'No cash accepted' signs are bad news for unbanked Americans
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'No cash accepted' signs are bad news for unbanked Americans
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Re: 'No cash accepted' signs are bad news for unbanked Americans
#2Anecdote: I've never seen this. I have seen "cash only" still, though.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#3Anecdote: I've never seen this. I have seen "cash only" still, though.
I misread
Re: 'No cash accepted' signs are bad news for unbanked Americans
#4Anecdote: I've never seen this. I have seen "cash only" still, though.
It was somewhat common in NYC, until the city banned it[1]. There are a few chains that have notably attempted to ignore the requirement[2].
[1]: https://www.nyc.gov/site/dca/consumers/Prohibition-of-Cashle...
[2]: https://nypost.com/2021/12/04/nyc-businesses-told-to-pay-up-...
Re: 'No cash accepted' signs are bad news for unbanked Americans
#5On the flip side, it has never been easier to become banked in the US.
Chime & Co. have lowered the entry difficulty for fundamental banking services for the poor. And loading cash is trivial, walk into any number of thousands of stores (such as Walgreens which charges no fee). You see these cards commonly used by poorer Americans across all of retail now.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#6I think Germans are more likely to pay with cash because of privacy concerns. Maybe we need a society that values privacy more.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#7On the flip side, it has never been easier to become banked in the US. Chime & Co. have lowered the entry difficulty for fundamental banking services for the poor. And loading cash is trivial, walk into any number of thousands of stores (such as Walgreens which charges no fee). You see these cards commonly used by poorer Americans across all of retail now.
Chime is not a bank; it’s a financial services company. This distinction is important: people who depend solely on bank-adjacent financial services are more likely to lack access to ordinary banking services for the reasons mentioned in the article.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#8On the flip side, it has never been easier to become banked in the US. Chime & Co. have lowered the entry difficulty for fundamental banking services for the poor. And loading cash is trivial, walk into any number of thousands of stores (such as Walgreens which charges no fee). You see these cards commonly used by poorer Americans across all of retail now.
To flip that flipside around again, the proliferation of MFA has disenfranchised folks who try to manage such accounts online. In order to login to an online service, you could sign up for a public computer in a library. But you'll also need your "Obamaphone" (that's charged, has service, and its screen is legible) to receive the security code.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#9I think Germans are more likely to pay with cash because of privacy concerns. Maybe we need a society that values privacy more.
It's more of a broad fear of change/technology/the modern age in Germany. Homeopathy is considered real medicine there even today. Physical paperwork for all of the bureaucracy, and of course the bureaucracy there is legendary. Credit cards fall under a similar umbrella.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#10Very common in Canada now. I noticed this week that everything at Whistler/Blackcomb resort is cashless.