On August 27, 2024, the CFPB published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card. According to the CFPB, these cash-back fees are being introduced amid a wave of bank mergers, branch closures, and widespread out-of-network ATM fees, all of which have decreased the availability of free cash access for consumers.
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