People "of a certain age" have similar recollections of how they learned about the value of money. Saving nickels and dimes in a piggy bank, plunging their hands under their pillows to discover the tooth fairy left a dollar, cashing their first paycheck, or holding their first $100 bill taught us that money had value to buy what we wanted. But a 2016 Pew Research article revealed that nearly a quarter of Americans don't use cash at all in a typical week. Between debit cards, currency apps like Venmo and PayPal, direct deposit and auto-pay features on every thing from rent to utility bills, we live in a society that's becoming increasingly cashless. If cash is no longer king, how do we teach our children about the value of money?
Money is valuable to adults, but it's nothing more than green paper to a curious toddler. A couple from Utah recently found that out when they discovered that their two-year-old son Leo put more than $1,000 worth of cash they had stored in an envelope through the family’s paper shredder. Jackee Belnap, Leo’s mother, explains how he was likely only imitating her when he observed her shredding unwanted mail.
Financial technology continues to transform the way consumers do business, banks operate and features are introduced. There are certain technologies that will completely change the way money is handled and how data is shared:
Thieves who steal money from people by skimming ATM cards take in millions of dollars each year and their tactics are becoming more sophisticated all the time. They do this by setting up ATM machines to read account numbers and PINs and then hack into customer accounts to drain them of funds. This involves installing a small device on an ATM that electronically reads account numbers via the debit card’s magnetic strip. Some other methods that thieves may use to skim customers using an ATM include:
A goal was set by President Clinton in 1994 to award women-owned companies with at least a 4% of available government contracts. The number granted to businesses with female leadership hasn’t risen much beyond that in over a decade. The biggest challenge facing women business owners is gaining access to decision-makers in charge of awarding contracts.
Installing an ATM in your business has many advantages. Studies show that retailers with an ATM have 25% more foot traffic — and many of those transactions result in in-store purchases. Also consider the additional revenue you earn from the surcharge or convenience fee customer are charged when they use your ATM.
The world’s first ATM was installed 51 years ago, in 1967, in London. Since then the ATM industry has advanced and revolutionized financial services, directly impacting the lives of a vast majority of people worldwide.
Think of the last time you filled up your vehicle's gas tank. As you were pulling into the service station, you likely noticed that the price if you paid by cash was a few cents less per gallon than the price were you to pay by credit. Though many service stations have enacted this policy to maintain profit margins (it's estimated that credit card transactions cost about 3 percent more than cash-only transactions), this is an example of why cash is still relevant in today's world. In fact, it's estimated that 40 percent of all transactions in the U.S. are made using cash. Conversely, less than 20 percent of transactions are made with credit cards.
Of all the equipment used in modern banking, few devices are more important than the ATM. There are more than 3 million ATMs all over the world, including roughly half a million in the U.S. These machines provide a vital service for consumers, allowing them to obtain cash quickly and securely without going to a bank. But they are also vulnerable to errors and fraud, which can put their users’ money at risk. It is thus essential that you understand the ATM withdrawal dispute process, how it can help you, and what can go wrong with it.
Topics: General ATM Info