Walmart, Target, CVS, and Walgreens offer the service for free.
According to findings from the Consumer Financial Protection Bureau, Dollar General and the Dollar Tree store – along with Kroger grocery stores – collect over $90 million in fees annually when customers request to access their cash. If you ever opted for “cash-back” on a debit purchase at a Dollar General or Dollar Tree store, you might have been charged an unnecessary fee.
“ three major firms charge cash-back fees even though other competitors offer it for free,” the CFPB noted in a recent report., cash-back fees for small withdrawal amounts are the highest at the dollar store corporations -- $1 or more for amounts under $50 -- while at Kroger, the country’s largest grocery chain, customers are being charged $.75 for $100 or less.
And while all merchants are charged a fee for debit card cash-back transactions -- between 5 cents and 20 cents depending on the transaction amount -- Dollar Tree, Dollar General and Kroger are the only companies in the sample passing the charge onto consumers. “All retailers in our sample offer cash-back services, but only Dollar General, Dollar Tree Inc., and Kroger Co. brands charge a fee,” the CFPB said, noting that “Other retailers offer cash-back for free, even for withdrawal amounts similar to or larger than those provided by the three retailers who charge.”“While the use of digital payment methods is on the rise, cash accessibility remains a critical component of a resilient financial infrastructure and dynamic economy,” the report concluded.
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