Stores statewide now required to accept cash payments or face fine
Newsday • • business
Key Points:
- Starting March 21, all food stores and retail establishments in New York State are required by law to accept cash payments and cannot charge extra fees for cash transactions.
- The law covers bars and restaurants and aims to ensure equitable access for unbanked individuals, with exceptions including refusal of bills over $20 and only applying to in-person transactions.
- Businesses can offer to convert cash into prepaid cards without charging fees or requiring a minimum load amount, promoting alternative payment methods while maintaining cash acceptance.
- While many retailers already accept cash and consider it cost-effective, some express concerns about security risks and complications due to national penny shortages affecting exact change transactions.
- The legislation aligns with similar rules in New York City since 2020 and reflects
