SYRACUSE, N.Y. (NCC NEWS) — Take a look at your wallet. Chances are you have a few bills in there — maybe a five, maybe even a 10 — but how long have they been sitting unused next to your cards?
Anthony Martinelli, a student at Syracuse University, said he isn’t afraid to admit he carries a lot of cash in his wallet – usually $100-$200. But does he use it?
“Almost not at all. Most places here are cashless, so I feel like… not really at all,” Martinelli said.
But for many people, that rarely-used cash could soon become a bit more important. As businesses continue to go cashless, some consumers without access to credit or debit cards are being priced out of essentials like food and clothing.
As a result, New York state is pushing back with a law requiring many businesses to accept cash.
As of March 21, all retail and food stores in the state must accept cash payments. The law aims to ensure all consumers can make basic purchases, regardless of whether they have a credit or debit card.
Stores that violate the new law could face fines up to $1,000 for the first offense, and up to $1,500 for subsequent violations.
The law includes a few exceptions. Businesses can remain cashless only if they provide an on-site, no-fee machine that converts cash to a prepaid card. They can also deny bill denominations greater than $20, as providing exact change for larger cash payments can be difficult for some small businesses.
The law was passed just over a week and a half ago, but some business owners have yet to see any sort of change in the frequency of cash payments.
Owen Lewis, co-owner of Green Planet Grocery in Syracuse, said he hasn’t seen an increase in cash payments, and he didn’t even know about the new law.
“I definitely have not heard about that as a law,” said Lewis. “We’ve always just taken cash. We’ve always had a lot of credit transactions… we haven’t really noticed a huge difference.”
While Green Planet Grocery accepted cash payments to begin with, the new law does still technically affect them, as they now have the right to refuse any bill greater than a 20.
“When a new rule like that starts, we usually get a letter about it, or find out because we violated it,” said Lewis.
While some businesses, like Green Planet Grocery, haven’t yet seen a change in cash payments, the new law is a reminder that cash still matters, especially for those without access to cards.
As New York state begins enforcing the rules, consumers and businesses will see how it affects everyday transactions and how cash becomes a regular part of payments once again.