A new report released Tuesday (Aug. 27) from the U.S. Consumer Financial Protection Bureau (CFPB) sheds light on a growing trend: Major retailers are now imposing fees on customers seeking cash back through debit and prepaid card transactions. This shift comes as bank branch closures and the rise of out-of-network ATM fees have diminished consumers’ access to free cash withdrawal options.
According to CFPB Director Rohit Chopra, retailers, discount store chains in particular have started charging for cash-back services, a departure from the longstanding practice of offering this benefit free of charge.