Large Retail Chains Charging Fees for ‘Cash Back’ Via Debit and Prepaid Cards

Published on August 28, 2024

Americans who withdraw cash from major retail chains are paying fees on these transactions even though processing these payments costs just a “few pennies,” according to a recent report by the Consumer Financial Protection Bureau (CFPB). When people purchase items from a store using a debit or prepaid card, they can withdraw a small amount of their funds through the retailer. The outlets typically set a fixed withdrawal limit for such transactions. People living in small towns with no immediate access to local banks benefit from such services by accessing the cash at a nearby retailer. “While some retailers have typically offered cash back for free, the CFPB’s recent market scan suggests that this is changing,” CFPB said in an Aug. 27 press release....

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