WSJ - Your Cash is No Good Here.
https://wsj.com/articles/your-cash-is-no-good-here-literally-11546013696
Your Cash Is No Good Here. Literally.
As more retailers—including Drybar and Sweetgreen—ban paper money, it’s making things awkward for customers without plastic.
Katherine Bindley Dec. 28, 2018 11:14 a.m. ET
Sam Schreiber was mid-shampoo at a Drybar blow-dry salon in Los Angeles when someone from the front desk approached her stylist with an emergency: a woman was trying to pay for her blow-out with cash.
“There was this beat of silence,” says Ms. Schreiber, 33 years old. “She literally brought $40.”
More and more businesses like Drybar don’t want your money—the paper kind at least. It’s making things awkward for those who come ill prepared. After all, you can’t give back a hairdo, an already dressed salad or the two beers you already drank.
The salad chain Sweetgreen has stopped accepting cash in nearly all its locations. Most Dig Inns—which serve locally sourced, healthy fast food—won’t take your bills either. Starbucks went cashless at a Seattle location in January, and at some pubs in the U.K., you can no longer get a pint with pound notes. The practice of not accepting cash has become popular enough to catch the attention of American lawmakers.
Ms. Schreiber was tempted to wait and see how the Drybar employees would handle the situation with the customer, who had no credit or debit card with her; instead, she intervened from the shampoo bowl. “I said, ‘I can just pay for her and she can give me cash or Venmo me,’ ” she says.
A few moments later, one of the employees came back to hand her the $40 and expressed thanks on behalf of the stranger. The staff also offered her a second mimosa, which are free to customers. “I kind of wanted to be, like, I should get a free updo or something,” she says. “I basically was…the bank for them.” Drybar declined to comment.
Despite the popularity of debit- and credit-card transactions, plenty of people do still pay for things with actual money. Cash represented 30% of all transactions and 55% of those under $10, according to a Federal Reserve survey of 2,800 people conducted in October 2017.
Jaclyn Benton, 30, visited a Sweetgreen near her office in Reston, Va., last summer with $20 cash, but no credit or debit card because she had forgotten her wallet at home. When her order was ready and she went to pay, the cashier explained that the restaurant doesn’t take bills.
“It’s almost like when your credit card gets declined for silly reasons,” says Ms. Benton, who works as an event planner. “It makes you feel like you can’t afford it even though I had the money right there.”
Ms. Benton has no plans to go back: “It feels very elitist,” she says.
A Sweetgreen spokeswoman said its decision makes its team members safer amid the risk of robbery and improves the cleanliness and efficiency of the restaurants.
Brooke Linbourne, 51, ended up strolling with a credit-card-bearing stranger in search of a place to break a $20, after an “awkward” encounter at a Dig Inn in Manhattan. She said she slowly became aware while waiting in line to pay that all the other customers were using cards. At the register, the woman behind her in line helped her out.
“We went into one of those stores where they sell Lotto tickets and I got change and I gave her the money,” says Ms. Linbourne, who lives in Hasbrouck Heights, N.J., and works for a construction-management company. “I was so embarrassed.”
A Dig Inn spokeswoman referred to a company blog post about why it has cashless locations. It says it instituted the policy in locations where cash made up 8% or less of its transactions, and says it makes for a faster experience for customers and for employees, who don’t have to count cash or make runs to the bank.
Although U.S. bills feature the words, “This note is legal tender for all debts, public and private,” there’s no federal law that says businesses have to accept cash, according to the Federal Reserve’s website.
Massachusetts is the only state that currently requires retailers to accept cash. Some New Jersey legislators are working to make their state next. New York City Councilman Ritchie Torres of the Bronx recently proposed legislation that would prohibit retailers and restaurants from refusing cash, and city council members in Washington, D.C., and Philadelphia have proposed similar legislation.
“I refuse to patronize businesses that reject cash payments, even though I primarily use debit or credit,” says Councilman Torres. He says not accepting cash is discriminatory against the undocumented, people without bank accounts and credit cards, and those who wish to have their transactions be more private. “It’s a humiliating situation.”
Another demographic that often only has cash? Minors. Connie Young, who lives in Walnut Creek, Calif., says that in February, her 17-year-old son got excited when he learned a book he wanted was in stock at the local Amazon Books.
But her son returned home empty handed. When he told her the store didn’t take cash, she assumed there must have been a power outage and that the register was down, before he explained it was the policy. “I laughed. I was, like, you’re kidding,” says Ms. Young, 57. “I was just stunned.”
The Boot pub in Freston, England, which opened about six months ago, decided to go cashless because it saves employees time and lowers insurance premiums, says its owner, Mike Keen.
