Many businesses are going cashless -- accepting only credit, debit and mobile forms of payment -- to cut costs associated with cash management and to speed transactions. This shift in payments suits the one in four Americans who say they don't carry paper money, but it excludes the unbanked -- would-be customers without checking or savings accounts. So lawmakers, arguing that cash boycotts are discriminatory, are working to make sure greenbacks remain a viable payment method. That comes as trendy eateries like Dig Inn, Dos Toros Tacqueria and SweetGreen dispense with cash entirely. New York City Council member Ritchie Torres last week proposed legislation that would require all local businesses to accept cash in addition to credit cards and contactless payment methods. Massachusetts has required since 1978 that no retailer "shall discriminate against a cash buyer by requiring the use of credit." New Jersey lawmakers on Monday advanced a bill to ban cashless stores. Philadelphia … [Read more...] about Critics say cashless retailers penalize the poor
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Although credit card interest rates are rising, not all the news about plastic is bad. That's because some credit card fees are disappearing -- particularly foreign transaction fees. In 2015, 77 out of 100 cards charged these fees, 3 percent to 5 percent nicks that hit your account each time you use a card to buy something outside of the U.S. But just 52 cards still charge these fees today, said Ted Rossman, analyst with CreditCards.com, which conducts annual credit card fee research. "Credit card companies are competing for affluent travelers," said Rossman. "Not only are issuers eliminating these fees, more of the new cards coming out don't have them." However, credit card interest rates have risen sharply over the past year, jumping to 17.01 percent on average from 16.15 percent a year ago and from 15.2 percent in 2016. Still, consumers who play their cards right don't need to pay a cent to use plastic in this environment, Rossman said. Interest is assessed only on … [Read more...] about Credit cards are hiking rates, but cutting fees
Inmate No. 15000-030 is released into the frigid January morning at 8:46, a gray custodial suit of sweatpants and long-sleeved thermal clinging to his immense frame, a bushy salt-and-pepper beard wrapping around his face, a guard escorting him with a high-powered rifle slung over his right shoulder. Most politicians would appear hopelessly—dangerously—misplaced in a federal prison. Kent Sorenson is not most politicians. Standing over six feet tall and weighing every bit of 270 pounds, with 11 tattoos and a cleanshaven head, Sorenson is probably the only state senator to have ever been mistaken for a member of the Aryan Brotherhood. That happened during his first stop on the penal turnpike, the Metropolitan Correctional Center (“The MCC”) in Chicago, an administrative facility with maximum-security lodging where the “fish” was viewed warily by fellow inmates. A white supremacist, they figured, sizing him up. It didn’t take long—as soon as … [Read more...] about Kent Sorenson Was a Tea Party Hero. Then He Lost Everything.
IMAGINE turning 25 and seeing that your bank account had been boosted with a birthday present of £10,000. It’s the stuff of dreams, right? Well, if The Resolution Foundation had its way, this wouldn’t just be every young person’s fantasy - it would actually happen for real. The independent think tank says all 25 year-olds, no matter how rich or poor, should receive a lovely little £10k nest egg from the government to help with tuition fees, buying a home or caring costs. Supposedly, this would balance out inter-generational unfairness to help young people, already priced out of the housing market and struggling with insecure jobs, to stand on their own financial feet. But, if this were to happen in reality, would anyone really look after the handout in a sensible way and invest it wisely in their future? Or would they head to the nearest travel agent and splurge it on a one-way trip to Bali? We take a closer look at the bank accounts and spending habits of … [Read more...] about Can you guess who has £10,000 and who has £24? What’s really inside these 25-year-olds’ bank accounts
A forthcoming documentary suggests a Hobart woman who's serving a life sentence in prison for her role in two killings may have been a serial killer who also fed the remains of her dismembered lover to neighbors at a barbecue in the Upper Peninsula of Michigan.Investigation Discovery, a crime-themed cable network that reaches 85 million U.S. households, will air the true crime thriller "Dead North" about Kelly Cochran, a Northwest Indiana woman who pleaded guilty to the 2016 murder of her husband, Jason Cochran, at their home on the 7100 block of Mississippi Street of Hobart. Cochran told Hobart police she injected her husband with heroin and smothered him with a pillow as revenge for the murder of her lover Christopher Regan, who she lured to her other home in Iron River, Michigan, with the promise of sex. Her husband burst out of the basement and shot Regan in the head with a .22 caliber rifle during the act, which the couple had plotted after making a "pact to kill off … [Read more...] about Documentary: Hobart woman may have fed dismembered lover to neighbors at barbecue, killed up to nine people