Checking accounts, using banking cards, and POS debits?

Question

When I use my banking card or writing a check or using debit at the POS (point of sale) Does the actually hard cash money get moved around or is it more of an illusion, of subtracting and adding numbers in the system????

is the actually money moved

Answer 1

The latter. Bills and coins don't actually move.

For example, when you take money out of an ATM, money doesn't actually move from your bank to the ATM. The ATM has a supply of bills in it, which is periodically refilled. When you take money out, they electronically notify your bank to reduce the balance.

When you write a check, no cash changes hands. It is all done electronically.

When you use debit (actually, you are crediting your debit card, but that's me being an accounting nerd), money is taken out electronically from your bank. No cash changes hand (unless you do cash back).

Bills and coins are only a tiny fraction of the total amount of "money" in the world. The vast majority of money is, as you put it, an "illusion" based on electronic addition and subtraction. I can understand your bewilderment that we slave away at jobs for something as abstract as electronic credit. It often strikes me as a bit weird every now and again too.

Answer 2

Your question is very vague, but here goes an attempt at an answer.

When you write a check, an electronic marker puts a hold on the funds until the check clears your account.

The same with a check card.

With a debit card, the money is removed from your account within minutes.

Answer 3

an illusion. it get debited from your account and deposited into the merchant's 2-3 days later