Once in a while someone isn’t aware of the policy. In September, a customer drank two pints, asked for his bill and handed over a £10 note, which Mr. Keen explained he couldn’t accept. He says the patron was sitting near a blackboard that read, “First cashless bar in England.”
“He’s extremely embarrassed and patting his pockets to see if he’s suddenly sprouted a card,” says Mr. Keen. “Funnily enough, he hasn’t in the five minutes that we’ve been talking.”
Mr. Keen offered to put the customer’s bill on his own credit card and pocket the cash. “I’m not a bank myself but if it came down to accepting the money or not, then that’s the only way,” he says.
Yassim Alsalman, a rapper and multimedia artist from Canada whose stage name is Narcy, doesn’t bring a credit card while traveling to hold himself to a budget. It worked to his advantage during a visit to New York. He was offered a free smoothie in Brooklyn, followed by a free salad from Sweetgreen later that afternoon. Both establishments handed him the goods after he produced a $20 bill and said he only had cash. “I had a full day of lunch,” he says.
Comments
I think we all know that we are rapidly moving toward a cashless society. This is another trend that is a negative for our hobby.
What will drug dealers and other criminals use in a cashless society?
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Buck Rogers Credits....
Don't quote me on that.
Bitcoin
This note is legal tender for ALL debts public and private.
Which puts the burden on the "cashless" geniuses.
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If they don't take cash, they should have customers pay first, so that a debt that they won't accept cash to settle is not created.
Liberty: Parent of Science & Industry
May the advocates of the cashless society end up as the miserable controlled cretins that they deserve to be..
If I had my way, plastic users would line up behind the store next to the dumpsters and with no heat or A/C.
There would be one register and it would be staffed with the newest trainees.
You're worried about criminals. The aren't the ones with a problem. It's the politicians you can't hide graft on a credit card.
Bob Sr CEO Fieldtechs
Try to buy lottery tickets with credit card or Bitcoin.
End Systemic Elitism - It Takes All Of Us
Venmo, PayPal gift, Google Wallet, etc. All with multiple aliases and accounts... if you work with others and have enough accounts, you might stay below the SAR reporting threshold.
there's no advantage to keeping credit cards under your mattress. The bankers know this.
Keep an open mind, or get financially repressed -Zoltan Pozsar
there's no advantage to keeping credit cards under your mattress. The bankers know this.
Keep an open mind, or get financially repressed -Zoltan Pozsar
My favorite coffee shop doesn’t take cash for purchases. They do ironically have a tip jar
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I live near a small depressed borough. Mostly old school farmers and Amish but even the modern city chicken folk get mad when you want to pay with plastic. Everyone certainly prefers cash were I'm at. Crazy world we live in.
The whole worlds off its rocker, buy Gold™.
Handy place to stuff the cash receipt.
Now let's discuss self service lanes and the moron employees that don't sabotage them.
I draw the line at card only vending machines.
They just lost a sale.
My Saint Set
Safety: No Cash, No Robberies. It is the US. If you are the owner, and want to protect your employees, then you should be able to refuse cash, as long as it is POSTED BEFORE a sale is made. As such, there is no debt, so the business does not need to accept your cash.
For low cash businesses, cash penalty ranges up to 15% with slowness in the lines, storage and counting, and armored car fees.
"If I had my way, plastic users would line up behind the store next to the dumpsters and with no heat or A/C." and the cash line, 1 register, behind 17 people paying with console coffee 1 cent coins stuck and glued.
Don't get in a knot. If you want to pay cash, and some place does not take it, don't go. Simple, life is good, go outside and listen to the birds.
Can merchant refuse to accept cash? I think that's illegal to not accept cash. I like to use credit card.
Great just got my service/product FREE....
From www.treasury.gov (emphasis mine):
"I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?
The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."
This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy."
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Personally I don't think this will have much affect on the rare coin market. For example, we don't read illuminated manuscripts in Latin any more but I can assure you that market is quite strong.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Am I the only one who doesn't know what "city chicken folk" are?
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In my former life I managed a state park system that included "self-pay" stations, aka "iron rangers". The local druggies were so desperate that they would either phish $$ out or chain them up to trucks to yank them out. The only way we could counter them was to go cashless -- electronic pay stations were installed that took plastic only. This not only solved the theft issue, but all the EXPENSE of collecting, counting, and depositing. Not to mention all the handling staff to staff, i.e., SECURITY.
My policy was met with some pushback from staff and public, but it was the only solution, and they had to agree. Change is hard, but expect this trend to continue. Frankly, I only carry $20 cash anymore for special cases but use plastic for just about every life transaction anymore.
I actually like when the waiter can "cash" me out right at the table on an iPad that instantly adds my tip. Plus I get a few bucks or mileage on my card.
Alfred?
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There is no law requiring cash acceptance, at least in my state and doubtful others. "Payment" is required and a merchant can ask for payment in whatever currency/form they want.
