If you've ever been on the bad side of banks you'll dread this a lot. I merely had my credit card stolen but getting a replacement was surprisingly time-consuming and I'm glad I could still eat and travel until then.
If you get on the bad side of the banks, it's much worse. You can't get a bank account at all, or you can't keep the accounts you have.
If you had credit (overdraft or credit card), it is taken away exactly at the moment you need to use it and you're put into unauthorised debt. If that happens you may not get credit from anywhere else. Where I live, even high-interest payday loans will likely be declined at that point.
If you run out of funds, you're probably going to incur compound charges as bills continue to try to be drawn.
In a cashless world run through bank accounts, at that point your friends can't lend you a little something to help with immediate necessities like food. Anything they send is instantly absorbed by charges and/or cancelling unauthorised debt (which was authorised when you incurred it - remember you're on the bad side of banks and they took away existing credit arrangements).
So you can't buy that food, and your friends can't even give/lend you a little money to help - you'll need friends who will directly feed you.
If it lasts for long, you can't rent somewhere to live, and you can't get paid for decent work. (These two things are already bad - where I live a poor credit rating means rental agencies will decline a tenancy or ask for 6 or 12 months rent (and 1-2 months deposit), and people who can't get bank accounts can't take jobs that only pay wages to an account. The two are linked and it's tough to get out of.)
Don't get on the bad side of banks in a cashless, banks-only society.
If you had credit (overdraft or credit card), it is taken away exactly at the moment you need to use it and you're put into unauthorised debt. If that happens you may not get credit from anywhere else. Where I live, even high-interest payday loans will likely be declined at that point.
If you run out of funds, you're probably going to incur compound charges as bills continue to try to be drawn.
In a cashless world run through bank accounts, at that point your friends can't lend you a little something to help with immediate necessities like food. Anything they send is instantly absorbed by charges and/or cancelling unauthorised debt (which was authorised when you incurred it - remember you're on the bad side of banks and they took away existing credit arrangements).
So you can't buy that food, and your friends can't even give/lend you a little money to help - you'll need friends who will directly feed you.
If it lasts for long, you can't rent somewhere to live, and you can't get paid for decent work. (These two things are already bad - where I live a poor credit rating means rental agencies will decline a tenancy or ask for 6 or 12 months rent (and 1-2 months deposit), and people who can't get bank accounts can't take jobs that only pay wages to an account. The two are linked and it's tough to get out of.)
Don't get on the bad side of banks in a cashless, banks-only society.