Many people are talking about having a cashless society in the future, where you can only pay using a cashless transaction. While this may seem like a good idea there are many reasons why completely banning cash is a bad idea.
Bye Bye Banks?
Younger customers have started to switch over to using online financial services instead of the more traditional banks. This is due to the speed and savings one can get through these online services compared to banks.
It's important to check your paystub, as over 50% of workers in the US have had an issue with it at some point in their career. Look for any deductions and work benefits to make sure everything is right.
Peer-to-Peer Apps Go Head-to-Head
Venmo has been trying to keep up with p2p payment apps like CashApp that are implementing more deposit methods. Regardless of which app you use, there is a security risk when you connect it directly to your bank account.
Google Makes Bank
Google has plans to offer smart checking accounts in 2020 by partnering with bank who would handle the actual accounts, while Google just handles the smart tech features. This new technology will make banking faster, cheaper and a lot more user friendly.
Banned From Banks
Many unbanked people had to wait several months longer than banked people for stimulus checks via mail. Some people have a hard time opening bank accounts because of their poor record with ChexSystems.
Protection or Deception?
Yearly overdraft fees have increased steadily. Some financial institutions have stopped charging overdraft fees during the pandemic, but many continue. What are these fees, anyway - and why do most banks still charge them?
The $1 Billion Merger
Two Black owned banks, one on each coast of the country, are merging to form the largest Black owned bank in the nation. This comes as major news because there are not many Black owned financial institutions remaining.
The $10 Million Deposit
In the summer of 2020, a deposit of $10 million was made by a major corporation at a Black-led credit union in Mississippi. The deposit was made in response to the demand for racial equity surrounding #BlackLivesMatter.
The advancement of technology has led to more and more people expecting to experience immediate gratification when making purchases. Now, this immediacy has expanded to getting your paycheck early.
Stacking Unused Gift Cards
Companies don't get access to money on store gift cards until someone uses them. However, after a certain period of time, they can claim this money as breakage income, and access it anyway.
Getting Paid or Getting Played
In the past, the majority of people either picked up a check or set up direct deposit in order to get paid. Recently a new way to get paid called a payroll card has been gaining traction. Even though they may seem more convenient there are many things to watch out for before accepting these payroll cards.