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When Paying in Cash Costs Extra: America's Reverse ATMs Convert Money into Debit Cards
At a New York Yankees baseball game, one fan discovered its concession stand doesn't accept cash. "An employee directed him to a kiosk that could convert his greenbacks into plastic," reports the Wall Street Journal, where the fan, "fed $200 into the reverse ATM, which subtracted a $3.50 fee and sp...
"An employee directed him to a kiosk that could convert his greenbacks into plastic," reports the Wall Street Journal, where the fan, "fed $200 into the reverse ATM, which subtracted a $3.50 fee and spat out a debit card with a balance of $196.50." People who want to pay their parking tickets, tolls, taxes or phone bills in cash, meanwhile, often learn that government agencies and businesses have outsourced that option to companies that usually charge a fee. In 2023, lawmakers in the House of Representatives and the Senate introduced bills requiring that businesses accept cash for all in-person purchases under $500, unless they provide devices like a reverse ATM that don't charge fees.
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