I am surprised at normal retail operations that adopt a no cash policy. It discriminates against lower income people who sometimes don't have credit cards.
Thete are a couple bars/restaurants I frequent that ONLY take cash.
I understand that our society is moving towards a cashless society, but to me, cash will always be king !!!
I work in Manhattan and all the salad places around me went cashless in the last year or so. I am twenty years older and forty pounds heavier than the vast majority of their customers. These places aren't exactly catering to construction workers or truck drivers.
Their business model also seeks to de-emphasize the fact that they are charging fifteen -twenty bucks for a salad.
"Look up, old boy, and see what you get." -William Bonney.
I work in Manhattan and all the salad places around me went cashless in the last year or so. I am twenty years older and forty pounds heavier than the vast majority of their customers. These places aren't exactly catering to construction workers or truck drivers.
Their business model also seeks to de-emphasize the fact that they are charging fifteen -twenty bucks for a salad.
"Look up, old boy, and see what you get." -William Bonney.
Bluestone Lane on Ventura Blvd. I’ll buy you a cup next time you visit the kiddos
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I went to a Dunkin Donuts nearby and there was a note at the counter saying they don't accept bills higher than $20. I do see a cashless society coming, most already are using a phone, debit cards and CC's.
Pros and cons to a cards only policy. The fees certainly do drive up prices, but lines move faster when there's no change to count. (And of course many cashiers these days can't count change in any case.)
They’ll barter with the things they stole from your house.
As for plastic being faster. By time I wait for the card reader to recognize the chip, enter my pin, tell it I don’t want cash back, tell it I don’t want to donate to charity, and approve the purchase amount. Cash is just as fast. It’s checks that are slow.
Banning the use of credit cards doesn't hurt the well off but does hurt poor people. If this trend continues you can count on new laws being passed that require merchants to accept cash.
Worry is the interest you pay on a debt you may not owe.
Wasn't long ago that the "war on cash" was just another conspiracy theory. LOL.
No cash means all your money has to be on deposit with a financial institution. What ya gonna do when they move to negative interest rates and charge you to hold it? If the FED wants to increase spending all they gotta do is go negative on interest rates.
It has nothing to do with "criminals use cash" and everything to do with having a tool to control spending (or saving).
Keep an open mind, or get financially repressed -Zoltan Pozsar
OT, but...
I made a purchase last week, paid with cash, and before being given my change was asked by the cashier "Do you want your three pennies?"
A few months ago, my change from a transaction was two cents. After not having my two cents given to me, the cashier acted very surprised when I asked for them.
Almost every CC transaction at a store these days does not require a signature or a pin, only debit cards require a pin. CC 's are very fast.
The only reason I have any cash these days is to pay the mowers and to payment at kiosks in state and national parks. We are headed to cashless, there is no turning back at this point.
Best, SH
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This example is not a good one as it involves a collectible that appeals to only a very small but very wealthy collector base. The coin collecting market base is large and diverse in regard to income.
Oddly, the merchants are trying to go cashless, and the government is trying to force the use of cash.
They should have fun with the cashless system when the power/lines go down...
My YouTube Channel
[sarcasm] Sounds like exquisite timing to crank out a few more billion dollar coins [/sarcasm]
Here's a warning parable for coin collectors...
Just more businesses added to the "Don't go there" list. When a business feels the need to practice an action that makes shopping with them more difficult, actually makes it easier for me. Just say no.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Just wait until gambling can be transacted with debit and other cashless equivalents, then we will have much bigger gambling problems especially among our youth. At least green cash put some limits on it.
I once stood behind a little old lady in line at the supermarket as she rooted through her purse for 5 minutes, found her change purse in the clutter, opened it, and pulled out...her debit card. Way faster than cash...
Whilst I'm unaware of any business that would refuse cash, cash is something rarely seen here in New Zealand. It's all tap and go credit/debit cards and has been that way for years. I essentially never have cash in my wallet or pocket.
Smitten with DBLCs.
Imagine a society that is cashless and where possession of hard assets (like gold and silver) is forbidden. Variations of each of these ideas has already been tried at various times somewhere in the world. (Sweden is virtually cashless now, the US banned possession of gold bullion for a few decades in the 20th century).
Add in the negative interest rates (also a reality in certain countries in the past decade) and we are all slaves to the powers that be.
"Legal tender for all debts, public and private". Can't argue with that.
Happened to me recently. The business did accept cash, but the size of the transactions and the paucity of customers who carry cash cost them the best part of a day's sales.
I find the cashless idea troublesome in a vague way. Perhaps the notion that all my transactions can be tracked by marketeers bothers me, or maybe because it's a privacy thing in general, Helps Big Brother for sure.