Your Stories Q&A: Can businesses refuse to take cash?

SYRACUSE, N.Y. (WSYR-TV) — You ask, we answer!

Viewer Question : Can businesses/venues legally refuse to accept cash?

Since the pandemic, more businesses, sporting and concert venues are going cashless.

It must be a popular question, because the Federal Reserve addressed the question on its website under the FAQ section:

“ There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise. “

According to the New York Department of State, the state does not have a law that prohibits cashless establishments.

However, Senate Bill 342 is looking to change the law.

It states:

Requires merchants to accept cash as payment for goods and services; permits the superintendent of financial services to provide exemptions based on certain criteria.

Currently, the bill sits in the Consumer Protection Committee. It’s not clear if it has enough support to make its way through the legislature.

According to the Department of State, New York City does have a code on the books that prohibits cashless establishments.

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