Quote:
Originally Posted by spinner1001
Almost 5% of all U.S. households do not have a bank account. Cash transactions are still needed for millions of Americans as cashless is not a practical option for those less well-off folks without forcing them to use prepaid debit cards.
“Consistent with the results of previous surveys, unbanked rates in 2021 varied considerably across the U.S. population. For example, unbanked rates were higher among lower-income households, less-educated households, Black households, Hispanic households, working-age households with a disability, and single-mother households.”
2021 FDIC National Survey of Unbanked and Underbanked Households
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They don't have to carry cash around with them. Once upon a time, there was no electronic fund transfer options, there was no e-banking, it wasn't a thing. So you had to bring your paycheck to the bank to cash it, or to the supermarket and pay a small fee to cash it, or to a check-cashing store and pay a bigger fee to cash it.
But if you have to go somewhere to cash your check, you could deposit it in the bank - and use the corresponding debit card instead of wads of bills in your wallet. Debit cards are accepted pretty much everywhere. They're not as secure as credit cards, but cash is also not as secure. Pickpockets still exist afterall. It's not hard to lift a wallet from someone's pocket or purse if they're appropriately distracted. Plus, with systems like Samsung Pay, Gpay, and Apple Pay, you can load your debit card info to the system and use your phone/smartwatch/tablet to pay for purchases. The fun thing about that, is that it delivers the number disguised as a different number. Thieves will see the disguise, not the actual credit card number.