You are not alone if you are the type of person who rarely carries cash. Technology has changed our culture such that cash is no longer the necessity it once was. But cash isn’t going anywhere, not anytime soon.
It’s possible that cash may become completely obsolete at some point. Perhaps a government-issued digital currency will one day replace the paper bills and minted coins the country has relied on for so long. But until then, we will continue offering our ACE Flare™ Account by MetaBank® accountholders1 access to daily cash withdrawals up to $400 with qualifying direct deposit.2
Short History of Cash
Back in the early colonial days, there was no centralized currency. The colonists tended to barter with one another to acquire the goods and services they needed. Cash and coins came from many sources including local governments and international governments, as more immigrants arrived on the continent.
The Coinage Act of 1792 helped lay some ground rules by creating an organized monetary system, but it wasn’t until the Civil War era that paper currency took off, soon becoming the official U.S. currency.
In more than 150 years since, the U.S. dollar has undergone quite a few changes. It was once backed by gold; that is no longer the case. Bills have changed, different coins have been minted, and some forms of currency that were popular years ago are no longer in circulation.
State of Cash Today
Knowing what we do about the history of the U.S. dollar, it’s fitting that so few people carry cash today. Our economy has evolved quite a bit since 1863. Technology makes it possible for the average American to go weeks at a time without a single bill or coin in his or her possession. Some people may go months, or even years without holding paper money.
Yet sometimes there are situations in which only cash will do. A person might be visiting a flea market where vendors do not accept credit or debit cards. Stopping by an ATM to make a cash withdrawal solves that problem.
Have you ever taken advantage of valet parking only to discover that you had no cash in your pocket? That’s not good for valet attendants who rely on tips as part of their income. The same is true for waiters, cab drivers, and many other hospitality workers.
Will be Here as Long as There’s a Need
The thing about cash is that there will always be a need for it as long as it exists. Until cash is completely replaced by a digital currency, the government will continue to print bills and mint coins. Likewise, we will continue to offer ATM cash withdrawals1 to customers with an Flare Account®.
Sources:
https://www.philadelphiafed.org/education/teachers/resources/money-in-colonial-times
