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Cash could be almost gone in Australia in a decade – but like cheques, who’ll miss it?

<p><em><a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a></em></p> <p>Late last year, the Reserve Bank gave 1,000 Australians diaries and asked them to record every payment they made over the course of a week. Of the 13,000 payments, only <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">17</a> were with cheques.</p> <p>It’s been an astounding collapse. Back in 1980 at the start of the credit card era, <a href="https://www.rba.gov.au/publications/bulletin/1996/oct/pdf/bu-1096-2.pdf">85%</a> of non-cash payments were made with cheques. Today it’s less than <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">0.1%</a>.</p> <p>Earlier this month, the government announced it was following <a href="https://www.justice.govt.nz/about/news-and-media/news/the-ministry-is-phasing-out-payment-by-cheque/">New Zealand</a>, Denmark, the Netherlands and <a href="https://www.sbs.com.au/news/article/the-death-of-the-cheque-book-australia-to-phase-out-cheques/qu0e4xf55">others</a>, closing our cheque system down by <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques">2030</a>.</p> <p>Meanwhile, New Zealand is already on to the next thing. Having <a href="https://www.stuff.co.nz/business/300011579/bnz-anz-westpac-to-phase-out-cheque-use">phased out cheques</a>, it’s now looking at winding down the use of <a href="https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/research/future-of-cash-issues-paper.pdf">cash</a>.</p> <p>So how close is Australia now to becoming a cash-free nation?</p> <h2>The hidden costs of cheques and cash</h2> <p>Cheques are horrendously expensive to process. The average cost of everything that had to happen to process a cheque exceeds <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">$5</a> per payment, mostly borne by banks.</p> <p>But cash is expensive in its own way. The average cost of creating, sorting and trucking all those sheets of plastic and coins exceeds <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">50 cents</a> per payment, mostly passed on to banks and retailers, and it is soaring as the number of payments plummets.</p> <p>As recently as 2007, the vast bulk of consumer payments – 69% – were in cash. By 2019 only 27% were in cash. By 2022, after two years of COVID, it was only <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">13%</a>.</p> <p>At this rate, it’s hard to be certain how long cash will last.</p> <h2>What made cheques so slow and costly</h2> <p>For those who’ve never had to write one, cheques are bank-issued pieces of paper on which the owner writes the name of the person they want the bank to pay and the amount. They they hand it to that person, who then hands it to their bank, which then tries to get the money from the payer’s bank.</p> <figure class="align-right "><figcaption></figcaption></figure> <p>Behind the scenes, until recently when the electronic transmission of digital images changed things, each bank would collect all the cheques that had been presented to its branches each day and sort them into bags, one for each originating bank.</p> <p>Then, late at night, its “bag man” would travel to a nondescript city location with a bag for each bank, hand the correct one to each of the other bagmen, and be given bags in return, which the bagman would take back to the bank for signature checking.</p> <p>When each bank worked out what it owed the other bank, they would usually discover the flows largely cancelled each other out, and then make net payments which would be reflected in the cheque-writer’s account, up to five business days later.</p> <p>Always expensive, the cost per cheque grew and grew as the number of Australians paying with cheques dwindled to a fraction of what it had been.</p> <h2>How moving cash became a loss-making business</h2> <p>It’s the same sort of story with cash. Although we don’t often think about it, cash costs an awful lot to move, sort and restock.</p> <p>Printing the notes still makes money – it costs about 32 cents to make each note, whether it’s worth $5 or $100, although making some coins now <a href="https://theconversation.com/the-mint-and-note-printing-australia-make-billions-for-australia-but-it-could-be-at-risk-190901">loses money</a>.</p> <p>The real expense is in moving notes and coins around, keeping them nearby and restocking banks and cash registers. Aside from payments the Reserve Bank makes to banks for returning damaged notes, the banks (and, through them, the retailers) are expected to pay for the lot.</p> <p>Until recently that gave the two firms that dominate the business (Linfox Armaguard, and Prosegur, which owns Chubb Security) a pretty good deal.</p> <p>Except that the volume of cash they’ve carried has dived <a href="https://www.accc.gov.au/system/files/public-registers/documents/Application%20for%20merger%20authorisation%20-%2027.09.22%20-%20PR%20VERSION%20-%20MA1000022%20Armaguard%20Prosegur.pdf">47%</a> over the past ten years, 30% of it during COVID.</p> <p>Both firms say their money-moving arms are incurring “heavy financial losses” and that if they increase their prices much more, retailers might move even <a href="https://images.theconversation.com/files/532829/original/file-20230620-48940-4a5amn.PNG">further away from cash</a>, pushing their costs even higher.</p> <figure class="align-right zoomable"><figcaption></figcaption></figure> <p>Last week, the Competition and Consumer Commission allowed them to <a href="https://www.accc.gov.au/public-registers/mergers-registers/merger-authorisations-register/linfox-armaguard-pty-ltd-and-prosegur-australia-holdings-pty-ltd-proposed-merger">merge</a> on the condition that they limit their price increases to the consumer index plus 7.5% per year. That increase is so steep as to suggest a <a href="https://www.energynetworks.com.au/news/energy-insider/the-death-spiral/">death spiral</a>: the more they charge, the less retailers will use cash, the more they’ll have to charge.</p> <p>The only way out, unless they can make really big efficiencies, or unless the decline in the use of cash stops, would be for the government to return to subsidising the use of cash. It’s hard to see how it could make the case to do that when there are cheaper emerging technologies.</p> <p>Bank transfers cost a <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">mere fraction</a> of using cash, and pretty soon we’ll be able to use them for everything, via things such as <a href="https://www.mobiletransaction.org/qr-code-payment-works/">QR codes</a>.</p> <h2>So when will cash go the way of cheques?</h2> <p>A previous federal government has already tried to eliminate the use of cash for transactions worth more than $10,000, as part of its attack on the black economy.</p> <p>Announced in 2016 by the Turnbull Coalition government, the ban was due to come into force in <a href="https://ministers.treasury.gov.au/ministers/kelly-odwyer-2016/media-releases/tackling-illegal-behaviour-black-economy">2019</a>. But, after delays, in 2020 the Morrison-led Coalition government <a href="https://www.abc.net.au/news/2020-12-07/cash-ban-law-10000-dollars-abandoned-amid-covid-crisis/12951720">backed down</a>.</p> <p>If Australia wants to ban cash (and ban it for small transactions too – cash is now used less than cards for transactions <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/cash-use-and-attitudes-in-australia.html">of all sizes</a>) the easiest solution might be simply to wait.</p> <hr /> <p><iframe id="HykMF" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/HykMF/10/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>Cards are now the dominant means of exchanging money, and electronic transfers are growing from a small base.</p> <p>Pure extrapolation would suggest cash has less than a decade to go, but it will probably hang around for longer as an (expensive, little-used) backup that maintains privacy.</p> <p>Like cheques, cash will probably die <a href="https://quoteinvestigator.com/2018/08/06/bankrupt/">gradually, then suddenly</a>. By the time it does, there will be few users left who care.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/208020/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/cash-could-be-almost-gone-in-australia-in-a-decade-but-like-cheques-wholl-miss-it-208020">original article</a>.</em></p>

