Retailers Rejecting Customers’ Cash As More Ban Paper Money

“Your cash is not wanted here”, a growing number of retailers and restaurants throughout the US and UK are telling customers. But are reasons being given by companies for the new “cashless” approach — speed, efficiency, and the safety of store employees — valid enough to require something as utterly and downright unAmerican as rejecting cash?

We think not, and unfortunately the trend of “cash not welcome here” establishments is growing, to the point that lawmakers are beginning to take note and could introduce legislation barring the practice, as Massachusetts has done already, and as the New Jersey State House could be set to do next. According to a Federal Reserve survey conducted in 2017 cited in The Wall Street Journal, cash represented 30% of all transactions in America, with 55% of those being under $10.

Regardless of Americans’ longtime preference for plastic in most transactions, many of which take place online, research by the Federal Reserve found that cash is still king in terms of Americans’ daily lives and usage, and as the study concluded further, this remains true across all income levels

But this reality is now pushing up against the new trend of the cashless restaurant, bar and retailer, and creating awkward and frustrating situations for consumers, as a new Wall Street Journal piece chronicles. In one scenario, a customer had to intervene on another’s behalf and play personal bank for a “card only” salon, even though there was plenty of cash on hand offered by the woman who couldn’t pay. Ironically, as the WSJ story notes, this created an “emergency”:…

https://www.zerohedge.com/news/2018-12-29/your-cash-not-welcome-more-retailers-banning-paper-money

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