New York Bans Cashless Stores and Restaurants

Cash will remain king in Big Apple stores and restaurants.

The New York City Council voted Thursday to prohibit businesses from only accepting credit card, debit or digital payments. There were concerns from elected officials that such stores and eateries discriminated against poorer customers who don’t have access to bank accounts, according to city councilman Ritchie Torres, who drafted the bill.

“Whatever your reasons, consumers should have the power to choose their preferred method of payment,” he said at a news conference before the vote.

The bill, which will take effect 90 days after it is signed, makes it illegal for any store to refuse a cash payment from a customer, but there are a few exceptions. Stores can refuse to take denominations larger than $20, and they would be exempt from the ban if they have a machine on site that can load cash onto a prepaid card.

Online and phone purchases would also be exempt from the law, which fines first time violators $1,000.

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SOURCE: ABC News, Ivan Pereira