My bank generally charges 0.225% on bank notes deposits and 2.25% on coins deposit for commercial customers. The max per month without fees is 1000$, coins always have fees.
My bank is one of the big 5 canadian bank with assets in management over 500B$.
If you need to contract an armored courrier to move that cash, that's an extra very significant fee.
Still not anywhere close to 3%. And I'm not arguing that electronic payments don't have merit; just that the elimination of cash does not have appreciable merit to be feasible.
My bank generally charges 0.225% on bank notes deposits and 2.25% on coins deposit for commercial customers. The max per month without fees is 1000$, coins always have fees.
My bank is one of the big 5 canadian bank with assets in management over 500B$.
If you need to contract an armored courrier to move that cash, that's an extra very significant fee.