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> Businesses that still want cashless transactions can provide a machine that exchanges cash for a gift card, but must accept cash if the machine breaks down, a

> Businesses that still want cashless transactions can provide a machine that exchanges cash for a gift card, but must accept cash if the machine breaks down, according to the new law. This would be a huge issue to me. I will admit that I don't live in NYC, but if I was to travel there on business and a random restaurant made me trade in $20 for a gift card to pay for a $8 meal in a place that I will probably never go back to, that's $12 out of my pocket that I paid in "cash is inconvenient" tax to that restaurant. Even worse, if I go to a store all the time (e.g. it's the only grocery store within walking distance and I don't have a car) but I'm underbanked, then I have to continually keep money in their "bank". > "Your total comes out to $20 but you only have $8 in store-bucks! Don't have exactly $12 in cash? That's a shame. I guess you'll have to come back to spend the rest!" Later you find out that the gift cards expire. Oops.

seibelj 7y ago
That decision is up to the restaurant. They could also just accept cash, if people like you stop frequenting their businesses.
- ken 7y ago
  Are they required to tell you? I've been to more than one restaurant that said "sorry, we don't take cash" when there was no signage to inform me of this fact.
jon889 7y ago
Can't you just use card?
diebeforei485 7y ago
In NYC you could walk into a CVS or DuaneReade and use cash to purchase a prepaid Visa card that works anywhere Visa cards are accepted.
- codazoda 7y ago
  Where I live these cards are expensive. For example, I considered buying one for a $60 a year service. The card itself costs just $1, but there is a $6.95 per month fee. So it costs me $7.95, minimum, to use one of these (13%). There are also fees for reloading the cards without EFT. If you keep the card all year it costs $83.40.
  - abalos 7y ago
    This legislation should really be about making this process free and easy rather than punishing stores for being lean.
- jedimastert 7y ago
  Those cards are basically debit cards with incredibly shitty rates. Using them as such would be far far worse for your economic health than just keeping the cash
  - Moowiguy 7y ago
    yes I agree. How about an app that allows businesses to become ATMs where you not only withdraw cash but also reload an E-wallet which in turn would allow you to buy things online without a bank account?
drfuchs 7y ago
Some states have laws that say cards must not expire or have fees, and they must be redeemable for cash. Unfortunately, New York does not seem to be among them: https://www.ncsl.org/research/financial-services-and-commerce/gift-cards-and-certificates-statutes-and-legis.aspx https://www.ncsl.org/research/financial-services-and-commerc...

seibelj 7y ago

That decision is up to the restaurant. They could also just accept cash, if people like you stop frequenting their businesses.

ken 7y ago
Are they required to tell you? I've been to more than one restaurant that said "sorry, we don't take cash" when there was no signage to inform me of this fact.

jon889 7y ago

Can't you just use card?

diebeforei485 7y ago

In NYC you could walk into a CVS or DuaneReade and use cash to purchase a prepaid Visa card that works anywhere Visa cards are accepted.

codazoda 7y ago
Where I live these cards are expensive. For example, I considered buying one for a $60 a year service. The card itself costs just $1, but there is a $6.95 per month fee. So it costs me $7.95, minimum, to use one of these (13%). There are also fees for reloading the cards without EFT. If you keep the card all year it costs $83.40.
- abalos 7y ago
  This legislation should really be about making this process free and easy rather than punishing stores for being lean.
jedimastert 7y ago
Those cards are basically debit cards with incredibly shitty rates. Using them as such would be far far worse for your economic health than just keeping the cash
- Moowiguy 7y ago
  yes I agree. How about an app that allows businesses to become ATMs where you not only withdraw cash but also reload an E-wallet which in turn would allow you to buy things online without a bank account?

drfuchs 7y ago

Some states have laws that say cards must not expire or have fees, and they must be redeemable for cash. Unfortunately, New York does not seem to be among them: https://www.ncsl.org/research/financial-services-and-commerce/gift-cards-and-certificates-statutes-and-legis.aspx https://www.ncsl.org/research/financial-services-and-commerc...