Stores tracking purchases, having money on hand for emergencies, and helping the 'unbanked' are all arguments for requiring business to continue to accept cash, some experts argue.
While some businesses try to go cashless, consumer advocates point out why cold hard cash still matters.San Francisco's tech community embraced cashless transactions. So some businesses went from accepting alternatives to cash to rejecting cash payments altogether. The San Francisco Board of Supervisors intervened, passing an ordinance requiring businesses accept cash.
"I always say 'cash is king,'" says former San Francisco Supervisor Vallie Brown. "If you have cash, you should be able to go wherever you want.", would require brick-and-mortar businesses accept payments made in dollars and cents. "I think that right now, this topic of cashless businesses and the use of cash is really very interesting to people," saysThe FDIC says a quarter of U.S. households are part of a vulnerable population that is unbanked or underbanked. For millions, that means they have no way to paycash. Even many who can't imagine being part of a vulnerable population can land in that category. When Hurricane Ian hit Florida, many ATMs were swamped, broadband went out and cash was suddenly king.
Dr. Scarlett Heinbuch is a payment risk expert with the Atlanta Federal Reserve Bank. She says, "In times of crisis, such as in a war or hurricane, or whether it's man-made or natural disaster, the 'go-to' for people is cash."The Federal Reserve doesn't comment on pending legislation and so the Fed does not take a stand," she tells 7 On Your Side.
The smooth and equitable running of the economy. For many, that choice is privacy, which often means cash."One that doesn't get as much attention as privacy," Consumer Action's Linda Sherry tells 7 On Your Side.
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