Millions of Unbanked Americans Face Growing Barriers as Cashless Businesses Rise
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Millions of Americans lack bank accounts, intensifying issues as more businesses refuse cash payments. Several states have passed laws requiring retailers to accept cash.
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Groups like the ACLU argue that lacking IDs or proof of address creates barriers to digital payments for poor and homeless people.
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Federal level, no cash acceptance requirements for businesses. States and cities enact their own legislation.
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FDIC data shows lower income households have higher rates of being "unbanked." Inability to meet minimum balances is a primary obstacle.
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Prepaid debit cards bring added fees for the unbanked. Retailers like Walmart charge fees to purchase and load their cards.