Using cash is costing Americans $200 billion per year, or an average of $1,739 per household, according to a new study by Tufts University.
The report, The Cost of Cash in the United States by The Fletcher School at Tufts University, looked into the financial, time and productivity costs associated with cash use.
Theft ($40 billion from businesses and $500 million from individuals) and ATM fees of $8 billion make up a portion of these overall costs. But the majority of these costs come in terms of time: the average American spends 28 minutes per month traveling to get cash.
Read the full article