Money & Banking

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Cheques to be phased out by 2030

<p>Cheques will be phased out in Australia by 2030 as the federal government aims to improve the nation’s payments system.</p> <p>Treasurer Jim Chalmers revealed his plan for major reforms in the way payments are made which will focus on cashless and mobile financial transactions.</p> <p>In a speech to the Australian Banking Association (ABA) in Sydney, he said Australia’s ageing payments infrastructure was restricting the country’s productivity levels.</p> <p>Chalmer’s said phasing out cheques and introducing a more efficient New Payment Platform would steer Australia into the path of a digital economy.</p> <p>The reforms will provide direction for the banks and payments industry’s investment in future technology, ABA chief executive Anna Bligh said.</p> <p>"With cheques now in steady decline and accounting for only 0.2 per cent of all payments, it's time to have a smooth and well-planned process to phase out this form of payment.</p> <p>"Australian banks will work with the government to ensure that customers and businesses are ready for a gradual and orderly phase out.”</p> <p>One of the more significant reasons behind the decline in cheques can be attributed to the costs to individuals and financial institutions.</p> <p>After consulting with states, territories and industry and community groups, cheques will cease by 2023.</p> <p>The reform will see Australia in line with several major economies that have already eradicated cheques.</p> <p><em>Image credit: Getty / Shutterstock</em></p>

Money & Banking

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How a blank cheque offer won the battle for a luxurious apartment

<p dir="ltr">A Sydney home seller has pocketed a huge price for their luxurious property after a determined buyer showed their agent a signed blank cheque and invited them to fill in whatever price they wanted.</p> <p dir="ltr">The offer was made during an open inspection of the three-bedroom Barangaroo apartment, and proved to be too persuasive for the sellers to turn down. </p> <p dir="ltr">Despite being reluctant to sell their home, the owners signed the paperwork and accepted the cheque with their own asking value. </p> <p dir="ltr">Their price: $6.58 million. </p> <p dir="ltr">The eye-watering sum was $1.5 million above the price the sellers expected to make on the waterfront property, which was scheduled for auction just a few weeks later. </p> <p dir="ltr">It was not the only staggering offer the sellers received for the apartment on <a href="https://www.realestate.com.au/sold/property-apartment-nsw-barangaroo-138857119?rsf=syn:news:nca:news:spa">601/19 Barangaroo Avenue.</a></p> <p dir="ltr">Another buyer reportedly showed selling agent Peter Li a banking app on his phone and offered to transfer the money to Mr Li directly to lock in the sale.</p> <p dir="ltr">“The successful buyer was the guy who brought his cheque book, he lived in the building and wanted to upsize to a three-bedroom apartment … this was the last three-bedroom option available,” Mr Li said.</p> <p dir="ltr">“Five million was our initial price guide, we sold this for $1.5m more than the initial price guide – about 30 per cent.”</p> <p dir="ltr">“The vendor was determined to go to auction, but changed her mind when she saw the price we had already achieved. The same apartment sold (at the) off the plan launch for $2.95m. Now it’s more than double.”</p> <p dir="ltr">Despite Sydney’s current housing crisis, Mr Li believes many wealthy buyers are heading to Barangaroo. </p> <p dir="ltr">“The results that we are seeing in Barangaroo are extraordinary. People are moving away from Point Piper to Barangaroo … they are finding it difficult too, as no one is currently selling there.”</p> <p dir="ltr">“Apparently, Barangaroo is immune to the current market slow down.”</p> <p dir="ltr"><em>Image credits: realestate.com.au</em></p>

Real Estate

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“Totally dumbstruck”: Passengers furious as budget airline’s refund cheques bounce

<p>Budget airline Ryanair has been made to apologise to customers after compensation cheques were found to have bounced.</p> <p>Countless passengers were overcharged during a pilot strike period where flights were cancelled. Many customers have not yet reached a resolution after their cheques were rejected at banks around the UK as they had not been signed.</p> <p>One woman named Karen Joyce was left €20 ($A32) out of pocket after she was charged by her bank.</p> <p>Ms Joyce took to Facebook, writing: “I was totally dumbstruck. We were loyal Ryanair customers and for them to bounce the cheque as well I just thought was disgusting.”</p> <p>After being on the phone with Ryanair for 20 minutes in an attempt to resolve the situation, the customer services rep hung up on her.</p> <p>“Then he just put the phone down. I have not received anything from Ryanair,” she said.</p> <p>The strike caused major disruption as thousands of flights were forced to cancel.</p> <p>A spokesperson for Ryanair said: “Due to an admin error, a tiny number of cheques (less than 190 out of over 20,000 compensation cheques in July) were posted without a required signatory.</p> <p>“These cheques were reissued last week, and we apologise sincerely for this inconvenience which arose out of our desire to issue these compensation cheques quickly to our customers.”</p> <p>The UK Civil Aviation Authority has advised passengers to apply for compensation under EU law 261.</p> <p>Previously, Ryanair had said that they are not planning on compensating affected passengers over the strikes as they were “caused by extraordinary circumstances.”</p> <p>The budget airline told <em><a rel="noopener" href="https://www.thetimes.co.uk/article/ryanair-defies-watchdog-over-compensation-for-strike-chaos-gwlr5qqmk" target="_blank">The Times</a> </em>that the unions were behaving “unreasonably.”</p>

Travel Trouble

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Australia Post loses Melbourne woman’s $55,000 inheritance cheque

<p><span>A Melbourne woman has suffered from extreme stress for over six weeks after an error by Australia Post saw her inheritance money vanish.</span></p> <p><span>Canadian-born Claudia Ruhland was waiting for a registered letter containing $55,000 in bank drafts that was mailed from her native country with tracking on December 19, 2017.</span></p> <p><span>The letter was expected to arrive within 10 days but was nowhere to be seen.</span></p> <p><span>The letter contained her inheritance, which was sent to her after a three-year court battle and, as she waited, the mother-of-two said the stress impacted her health.</span></p> <p><span>“The stress of the waiting alone was unbearable and I feared the worst, that the bank drafts had been stolen,” she told </span><a href="http://www.news.com.au/finance/business/other-industries/mail-fail-australia-post-under-fire-after-womans-inheritance-goes-missing-for-six-weeks/news-story/1404b0374af1b55b4645f06482295d8d" target="_blank"><strong><em><span style="text-decoration: underline;">news.com.au.</span></em></strong></a></p> <p><span>“My Canadian lawyer advised that if this was the case, there was nothing they could do and we would have to accept the loss.</span></p> <p><span>“I was devastated and could not believe this could have happened.”</span></p> <p><span>Claudia said the money had been sent through bank drafts rather than electronic transfer as she had been told that this was the best option.</span></p> <p><span>However, after receiving a tracking letter explaining that the letter had arrived in Australia, the letter mysteriously disappeared.</span></p> <p><span>On January 19, Claudia opened investigations with both Canada Post and Australia Post, but days passed without hearing any information about her letter.</span></p> <p><span>On February 2, Claudia contacted Australia Post again and was informed that the letter had been found after a 46-day absence, in Lake Grace, Western Australia.</span></p> <p><span>Claudia’s letter somehow ended up in Western Australia and had been “bouncing back and forth” between the mail sorting centre in Perth and the Lack Grace post office.</span></p> <p><span>After hearing the good news, Claudia burst into tears while speaking to the Australia Post employee on the phone.</span></p> <p><span>But Claudia is still confused as to how her letter first arrived in WA and then was incorrectly sorted and returned to the WA post office repeatedly.</span></p> <p><span>An employee at the Lake Grace post office said that she had sent the letter in the express mail bag, in the hope the error would be noticed by an employee rather than a sorting machine.</span></p> <p><span>Claudia then asked the employee to place the letter in a separate overnight express envelope, write her address on the front, remove the tracking sticker and then email the tracking number to her once it was re-posted.</span></p> <p><span>After a long wait, the letter finally arrived on February 8.</span></p> <p><span>Claudia said she had experienced “tremendous and unnecessary stress” from the bungle and had been left in the dark despite leaving her contact details with Australia Post.</span></p> <p><span>“I cannot believe the continuous errors and bungles that occurred with this single valuable item. I am so disappointed with Australia Post and how this was handled,” she said.</span></p> <p><span>“It wasn’t the fault of actual staff — clearly, it was caused by a mechanical glitch — but at some point you have to rise above what is procedure and use some common sense.</span></p> <p><span>“The Australia Post technical system is clearly flawed as the letter did not reach its destination in a reasonable amount of time and instead simply went around in circles. It wasn’t until I, the recipient, intervened that a sensible resolution was implemented.”</span></p> <p><span>A spokeswoman from Australia Post said customers with lost mail were encouraged to log an enquiry at auspost.com.au.</span></p> <p><span>“Australia Post takes great pride in the efficient delivery of mail, with the vast majority — over 98 per cent — arriving safely and on time,” the spokeswoman said.</span></p> <p><span>“Obviously something has gone wrong here.</span></p> <p><span>“We have contacted the customer and will investigate this further.”</span></p>

Retirement Income

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Jobless woman can't "make ends meet" with $666 cheque from Centrelink

<p>An unemployed woman has taken to Facebook to ask for budgeting advice, sharing a snapshot of how she spends her fortnightly $666 cheque from Centrelink.</p> <p>“Is there any other agencies that help people make ends meet after leaving a job?” she asked.</p> <p>“I have a budget of $840 a fortnight but get $666 a fortnight from Centrelink. It would only be till I got a job (my budget doesn’t include buying luxury items its essentially the basics for survival). I would be needing another $100-$200 a fortnight.</p> <p>“Obviously smokes have to go but it’s still not enough – where else could I save?”</p> <p>The woman also shared a screenshot of her fortnightly budget, admitting she spends $65 each fortnight on cigarettes.</p> <p><img width="497" height="280" src="https://oversixtydev.blob.core.windows.net/media/7267953/5074bcf9e529b5c47d2d9fe92d95ab97_497x280.jpg" alt="5074bcf 9e 529b 5c 47d 2d 9fe 92d 95ab 97" style="display: block; margin-left: auto; margin-right: auto;"/></p> <p>However, the majority of commenters offered some helpful advice, <a href="http://www.news.com.au/finance/money/budgeting/unemployed-woman-whinges-about-centrelink-cheque-but-still-splashes-welfare-cash-on-cigarettes/news-story/9cce0261b8f09fc88cd8164b9eb1e31a" target="_blank"><strong><span style="text-decoration: underline;">news.com.au</span></strong></a> reports.</p> <p>“My hubby quit smoking cigarettes one year ago, now vapes,” one woman shared, suggesting the woman switch from smokes to e-cigarettes. “He saves hundreds a month.”</p> <p>Another suggested she buy and make her cat food in bulk, writing, “$2 for big tin of tuna, add rice and frozen veg. There may even be a cheap recipe for homemade cat biscuits.”</p> <p>One commenter also sympathised with the woman over her high rent. “Wow! Rent prices are so cruel! I commend you for trying to sort out your budget! Good for you!”</p> <p>Tell us in the comments below, do you think it’s fair for the woman to be complaining about her welfare amount? Or can you see where she’s coming from?</p>

Money & Banking

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The odd detail on Donald Trump’s personal cheque to dead soldier’s family

<p>The family of a fallen US soldier has received a US$25,000 (AU$32,000) personal cheque from President Donald Trump a week after media reported that the money hadn’t arrived.</p> <p>Chris Baldridge and his wife, Jessie, said that Trump had promised a cheque in a phone call after their son Sergeant Dillon Baldridge, 22, was killed in a Taliban attack in Afghanistan in June.</p> <p>However, it wasn’t until a Washington Post article reported that the promise was still unfulfilled that White House officials announced the cheque was in the mail.</p> <p>And sure enough, the cheque is dated October 18 – the same day the Post article came out.</p> <p>“The cheque has been in the pipeline since the President’s initial call with the father. The President has personally followed up several times to ensure that the cheque was being sent. As stated earlier, the cheque has been sent,” White House spokeswoman Lindsay Walters said last week.</p> <p>“It’s disgusting that the media is taking something that should be recognised as a generous and sincere gesture, made privately by the President, and using it to advance the media’s biased agenda.”</p> <blockquote class="twitter-tweet"> <p dir="ltr">EXCLUSIVE: NC <a href="https://twitter.com/hashtag/GoldStar?src=hash&amp;ref_src=twsrc%5Etfw">#GoldStar</a> family receives $25,000 personal check, months after condolence call from <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>. <a href="https://twitter.com/ABC11_WTVD?ref_src=twsrc%5Etfw">@ABC11_WTVD</a> <a href="https://twitter.com/ABC?ref_src=twsrc%5Etfw">@ABC</a> <a href="https://t.co/eTUxCCgYMY">pic.twitter.com/eTUxCCgYMY</a></p> — Jonah Kaplan (@KaplanABC11) <a href="https://twitter.com/KaplanABC11/status/922603452487946241?ref_src=twsrc%5Etfw">October 23, 2017</a></blockquote> <p>Trump made the offer to the family after Mr Baldridge told the president that only his ex-wife would receive money from the Pentagon’s US$100,000 (AU$128,000) death gratuity.</p> <p>“He said, ‘I’m going to write you a check out of my personal account for $25,000,’ and I was just floored,” Mr Baldridge told The Washington Post.</p> <p>“I could not believe he was saying that, and I wish I had it recorded because the man did say this. He said, ‘No other president has ever done something like this,’ but he said, ‘I’m going to do it.’”</p> <p>“We just thought he was saying something nice,” Mr Baldridge’s wife Jessie Baldridge told ABC11.</p> <p>“We got a condolence letter from him and there was no cheque, and we kind of joked about it,” she said.</p> <p>According WTVD, the personal cheque also came with a letter from the president that read:</p> <p>“Dear Christopher,</p> <p>I am glad my legal counsel has been able to finally approve this contribution to you. Enclosed is a check for $25,000 — I hope this will make things a bit easier, but nothing will ever replace your son, Dillon. He was an American hero.</p> <p>Sincerely, Donald Trump”</p> <p> </p> <blockquote class="twitter-tweet"> <p dir="ltr">In letter to Baldridge family, shared only w/ <a href="https://twitter.com/ABC11_WTVD?ref_src=twsrc%5Etfw">@ABC11_WTVD</a>, <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> says "I hope this will make things a bit easier." <a href="https://twitter.com/ABCWorldNews?ref_src=twsrc%5Etfw">@ABCWorldNews</a> <a href="https://t.co/MFu2DpGlQK">pic.twitter.com/MFu2DpGlQK</a></p> — Jonah Kaplan (@KaplanABC11) <a href="https://twitter.com/KaplanABC11/status/922604342338838528?ref_src=twsrc%5Etfw">October 23, 2017</a></blockquote> <p>Mrs Baldridge told ABC11 that they were incredibly grateful to receive the money.</p> <p>“I’m still speechless,” Mrs Baldridge said. “We are so moved and grateful, and we promise to use the money to honour Dillon’s legacy.”</p> <p>The Baldridge family said they intend to use the money to start a non-profit organisation in Dillon’s name with the intention of helping as many of their fellow Americans as possible.</p> <p>Two other soldier also died in the same attack but it is unknown if their families would also be receiving money from the president.</p> <p> </p>

Money & Banking

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