News from the Wire

NAC salutes San Francisco's preservation of cash at retail

Friday, May 24, 2019 — 13:09:38 (EDT)

San Francisco's Board of Supervisors has joined other state and local jurisdictions across the U.S. in passing an ordinance this month that will effectively preserve consumer choice to use cash for retail payments throughout the City. The new law, which received unanimous approval by the Board on May 7, requires all SF brick and mortar retailers to accept cash. The Mayor is expected to sign the measure into law by tomorrow.

As written, the law includes few exceptions. Internet businesses as well as temporary and non-stationary retailers, such as food trucks and pop-up stores, can still go cashless. Purchases for more than $5,000 can also require non-cash payments and retailers can refuse to accept bills above $20 in denomination.

For the vast majority of everyday purchases by the City's citizens and visitors, the freedom of choice to pay for goods and services with cash remains an option. Violations of the new law are treated as misdemeanors, carrying monetary fines that increase with multiple incidents.

"It makes perfect sense that San Francisco has joined Philadelphia and the State of N.J. in their recent passage of cashless bans," said Bruce Renard, Executive Director of The National ATM Council, Inc. "The City by the Bay has always been forward thinking and diverse - and a community with a large heart. While the primary stated policy reason for the ban is not to shut out the City's poorest residents from everyday transactions, there is no denying that true innovation arises from the freedom of choice in the marketplace that U.S. currency continues to embody."

In addition to San Francisco's ordinance, a number of other leading U.S. municipalities and states currently have similar initiatives under consideration. NAC remains active in its tracking and lobbying efforts across the various U.S. jurisdictions now weighing laws on this important subject.

For additional information, you may contact NAC Executive Director, Bruce Renard tel. (904) 683-6533 / Bruce@natmc.org .

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Source: Company press release.