ibgc

Fletcher in the News

What is Costs You to Use Cash in America: Dean Chakravorti Comments on Cost of Cash Study

Cash is king in many ways. You can spend it almost anywhere.

Credit is also widely accepted. However, carrying a balance on your card can get some people into financial trouble.

But you might be surprised to find out that paying cash can also cost you in the end.

..."American households on average pay about 40 billion dollars annually to access cash and use cash," Chakravorti said. "The biggest source of that cost is the time spent to access cash. And on average an American consumer spends 28 minutes a month in line getting cash from an ATM or waiting in line to get a check cashed. The other sources of the cost of cash to the American consumers are ATM fees and account fees."

Read the full article