Reverse ATM increasing as more places go cashless

…Here’s how it works: Consumers load money into a kiosk, and within seconds a receipt prints confirming the conversion and a prepaid active card is issued. Many of the prepaid cards are MasterCard or Visa and consumers can use them anywhere the cards are accepted.

Many machines don’t charge fees, but some kiosks may charge a $5 fee for the card.

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Some cards carry a “dormancy fee,” for example, a $3.95 charge if the card isn’t used for more than three months. It also may be hard to use the card balances if a small amount is left, Axios reports…

www.newsnationnow.com/business/your-money/reverse-atms-facilitate-an-increasingly-cashless-society/

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