Transactions taking place completely online, by phone or mail are excluded from the cashless ban.
“No longer in #NYC will brick-and-mortar businesses have the right to refuse cash & effectively discriminate against customers who lack access to credit and debit,” New York City Councilman Ritchie Torres, who introduced the bill, said in a tweet.
“This note is legal tender for all debts, public and private,” Torres said in a press conference. “These words reinforce our intuitive sense that cash is a universal currency and therefore ought to command universal acceptance here in New York City.”
— Ritchie Torres (@RitchieTorres) January 23, 2020
“Whatever your reasons, consumers should have the power to choose their preferred method of payment,” he added.
“Restaurants that do not accept cash can pose a lot of challenges to low-income people, and communities of color that may have difficulty accessing traditional banking options and access to credit cards,” Torres said, the New York Post reported at the time. “This is a matter of equity and economic justice.”
“Nationwide, millions of Americans live on the economic margins,” the study noted, citing a 2014 FDIC study. “Nearly 10 million US households (7.7 percent) are unbanked, meaning they do not have a checking or savings account.”
Businesses have a nine-month grace period before the law takes effect.
The legislation was approved with a vote of 43-3, with Staten Island Republicans Steve Matteo and Joe Borelli, and Brooklyn Democrat Kalman Yeger, voting against.
Businesses found to be in violation of the cashless ban face fines of up to $1,000 for the first infraction and up to $1,500 for each subsequent one.
This article is from the Internet:New York Shops Must Accept Cash, City Council Rules