's 10's or 5's
[OP]
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win-star wrote: Wouldn't $100 bills makes more sense if people are hoarding bills? LOL

A stack of 100's is "less" space used up lets say in a safe or shoe box compare to a stack of 50's 20's 10's or 5's
True...
I notice some people like $50’s because they feel retailers will hassle them less compared to $100 bill
And its big enough to save space compared to $20’s.
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Aug 20, 2012
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win-star wrote: Wouldn't $100 bills makes more sense if people are hoarding bills? LOL

A stack of 100's is "less" space used up lets say in a safe or shoe box compare to a stack of 50's 20's 10's or 5's
$50 bills is the maximum most retailers will accept in cash. Word is $100 bills have many fakes (way before the beer virus - goes back years) so retailers are weary to accept them. Funny cuz OLGC kiosks have no issues accepting hundreds but it's the mom n pop convenience stores who dont.
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aznnorth wrote: $50 bills is the maximum most retailers will accept in cash. Word is $100 bills have many fakes (way before the beer virus - goes back years) so retailers are weary to accept them. Funny cuz OLGC kiosks have no issues accepting hundreds but it's the mom n pop convenience stores who dont.
Here in Vancouver everyone takes $100 bills. I haven't seen a "no $100 bills" sign in years; not since they started making them out of plastic in 2011. There seems to be a large segment of the population that likes to deal in cash here, maybe that's why.
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Kiraly wrote: Here in Vancouver everyone takes $100 bills. I haven't seen a "no $100 bills" sign in years; not since they started making them out of plastic in 2011. There seems to be a large segment of the population that likes to deal in cash here, maybe that's why.
They dont put up signs here either... just waving fingers. "No accept, no accept - we dont take." lol.
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Feb 28, 2014
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Odd that people hoard cash as many stores have either gone cashless or dissuade you from spending cash. Hell, Canada Computers went cashless the last time I visited them, debit or credit only.
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User455957 wrote: The 50 is the new 20
Quite literally. After 80 yeas of pumping out increasing numbers of $20s every year, the number of them has been in decline for two years in a row. Every other denomination is still going up, especially the $100 and $50, which are way up.
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Oct 27, 2012
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More ATMs are dispensing $50s these days while in the past it was mostly only $20s. CIBC and Scotia now have lots of machines with $100s (at least in Toronto), with RBC, BMO and TD having a few that do.

I'll admit I went and hoarded some cash in the first week when everything was going crazy but then I realized it was stupid. In a real SHTF scenario where Canadian banks are failing, I think cash would be the least of your worries. And anyways, most retailers don't want your dirty cash anyways.

Ever since the polymer notes came out I have never had a problem using $100 bills. Retailers might not accept it if you buy a pack of gum with it as you will empty their till of change. But counterfeits are not really a worry these days - though there are really bad fakes that sometimes slip through I guess.
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Oct 11, 2013
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Almost American
aznnorth wrote: $50 bills is the maximum most retailers will accept in cash. Word is $100 bills have many fakes (way before the beer virus - goes back years) so retailers are weary to accept them. Funny cuz OLGC kiosks have no issues accepting hundreds but it's the mom n pop convenience stores who dont.
It annoys me this is legal. I don't even consider those high denomination bills these days anyways. You can't even do a grocery shop without needing at least one.
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expresspotato wrote: It annoys me this is legal. I don't even consider those high denomination bills these days anyways. You can't even do a grocery shop without needing at least one.
And that's why you use debit or credit card. More convenient anyway... I use Stack debit card instead of carrying cash. Very satisfied. Had it for 2 yrs and not 1 single mistake or incorrect charge or fee.
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Oct 11, 2013
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Almost American
aznnorth wrote: And that's why you use debit or credit card. More convenient anyway... I use Stack debit card instead of carrying cash. Very satisfied. Had it for 2 yrs and not 1 single mistake or incorrect charge or fee.
Well the problem with this is you're giving Interac $0.10 on every transaction or visa 2-3% depending...
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Sep 16, 2004
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I hardly saw $50's even before the pandemic.
I just figured 50's it's rare because they don't print as much as $20's and $100's.
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Sep 11, 2006
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but there's no difference between cash and credit, are people gonna pay for a new house downpayment with a suitcase of $50s?
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Oct 11, 2013
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Almost American
Jon Lai wrote: The store is, not you. They're not giving you a discount if you use cash...
While this is true, this does not negate the fact that:

1) Using cash could result in lower prices overall
2) You are still the imitator of money that will be collected by Interac, Visa or Mastercard
3) The merchant will pay this money to them, meaning they still collect $0.10 or 2-3% out of every financial transaction occurring at the point of sale using cards.
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Dec 5, 2006
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expresspotato wrote: While this is true, this does not negate the fact that:

1) Using cash could result in lower prices overall
2) You are still the imitator of money that will be collected by Interac, Visa or Mastercard
3) The merchant will pay this money to them, meaning they still collect $0.10 or 2-3% out of every financial transaction occurring at the point of sale using cards.
Using cash can reduce say 2% credit card charge for store, but credit card also promotes people spending more, hardly say which is better for store

But yes , credit card for sure cost extra for store, just look at those Chinese restaurants who only accept cash lol

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