“In L.A., we continue to have a problem with access and affordability of basic banking services,” said Bill Maurer, a professor of anthropology [and dean of social sciences] at UC Irvine who studies currency and payment technologies. … Underbanked people may have a bank account but also rely on alternative financial services. “Maybe they can just barely hold on to their bank account and keep their minimum balance, but are constantly getting into situations where they’re going into overdraft and having to pay overdraft fees, and so on,” Maurer explained. “And so while they may have a bank account, they just don’t use it.” 

For the full story, please visit https://www.latimes.com/business/story/2023-08-22/l-a-might-ban-cashless-businesses-heres-whats-at-stake.