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About 5.5% of Americans don't have bank accounts and pay primarily with cash. Most of these people are impoverished minorities, specifically blacks and Latinos.
by bigtunacan 4y ago
About 5.5% of Americans don't have bank accounts and pay primarily with cash. Most of these people are impoverished minorities, specifically blacks and Latinos. Not accepting cash is a pretty discriminatory practice.
- mikhael28 4y agoHandling cash is a hassle. It carries risk in terms of losing it, and it takes time to count it and transport/deposit it into a bank. All things that eat into your profit margin, in an industry that has crazy low margin. You a hater.
- Jataman606 4y agoHow much money you lose by counting money and depositing it into a bank?
- mikhael28 4y agoIt takes time to do those things. Time is money. It takes time to reconcile in a double entry accounting system the cash you received in business operations. Software does it automatically.
- akvadrako 4y agoThat depends on many factors of course, but I've seen it ballparked around 2-4%. You need safes, cash registers, insurance, etc. But credit cards in the US are also like 3% and come with additional risks.
- nicbou 4y agoWhere I live there is also a bank fee for dealing with large amounts of cash.