Starting March 21, stores in New York will be mandated to accept cash payments from customers, according to a new law announced by the state Attorney General’s Office. This law applies to all grocery and retail stores, including bars and restaurants, and prohibits the charging of additional fees for cash transactions. Attorney General Letitia James emphasized that all New Yorkers should have access to essential goods, regardless of their payment method.
While some businesses, like Bayport Flower House, already accept cash and will see no change, the law aims to address concerns about equity and accessibility for unbanked individuals. Notably, stores are not required to accept cash bills of $20 or more and must allow cash payments only for in-person transactions. They can exchange cash for prepaid cards but cannot charge fees or require customers to load more than $1 onto those cards.
The legislation also addresses potential difficulties due to a nationwide penny shortage, which might complicate cash transactions by creating rounding issues. Customers can report businesses that refuse to comply with the law, with penalties for violations escalating up to $1,500 for repeat offenses.
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