Reported 6 months ago
As cashless transactions become more prevalent, individuals paying with cash are facing extra fees at various establishments. For instance, at Yankee Stadium, concession stands no longer accept cash, directing customers to reverse ATMs that charge a fee for converting cash into electronic payment. This trend of cash surcharges extends beyond stadiums, affecting various transactions such as paying bills or parking tickets. Despite cash being the third popular payment method, making up 16% of payments in 2023, some states and cities have banned cashless establishments. Businesses like RedyRef have seen an increase in demand for reverse ATMs, offering a solution for those who prefer cash transactions. However, fees imposed on cash transactions by some businesses and government agencies can disproportionately impact lower-income and underbanked individuals. Advocates argue for continued acceptance of cash in transactions, highlighting its role in keeping spending in check and retaining financial privacy.
Source: YAHOO