Anecdote: I've never seen this. I have seen "cash only" still, though.
I misread
One is 100% cash, 0% non-cash. The other is 0% cash, 100% non-cash. The difference is as wide as it is possible to be.
'No cash accepted' signs are bad news for unbanked Americans
51–60 of 98 posts
Re: 'No cash accepted' signs are bad news for unbanked Americans
#52On the one hand, buying online without a credit card or debit card has become a bit easier as Amazon/Paypal/Ebay/Sony/Microsoft/Uber etc have gift cards that you can buy in stores with cash and purchase with. (Dunno if the accounts work without an attached card at all though).
On the other, I'm also seeing fewer "self-checkouts" capable of accepting cash. While I generally prefer staffed check-out, retailers focus a lot on making sure the staffed checkout always has a bigger line than the self-checkout.
But the store gets to say "we still accept cash" while making it more difficult to spend it there.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#53> A recent Bankrate survey shows basic monthly service fees range between $5 and $15. Beyond these steady fees, banks earn $4 to $5 each time people withdraw cash from an ATM or need services like getting cashier’s checks. Unexpected bills can result in overdraft fees of about $25 each time an account is overdrawn. are there no free bank accounts in the US? in the UK you can pay to be ripped off and have a "premium"…
Yep. Fidelity has no fees. I'm surprised they don't own the planet by now.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#54Dumb guy question: why does the US government not offer all citizens a bank account? Is there some constitutional reason against it?
> why does the US government not offer all citizens a bank account? We had one [1]. It was considered redundant to private banking. I'm surprised no states have attempted this. [1] https://en.wikipedia.org/wiki/United_States_Postal_Savings_S...
Exactly one state has! https://en.wikipedia.org/wiki/Bank_of_North_Dakota
It's state-owned but functions as a typical retail bank that takes deposits, makes mortgages, business loans, etc.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#55Why are businesses no longer accepting cash? What are the positives and negatives for businesses? What are the positives and negatives of accepting cash for businesses? Other then 6 million people across the united states cannot buy from your shop. I can guess at reasons for both but I do not run a business.
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Re: 'No cash accepted' signs are bad news for unbanked Americans
#56Earlier quoted context omitted.
There’s plenty of free bank accounts. Almost every bank offers them, too, or they’re free with stuff that the “average” person would do (ie, have 2 direct deposits per month). Overdrafts are another story, many bank accounts allow overdrafts and even do predatory things to increase the amount of overdraft fees. Bank of America got sued for this behavior.
The federal government just put a cap on overdraft fees. IIRC, it is $3.
> federal government just put a cap on overdraft fees. IIRC, it is $3
Should be opt in and charged as an APR.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#57Cashless is great for reducing tax dodging and theft.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#58Why are businesses no longer accepting cash? What are the positives and negatives for businesses? What are the positives and negatives of accepting cash for businesses? Other then 6 million people across the united states cannot buy from your shop. I can guess at reasons for both but I do not run a business.
Why? Because handling cash is expensive. You need to make trips to the bank (takes time + risk) to deposit, or you pay some company to do it for you (cost). Positives: You don't need to deal with any of that. Negatives: You can't take business from people who only have cash, but depending on what you're selling that might not really matter.
the employees need to manage their floats too (counting before and after + balancing it)
and you likely need a safe on premises too when their floats under/overflow, and controls around that
cash is a huge pain in the ass
Re: 'No cash accepted' signs are bad news for unbanked Americans
#59> The latest FDIC data shows almost 6 million unbanked and 19 million underbanked U.S. households. Given that 2.5 people live in the average household, this means there are over 15 million people living in a home with no connection to banks, and 48 million more in homes with only a tenuous connection to banks.
I think it is a big assumption that the 6 million unbanked are living in an “average household”.
Re: 'No cash accepted' signs are bad news for unbanked Americans
#60Why are businesses no longer accepting cash? What are the positives and negatives for businesses? What are the positives and negatives of accepting cash for businesses? Other then 6 million people across the united states cannot buy from your shop. I can guess at reasons for both but I do not run a business.
Why? Because handling cash is expensive. You need to make trips to the bank (takes time + risk) to deposit, or you pay some company to do it for you (cost). Positives: You don't need to deal with any of that. Negatives: You can't take business from people who only have cash, but depending on what you're selling that might not really matter.
Don't forget that there's far less risk of theft, both from employees and non-employees when there's no cash on site.
Also, needing to keep cash in small bills in the drawer to make change is a big pain in the ass.