Has anyone tried to pay with their hand at a Whole Foods? 🖐️ What was it like? Paying with your palm kinda seems like something a psychic would enjoy. 🔮 Now, if only they could predict those winning lottery numbers.
Businesses across the country have been going cashless over the years. However, a new bill in Ohio could force Buckeye State businesses to accept those dollars and cents. 💸
Here’s Five Fast Facts on OH Senate Bill 30:
- 💰 Bill Me - Senate Bill 30 aims to ban cashless businesses in Ohio and was proposed by Senators Louis Blessing III (R-Colerain Township) and Catherine Ingram (D-Cincinnati). If the bill goes through, businesses would have to accept physical money during any in-person retail transaction.
- ⚖️ Law of the Land - Right now, there’s no federal law requiring U.S. businesses to accept cash. In other words, unless there’s a state or local law in place stating otherwise, businesses can choose to reject cash and accept only card or digital payments.
- 🤔 Yay or Nay - Supporters of the bill say that cashless businesses hurt low-income and undocumented people who don’t have access to banking services. According to data from the FDIC, 4.2% of Ohio households did not use banking services as of 2023. Those opposed to the bill say that it’s unnecessary government oversight on Ohio businesses and payment issues should be kept between a business and its customers.
- 💵 Runaround Sue - If it goes through, Senate Bill 30 would also allow the Ohio attorney general to sue businesses that reject cash payments for damages between $5,000 to $25,000. Impacted customers could also sue for the amount of their transaction, plus up to $5,000.
- 💳 The Fine Print - The bill does make some exceptions and allows certain businesses to deny cash payments. This includes certain airport vendors, parking facilities, rental car companies, and entertainment venues.
🔥Bottom line: Sometimes, cold hard cash is the way to go. If we can still get our hands on it, we should be able to use it to pay for the things we need. Plus, we’re not quite ready to cut down our money tree. Could you survive a “No Buy 2025”? Head here to find out why some Americans are jumping on this edgy finance trend!
Got thoughts on this newly proposed bill?
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