Here’s something to ponder when you head out Christmas shopping and for Black Friday sales.
Longtime Timmins merchant and coin collector and dealer Orest Larwryniw encourages you to use cash rather than debit or credit card. He says it’s especially important at small Mom-and-Pop businesses. They pay a fee for every electronic transaction.
“It goes to the merchant, the merchant goes to the bank, it comes back to you, and it’s all 100% cash,” Lawryniw says. “There’s no fees paid.”
He adds that only the bank loses on it. He also encourages you keeping cash on hand at home, for the times that the electronic system crashes, and is precautionary about Bitcoin, too.
“If the internet goes down, you’re not going to be able to access those funds. Cash will always be around. People are saying we’re heading to a cashless society. That will never happen.”
