Chip and Pin

[Brian Ellis]

Yup, cash, in the form of banknotes, is a form of credit card. Remember what it used to say on English pound notes (may still do, for all I know - haven't been to the UK for donkey's years):
I promise to pay the bearer on demand the sum of one pound sterling, signed by the chief cashier of the Bank of England.

I often wondered what would happen if you entered the big building in Threadneedle Street, asked for the chief cashier, handed him a note and asked for the credit contained therein to be given to you!

Again, in the past and maybe still, the English notes were not considered as legal tender, although the Scottish notes and all the coins are. This was because the Bank of England printed them without due athorisation by Act of Parliament. The coins were, because the Royal Mint belongs to the State, whereas the Bank of England is an NGO.

Interestingly, the BoE has just passed over the management of its Treasury Bonds, which are backed by the State as their purpose was to raise money for the State, to a private bank. As the State has borrowed zillions of pounds on their strength, one wonders what would happen if the said private bank goes bankrupt?????

[Umfriend]

Nothing. The State is still the debtor and will remain so.

@knirf, yeah, although most shops do have the chip thing as well now for well over 2 years. I for one am stubborn and refuse to use it if possible.

I wonder about the PIN stuff, I think we;ve had it for well over 10 years now. I'll try and find ot when we introduced it here and make this into a pissing contest.

[Umfriend]

Oh, and Cash is not like a credit card at all. Cash is an asset, a claim on someone elses produce (or actually, bullion). A credit card is a liquidity line, i.e. allows you to borrow.

It is extremely important to realise this. Donnow why.

[Paddy]

I heard that they were planning to do away with the signature strip altogether. Has this happened anywhere?

Also, I though we were on the verge of replacing our paper notes. The Bank of Ulster (or whatever they are called) have some really funky fivers!

[The PIT]

I had one girl who'd suddenly noticed that her sig had worn off completly yet not one cashier queried it. So they might as well go.

[az]

My sig is ALWAYS worn off. About 30% of cashiers ask me about it, but never was my card refused. Once it even had to be swept through the machine ten times (it was bent).

AZ