Robinhood will bring cash to your doorstep. Here’s when cash still comes in handy.

Robinhood (HOOD) has recently announced a groundbreaking partnership with Gopuff, a popular food and drink delivery app. This partnership allows customers to withdraw money from their Robinhood bank accounts and have it delivered right to their doorstep for a small fee. According to a report in the Wall Street Journal, the delivery fee ranges from $2.99 to $6.99, depending on your account balance.

The cash delivery service, known as Robinhood Banking’s cash delivery service, has already been launched in New York and is set to expand to other major cities such as San Francisco, Philadelphia, and Washington, D.C. in the coming months. However, in order to utilize this service, customers must be members of Robinhood Gold and have direct deposits of at least $1,000 a month set up to their Robinhood bank accounts. The service will be available from 9 a.m. to 7 p.m. daily, as stated by Gopuff co-CEO Yakir Gola.

Robinhood Money vice president and general manager Deepak Rao expressed the convenience of this service by stating, “Everything gets delivered to their house from burritos to medicine. Why not cash? Now imagine any reason you could ever think of for going to the bank.”

It’s interesting to note that while cash has been considered king in the past, the landscape of transactions is changing rapidly. According to Capital One, 47.8% of American adults make no cash purchases in a typical week, with an estimated 87.4% of all transactions in the U.S. now being cashless.

However, there are still instances where using cash can be beneficial. Certified financial planner Andrew Latham suggests using cash instead of digital payments when you want tighter spending control, when small merchants charge card fees, when you want privacy, or when you need reliability during outages. Additionally, using cash can help you avoid merchant credit card fees and protect your privacy, as there is no paper trail when paying in cash.

If you do decide to utilize cash for certain purchases, it’s important to manage your cash responsibly. Latham recommends carrying between $40 and $100 in your wallet for tipping, parking, local vendors, and emergencies. However, carrying too much cash can be risky and may not be the best use of your money. By placing your cash in a high-yield savings account, you can potentially earn interest over time.

While paying in cash can have its advantages, there are also instances where using digital payments may be more practical. Sporting venues, entertainment venues, utility companies, parking tickets, toll charges, and even taxes may incur additional fees when paying in cash. Therefore, it’s essential to research whether your cash will be accepted and consider if using your debit card could help you save money.

In conclusion, the partnership between Robinhood and Gopuff is set to revolutionize the way customers access and use cash. With the convenience of having cash delivered to your doorstep, coupled with the benefits of using cash for certain transactions, this new service is sure to appeal to a wide range of consumers. Stay tuned for more updates as Robinhood Banking’s cash delivery service continues to expand to new cities across the country.