NYC is doing away with cashless restaurants.
New York City Council voted on a Bill that
- Prohibits food and retail establishments from refusing to accept cash payments from consumers and;
- Prevent establishments from charging cash paying consumers higher prices for cash purchases.
Opponents of the cashless business model say that not accepting cash is discriminatory against New Yorkers who do not have credit cards or bank accounts. The Department of Consumer Affairs reported in October that nearly 11.2% of New Yorkers have no bank account, and roughly 22% of city residents used alternative banking services, such as check-cashing stores.
Those in favor, believe the cashless model is more efficient and eliminates the risk of theft.
No matter where you stand, Mayor De Blasio is expected to sign the bill, which is expected to go into effect by the end of the year. Once effective, businesses that refuse cash will be fined $1000 for the first violation and $1500 after that.