Cash Machines May Be Going Away – How Will This Affect You?

Here we are in a time where cash is becoming something that a lot of people never carry with them.  There are several places that are starting to go cashless, and now it's something to consider if it's important to have cash with you or is it not even necessary?

SURCHARGE

Some of the issue comes in to play when there is a surcharge if you are using credit instead of cash.  Those places need to make sure they still have a cash option if they are going to require the surcharge if you are using a card.  Or, just include it in the price because that can get pretty annoying.

WHERE ARE THEY?

Here's the other issue - more and more cash machines - ATMs are going to be removed.  It's already happening in other countries, and somewhat here in the US.  There have been a couple places that I have noticed here in Minnesota where there used to be an ATM and now there isn't one, or there were a couple of them, and now only one.

It's like the "quiet quit" of the ATM business.

DIGITAL PAYMENTS

Most places will accept digital payments or cash payments.  Checks are kind of a lost art in most restaurants and some retail outlets.  The discount that you sometimes get for using cash may get a bit harder to come by.

FEES

Also - the fee for using an ATM is going up all over the place too.  It's already expensive in some areas to use the ATM.  Generally it's at least $3.  Some places charge up to $5 and if you are at a casino or something like that, it can be as much as $10.  So if you are going to take some cash out and that's the fee, make sure you take enough out so you don't have to do that twice.

Abigail Wright, a business finance and policy expert with ChamberofCommerce.org, says the shift carries risks that are often overlooked.

“Cash may not be king anymore, but it’s still essential for millions of Americans and the businesses that serve them. Losing access to ATMs isn’t just an inconvenience because it can also mean lost sales, higher costs, and fewer options for customers,” says Abigail.

So, if you want a good supply of cash on hand, it might be a good idea to head into the actual bank and take out some cash each time you get paid.  That way there is no fee included.  Unless, of course, you have an account that will charge you for going under a certain balance.  In that case, just watch it.

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