8/8/2023 0 Comments Us mint storesStore credit is worthless if you don’t go back to that store to use it. Susie Shannon, executive director of Poverty Matters, a Los Angeles group that advocates for homeless people, said one of her clients has a lot of change saved up and now tries to carry a lot of it in her purse to pay in exact change because she doesn’t have a credit or debit card. “It’s a difference of degree, but a dramatic one,” Harris said. The implications of the current coin shortage are similar to those of a cashless business but exacerbated because the shortage affects so many retailers. “If you strictly become a no-cash operation, then you begin to marginalize those people in the community because they just don’t have the same access to the instruments that everyone else has access to,” said Shelle Santana, assistant professor of marketing at Bentley University in Massachusetts. But going cashless puts a swath of the population without bank accounts at an extreme disadvantage. Businesses could make existing racial inequities worse.īusinesses with a lot of cash on their premises have higher insurance rates and must also make arrangements to deposit the money. The price tag is racismĪs we rush into a “cashless” society to slow the coronavirus, know that there are trade-offs. That renewed debate over the merits and disadvantages of a so-called cashless society.Ĭalifornia Column: As coronavirus surges, more stores are going cashless. “It makes things harder for low-income consumers to get the very basic things they need.”Įven before the coin shortage, some businesses wary of handling cash during the coronavirus era were asking customers to use only card or contactless payment methods. “Lower-income consumers tend to transact more in cash,” said Adrienne Harris, professor of practice at the University of Michigan and former special assistant to President Obama for economic policy. households - home to 14.1 million adults and 6.4 million children - didn’t have a checking or savings account. In 2017, the Federal Deposit Insurance Corp. Meanwhile, a number of retailers have shied away from accepting cash payments because they can’t make change.īut card payments are largely not an option for the millions of people in the U.S. “The coin supply problem can be solved with each of us doing our part,” it said in a statement. The Mint has urged people to start spending their coins, deposit them at banks or take them to a coin redemption kiosk.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |