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Law Cashless Society: Should Retail Stores & Restaurants be Allowed to Refuse Cash as a Legal Tender?

Discussion in 'The War Room' started by Arkain2K, Jan 24, 2020.

  1. Arkain2K Si vis pacem, para bellum

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    The disturbing trend of "cashless" retail stores and restaurants that turns away cash-paying customers has been halted in New York City - like Philly, Jersey, and SF before them.

    Millions of adults who don't have a bank account and minors who don't have a credit card will soon be able use their cold hard cash to buy anything at the retail stores and restaurants in their city again.

    New York on track to ban cashless stores and restaurants
    By Anna Sturla, CNN | January 23, 2020

    [​IMG]

    New York is on track to ban cashless businesses after the city council voted to join San Francisco and Philadelphia in requiring brick-and-mortar stores to accept cash.

    Under the law, food and retail establishments would have to accept American bills and coins or face a fine. Mayor Bill De Blasio is expected to sign the bill, his office told CNN.

    "When you open a dollar bill, it reads 'This note is legal tender for all debts, public and private,'" said Councilman Ritchie Torres, the sponsor of the bill. "Cash ought to command universal acceptance."

    Once signed, businesses would have nine months to adjust before the law takes effect.

    Torres said the bill would protect the most vulnerable New Yorkers, such as seniors, homeless people and undocumented residents.

    A 2015 Urban Institute study found that almost 40% of the city's households were "unbanked" or "underbanked" -- meaning they have no bank accounts or use alternative financial services -- increasing their reliance on cash. That percentage is higher outside of Manhattan, where large swathes of the city have few banking services.

    Those areas also tend to have more immigrants and people of color, according to the New Economy Project, an organization for low income New Yorkers.

    Some businesses opposed the bill in early hearings, saying that going cashless streamlined their operations and deterred robberies.

    "We welcome the digitilization of the American economy, but we have to ensure the digital economy in no way leaves the most vulnerable behind," Torres said.

    Torres, 31, says he usually uses credit or debit cards but has experienced waiting in line at a business with only cash in his pocket, just to find out it was cashless.

    "I found it to be a humiliating experience," Torres said. "I thought to myself, 'How could a business reject legal tender?' It just struck me as counterintuitive."

    Businesses that still want cashless transactions can provide a machine that exchanges cash for a gift card, but must accept cash if the machine breaks down, according to the new law.

    The law would not apply to online transactions.

    https://amp.cnn.com/cnn/2020/01/23/us/nyc-cashless-ban/index.html
     
    Last edited: Jul 20, 2020
  2. PolishHeadlock2 Gold Belt

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    Philly is doing this as well and I'm not sure what I think of it yet.

    But it does seem kind of wrong that a business can reject taking legal US tender
     
  3. Strychnine Titanium Belt

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    Why in the BLUE FUDGE would you not accept cash??!?!?

    {<huh}
     
  4. weed ベルセルク

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    dude you have no idea the looks I'd get when I'd pay in cash from these millennial filled joints.
     
  5. Arkain2K Si vis pacem, para bellum

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    NYC Moves to Ban Cashless Stores in Blow to Visa, Mastercard
    By Jennifer Surane | January 23, 2020

    [​IMG]

    New York City is joining San Francisco and Philadelphia in banning stores and restaurants from rejecting cash as a form of payment.

    The city council approved a bill by a vote of 43-3 Thursday that prohibits the practice and and prevents New York City retailers from charging customers who pay with cash more than those who don’t. Violators could face penalties of as much as $1,500. The bill still needs approval from Mayor Bill de Blasio, who supports it, according to a spokeswoman.

    A growing number of businesses embraced the so-called cashless movement, arguing that it improves safety at stores and eliminates risks associated with employees taking cash to the bank. In 2017, Visa Inc. upped the ante by offering 50 restaurants that agreed to ditch cash a $10,000 reward to spend on marketing and point-of-sale technology.

    But the movement has faced criticism from advocates for low-income consumers who say a store’s decision to stop accepting cash can exclude people who don’t have access to credit and debit cards.

