January 21, 2021
This past summer, Senators Kevin Cramer (R-ND) and Robert Menendez (D-NJ) introduced the Payment Choice Act (H.R. 2650 / S.4145). The purpose of this bill is simple – it protects cash and coin. The bill would essentially make it unlawful for businesses to refuse either as a valid form of payment.
According to the most recent information published by the Federal Reserve six percent of adults are unbanked and 16 percent of adults are underbanked (The Report on the Economic Well-Being of U.S. Households in 2018). The takeaway is simply that many Americans rely on cash as their main form of payment. Refusing cash payments potentially perpetuates discrimination and strips individuals of the privacy and security cash provides.
Like many Cash-In-Transit (CIT) carriers, Rochester provides cash and coin services for financial institutions, commercial retail, and government offices. With more than 50 years of experience of servicing these different sectors, Rochester has witnessed how Americans use cash, especially in times of crisis.
To those unbanked and underbanked consumers, cash is critical. The article, As We Reshape Our Lives, Cash Will Bind Us Together, explains that contactless options may work for some, but not all. “Everyone has a right to exercise choice. And no other financial instrument today provides more choice than cash,” the article states. “Innovation is a powerful force but today, innovation is also a call to look more widely at ensuring cash is accessible at every socioeconomic level.”
Rochester supports the Payment Choice Act and is encouraging those within the industry to do the same.
Read more: The Importance of Cash
Delivering more than you expect
From innovative and customized armored car solutions to our high level of customer service, Rochester has been delivering more than you expect since 1964. Based out of Omaha, Nebr., Rochester has grown to 30 offices in seven states. Each office offers high-quality armored car services and solutions, including cash and coin services. The company mission statement – With honesty and integrity, to profitably provide the safe and secure transportation of valuables while giving professional and extraordinary service to the customer – is at the very core of all Rochester does. With one of the most experienced management teams in the industry, Rochester excels at listening to the special needs of our customers, creating customized solutions, and providing exceptional service they can count on. Simply put, Rochester is always delivering more than you expect.