4 reasons to ditch your cash this year

Team Step, January 14, 2022

It often seems like we’re living in a completely digitized financial world––with people ditching their physical cards for virtual ones and trading in their checkbooks for P2P payments––and yet cash has continued to linger.

In fact, a recent Piper Sandler study revealed that 85% of teens still rely heavily on cash. However, we’re about to let you in on a little secret: Cash is not your best friend. The good news is, Step has a new feature that can help you get rid of any cash you still have lying around. 💸

Why it’s time to cancel cash

1. You can’t track it.

Today, 56% of Americans admit that they have no idea how much money they’re spending month-to-month. One major culprit: Cash. Unless you have a photographic memory or keep a shoe box full of receipts, it’s really hard to remember how much you spent last week, let alone last month. Digital platforms like Step make this so much easier.

2. A lot of retailers won’t accept it.

Beyond cash being really dirty (more on that later), many popular ecommerce platforms like Amazon, DoorDash and Uber simply aren’t built for cash. Not only do payment vehicles like Step enable you to make the purchases you want, but they also give you added protection that cash can’t for things like defective products or fraudulent payments.

3. It’s not secure.

Get ready for this: 24% of Americans say they’ve had their cash stolen within the last year. While consumers said the cash was most frequently stolen from their purses or wallets, nearly one quarter reported this theft taking place in their cars and even at home. So, if you’ve got your cash stashed away in a piggy bank, it’s time to move it to a trustworthy platform like Step.

4. It’s dirty.

The pandemic has made us all acutely aware of how dirty commonly touched things like phones and door knobs can be. Cash is no different––and in some cases––it might actually be worse. In fact, a 2017 study reported that 80% of cash contains traces of germs, feces (yes, we said 💩) and even drugs. Needless to say, you might want to break out some gloves before touching cash again.

So…ready to ditch that paper money? Let’s do it! 💪

How to make instant cash deposits with Step

We recently added a new feature called Instant Cash Deposits to help you move that money to somewhere more safe and secure. The best part: You can now deposit cash at one of 70,000 local retail locations nationwide, instead of going out of your way to find an ATM. Check our in-app map to find the closest one!

Here’s how it works:

• Open your Step App and tap “Add Money.”

• Next tap “Deposit Cash.”

• Then find a retail location near you through the in-app map.

• Once you arrive at the location, tap “I’m Ready to Deposit” and follow the prompts.

• You’ll then receive a barcode on your app to show the cashier.

• At this point, you can hand them the cash you’d like to deposit and complete the transaction. When depositing cash, retail stores will typically charge you $3.95 for each transaction, but we’ve decided to cover your first two deposits every month. With our new feature you can deposit up to $500 per transaction and up to $1,000 per day. For additional questions, be sure to read our latest Help Center article.

Extra credit

Interested in learning about some of Step’s other awesome features? 👀

Service fees may apply. VanillaDirect Pay is provided by InComm Financial Services California, Inc. and by InComm Financial Services, Inc. (NMLS# 912772), which is licensed as a Money Transmitter by the New York State Department of Financial Services. Terms and conditions apply.