    “There’s a rising tide of businesses that refuse to accept cash and will only accept credit or debit,” Councilman Ritchie Torres, who sponsored the bill, said on Thursday. “We in the council have real concerns that an increasingly cashless marketplace could have a real-world discriminatory effect on low-income communities, especially communities of color, that lack access to credit or debit.”

    The vast majority of stores still accept both cash and card -- with 92% of Square Inc.’s sellers in New York City accepting both forms of payment, according to a 2019 study by the payments company. Mastercard said in an emailed statement that it believes electronic payments deliver great value to retailers and consumers and is focused on providing customers with “the choices and services they want when they need them.”

    [​IMG]

    That’s because cash remains the most popular payment method for purchases in the U.S., accounting for 32% of all purchases, according to data compiled by the Federal Reserve. Debit and credit cards are close behind, accounting for 31% and 28% of purchases, respectively.

    The New York City legislation won’t come without costs, Felipe Chacon, an economist at Square, said in an interview. “There are real costs to moving physical money around, and that will have an impact,” Chacon said. “It will either show up as a hit to profit or it will show up on whatever they’re charging as a price increase.”

    Still, the trend away from cash and paper currency is undeniable. Spending on the networks of Visa, Mastercard, American Express and Discover has continued to climb in recent years, reaching a record $18.7 trillion in 2018, according to data compiled by Bloomberg Intelligence.

    Visa respects “those who still wish to accept or pay with cash, while simultaneously using this as a moment in time to help expand access and help everyone -- from merchants to underbanked consumers and municipalities -- better realize the many benefits of digital payments,” the company said in an emailed statement.

    https://www.bloomberg.com/amp/news/...ns-cashless-stores-in-blow-to-visa-mastercard
     
  6. Strychnine Titanium Belt

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    Even if I had the option to pay with my card, if I had the cash, why not just take it?!?

    Some of these people have never HAD to go hungry, that's for dang sure. :mad:
     
  7. weed ベルセルク

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    if I have cash I'm going to use it, I'm the type of guy who hates having things in my pockets.
     
  8. My Spot Not my bald spot. Not your dog, Spot.

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    One of the council members said banning cash is racist. Because of course.
     
  9. woodguyatl Black Belt

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    It's a hassle when 99% of the business is credit or debit. Cashless businesses are also much less likely to be robbed or have employee theft.
     
  10. MikeMcMann Banned Banned

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    Speed.

    The stores of the future will not require any type of till or check out. You will have an app for the store. Walk in and bag or cart your items and just walk out. The store will scan all the items and match it to the scan you did with your App and then charge your on file credit or debit card. Done.

    These moves away from cash are for expedience so they can achieve more sales per hour and get rid of the expense of check outs.
     
  11. PolishHeadlock2 Gold Belt

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    Poor people use cash
     
  12. woodguyatl Black Belt

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    Agreed, I also forgot to add that accepting cash is more expensive because of the actual counting/tracking of cash and the accounting.
     
  13. Arkain2K Si vis pacem, para bellum

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    Can you read?

    Let me clarify that : Are you capable of reading atleast at grade-school level?
     
  14. My Spot Not my bald spot. Not your dog, Spot.

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    Can you?
     
  15. Seano Hands of bone

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    ..."legal tender for ALL debts, public and private."

    Seems pretty simple. You have to accept my cash.
     
  16. method115 Titanium Belt

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    Didn't even realize this was a thing other than for your local drug dealer. I never use cash though. The only time I pulled cash out is for my drug dealer that dick head is still a cash only business.
     
  17. flashNsmash when it rains...

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    lowers the risk of violent armed robbery
     
  18. Strychnine Titanium Belt

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    <WellThere>
     
  19. OverCoronavirus Pressure Mayberry = War Room, WR = OT. Shit. Banned

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    Also, people who don't trust plastic or the internet
     
  20. JudoThrowFiasco Charming Quark Platinum Member

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    To expand upon that, should you also be allowed to pay in all pennies?
     

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