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US drug control agency will move to reclassify marijuana

(apnews.com)
662 points JacobHenner | 4 comments | 30 Apr 24 17:32 UTC | HN request time: 0.637s | source
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mannyv ◴[30 Apr 24 18:15 UTC] No.40214223[source]▶
One major effect of this is that weed stores will be able to use banks and payment processors legally once the regulators catch up.
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andrewxdiamond ◴[30 Apr 24 18:24 UTC] No.40214371[source]▶
A lot of them have wiggled around this problem by offering “atms” at the cash register. You pay with a debit card, but it’s not a normal transaction, it’s an ATM withdrawal! I don’t understand how the money is vended to the business, but it keeps it out of the store
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swalling ◴[30 Apr 24 18:44 UTC] No.40214632[source]▶
Yes this seems to be increasingly common, at least on the west coast. The suboptimal part is that the buyer typically gets hit with an out-of-network ATM fee for doing this, so the consumer is paying $2-5 for processing per transaction.
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ghaff ◴[30 Apr 24 18:58 UTC] No.40214813[source]▶
That’s pretty small potatoes though compared to going to a bank yourself and making a transaction for cash you don’t normally have around. Maybe there’s an ATM down the block but that’s not the case for many people.
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garciasn ◴[30 Apr 24 19:13 UTC] No.40215012[source]▶
Use a credit union or bank that doesn’t charge ATM fees; that’s what I do. Any CU-related ATM withdrawal is always free and I get 10 ATM withdrawals a month with fees reversed.
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hunter2_ ◴[30 Apr 24 19:38 UTC] No.40215335[source]▶
Unlimited fees reversed with Schwab checking. No monthly fee to figure out how to avoid, either.
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1. ada1981 ◴[30 Apr 24 20:02 UTC] No.40215627[source]▶
So they just eat the fees?
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2. hunter2_ ◴[30 Apr 24 22:38 UTC] No.40217293[source]▶
Yes, even exorbitant ones like on a cruise ship or casino. Free checks, too. And mutual funds with lower fees than Vanguard. But virtually no physical branches (most locations are brokerage offices only) so not ideal for depositing cash or getting a cashier's check... use something else for that.
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3. CydeWeys ◴[30 Apr 24 23:37 UTC] No.40217793[source]▶
They eat the fees because operating physical branches is much more costly still.

And if you're truly abusing it and costing them massively with fees, they can always close your account.

4. Semaphor ◴[01 May 24 11:36 UTC] No.40221904[source]▶
The Neo-Bank I use in Germany (N26) works similarly. 3 or 5 fee-eaten withdrawals per month, but the always free option is supermarket registers. There’s a large network of supermarkets that are connected to the network, and I can generate a code on my phone, scan it, and it registers the negative value (e.g. -50 €), which I then get handed. Deposits work the same way (scan code, generate positive amount that you then pay), but at least for free accounts deposits incur a fee.