After the gags made about the idea 'Stationery Bank' (Station(a)ry) I got to thinking about a mobile bank.

Mobile ATM/card facilities are baked, but accepting cash on-site at a remote locale means hiring extra security, extra cashboxes and extra strongboxes. Many "off-site" cashiers are 'CARD ONLY' for this reason.

What if a bank (for a fee paid to the govt.) could apply to shred notes when they need to. Madness you say? Well, here's how it works: A mobile bank/cashier can be set up to collect payments by credit card wirelessly as usual BUT notes can be identified by the serial number, recorded/transmitted for debit from the govt. reserve/mint and promptly shredded for security.

The reserve bank/mint re-prints the currency to re-stock the currency levels and it has a benefit of keeping the money crisp and renewed over time.

I don't think you could exploit this by reporting the numbers and pocketing the cash any more than than you can exploit the current banking system -- as an employee, you'd risk getting caught either way.

Thoughts?
-- not_only_but_also, Mar 04 2005

a similar private scheme E-Paper_20Money
[FarmerJohn, Mar 04 2005]

The notion of accepting banknotes as payment and immediately shredding them (to remove incentive for theft) is good, subject to security assurances. Could the shredder remove the (suitably encoded) metal strip and use this as evidence of shredding? I see no need for recording the serial number and the Mint re-printing the "same" notes.
-- angel, Mar 04 2005


Mobile banks are baked to a slightly singed crisp in Britain - for many years I have been using the mobile bank, which comes to our village once a week, to make deposits, withdraw money, pay bills, etc.

Though they don't have the wireless facility you're describing here. In fact, they don't have much other than a cheery smile and a rubber stamp.
-- salachair, Mar 04 2005



random, halfbakery