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In 2020, a “cashless ban” will begin to operate in New York: what does it mean



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In 2020, in New York, the rules for calculating goods and services in stores will change. Under new legislation, businesses will be required to accept cash payments from customers. This publication writes Daily News.

Фото: Depositphotos

Legislation that will ensure such changes should be adopted by the Council this Thursday, January 23, 2020.

About the bill

The bill by Council Member Richie Torres (D-Bronx) will require all businesses selling any goods and products to accept cash from customers. Otherwise, businessmen risk paying a fine of up to $ 1500.

The “cashless ban,” which is expected to take effect in about nine months, also prevents stores from charging customers higher prices for cash payments. “There will no longer be businesses in New York that have the power to ditch cash and effectively discriminate against customers who do not have access to credit and debit payments,” Torres said. "New York City cannot afford to leave the digital economy behind the 25% of New Yorkers who do not use banking services or use them to the full."

In what cases are shops allowed to refuse cash payments

At the same time, the source notes, stores will still be able to refuse bills above $ 20. They may also refuse to accept cash payments for transactions made online, by phone or mail.

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Food and retail stores are allowed to refuse cash if there is a device in their premises that can convert accounts into prepaid cards. But this rule is valid provided that they do not charge a commission, do not require a minimum deposit of more than $ 1, or have a limit on permitted transactions. Money on these cards should also never run out, and in the event of a device malfunction, the store must accept cash.

What do the authorities think about the "cashless ban"

The mayor’s administration, Bill de Blasio, expressed support for a “cash-free ban” during a hearing on an earlier version of the bill in February 2019.

Since then, legislation has been amended to allow stores to abandon larger accounts. The reason for this was the concern of some enterprises that their employees might be at risk.

Casey Adams, then an employee of the Department of Consumer Affairs, said during the hearing that, according to the restaurant owner, "accepting cash will cause him to raise prices by at least 10%." But the administration still supported the essence of the bill. “We believe the business should accept cash,” Adams said during the hearing. "They should not send messages to New Yorkers without access to banking services that they cannot access goods or services from these businesses."

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