Commonwealth Conversations: Consumer Connections

Noticing the Change

Posted by: 
Jayda Leder-Luis

This whole experiment of not using my debit card has made me more aware of each cent I spend. Literally.

I always carried a few pennies and dimes in my wallet, but after a week I’d stash them away in a change jar at home. It’s practically empty, considering how little I used cash in the past, but after these past two weeks I’ve notice substantial growth.

My bank has a “keep-the-change” policy, so that every time I use my debit card the purchase gets rounded up and the change is deposited into my savings account. While this feature is basically the electronic version of my change jar, I never noticed its effects. Seeing the physical jar containing actual money creates a mental note of all my purchases and ultimately has a bigger impact on my spending and saving habits. 

Since I stopped using my debit card, not all of my change gets dumped in the jar. I use it every chance I get and frankly it’s made most transactions easier.

Take the example of a $2.64 cup of coffee. I can either hand the cashier exact change, or pay $3.14 and get 50 cents back.  Keeping exact change for times like these means I don’t receive burdensome amounts of change back, or better yet can control how much I do get. By doing a little math each time I was at the register I was able to collect enough quarters to do a whole load of laundry. It only took me four days and didn’t require a separate trip to see a bank teller.

So far there has only been one downside to using up my change. A few days ago I was in a fairly long line and it was getting longer by the minute. As I reached the counter, ordered and began to pay, I heard the gentleman behind me grumble something about wasting his time. He had his debit card out and was ready to swipe and dash out of there, but my minute-long transaction was too long for him. When I received my change I slid to the side to let him order while I put my change back in my wallet. He was done before I was, and gave me a look that screamed contempt. 

Yes, cash transactions tend to take a bit longer, especially when the cashier has to count change back. It’s still money, though, and using it makes a lot of sense to me.

No Fee? Still No Swipes!

Posted by: 
Jayda Leder-Luis

With all the outrage from consumers, Bank of America announced early last week that it would not be charging a $5 monthly debit card fee.  Despite this turn of events, I am still committed to being a cash-only consumer for the entire month. 

I experienced some minor setbacks in my usual routine because of the no-swipe rule.  On Tuesday, I went to get coffee with my coworker but only had $1, and, although there is an ATM next to the store, my coworker said “forget it” and paid for my coffee. 

A similar situation arose last night.  I didn’t have cash on me when I went to order food, so my boyfriend paid for it and I agreed to pay him back.  Racking up debts certainly was not something I wanted to be part of this ordeal, but at least it doesn’t come with interest like putting the charges on my credit card would have.

Stopping at the ATM held up my roommates when we were going out to watch the Pats’ game, and two of them even offered to pay me $5 to cover the would-have-been-fee if I would “just swipe already!” 

I felt that same way this morning when I tapped my Charlie Card at the train station, only to have the machine flash “NOT ENOUGH VALUE.”  There were already two people waiting at the ATM and I heard the train screech along while I was waiting to withdraw cash.  I was 20 minutes late to work, but my boss understood, given the circumstances.

I learned two lessons from this week: living a no-swipe life means 1) more frequent trips to or more substantial withdrawals from the ATM, and 2) I must always refill my T card before the morning commute.