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
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.New York (CNN) 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.Read MoreA 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. Read more: CNN
How regressive can a business community get in the face of innovation! At first I kind of agreed with this. But then I realized that this just means more cash on hand for crooks to rob, which is probably why they decided to not accept cash to begin with. refuses 2 make a decision 2 fly brianstelter into Venezuela & see if he can interview President Maduro. Totally taking their time, not like the NY Times, Nicholas Kristof, landed in Venezuela last year. brian won’t go
Awww..... Gee...... I guess I’ll keep my wad in other cities...... Buh-bye Las Vegas and NYC..... C-ya.....like never Pretty soon when the merchant says your money is no good here, he will mean it in the literal sense 👍 People still carry cash? I wish the DMV in philly would accept cash 🤷🏽♂️🤦🏽♂️ Old school style... Cash is king...
Why can the government force a business to accept or not accept cash? Should be the business's choice.
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This is tricky. Money is legal tender for all debts, so on one hand they really have to accept it. On the other hand, do they have the right to determine how they run their businesses? I feel it boils down to why they're not accepting cash--crime or customer discrimination?
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In New York trial, prosecutors to begin making rape case against Harvey WeinsteinU.S. prosecutors will begin presenting their rape case against Harvey Weinstein ... He is going to get acquitted I think you meant to say, prominent Hillary Clinton ally and longtime personal friend, Harvey Weinstein. I see the gorilla-Man filth is still pretending. Coward.
The New York Times Editorial Board Unconventionally Endorsed Both Elizabeth Warren and Amy KlobucharThe New York Times Editorial Board Endorsed Both Elizabeth Warren and Amy Klobuchar hmmm
The New York Times Editorial Board Unconventionally Endorsed Both Elizabeth Warren and Amy Klobuchar'May the best woman win,' the board writes. 🙄 Shitheads endorsing Shitheads! Seems right to me.😊