According to the Federal Deposit Insurance Corporation, in 2017 FDIC survey showed that 6.5 percent of U.S. households were unbanked, meaning they lacked a checking or savings account, and an additional 18.7 percent of households were underbanked, meaning they had a checking or savings account but obtained financial products, like money orders or payday loans, outside of the banking system.
As Statista's Sarah Feldman notes, some advocates and legislators worry that an increasingly cashless world will further disenfranchise America’s homeless and working poor, who may fall into these unbanked and underbanked categories. New Jersey and Massachusetts both have laws that prohibit stores from discriminating against customers choosing to use cash. Cities, like Philadelphia, New York, Chicago, D.C., and San Francisco, all have proposed or have laws regulating cashless stores...read more>>>...
