How Cashless is living on fees

Miss your old free checking account? In 2020, only 47 percent of non-interest checking accounts were free according to That’s up from 42 percent in 2019 and the low of 37 percent in 2015, but well below the 76 percent that were offered in 2009. Why such a big drop?

In part, you can thank the Dodd-Frank financial services reform bill of 2010 and, particularly, the amendment by Sen. Dick Durbin (D-Ill.), that capped interchange bank fees collected from merchants who accept debit card payments.

The amendment was done at the behest of big retailers who are the principal beneficiary of the cashless society. They’d rather not handle cash, and they’d rather not have to pay for the privilege not to.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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The debate

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Cash remains an economic and social Asset

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New York City Cashless Stores must comply with the law