CHARLOTTE, N.C. — Do you still carry around cash? Several businesses in Charlotte now only accept debit or credit. A Verify viewer wanted to know if federal law requires businesses to take cash.
You have seen the signs on gas station pumps and even checkout lines saying, "Credit or debit only." That prompted Dan S. to write into Verify. He noticed some establishments in Charlotte are card-only and refuse to take cash for purchases. He heard a rumor about a federal law requiring all businesses to take U.S. currency for purchases. Is this true?
No, there is no federal law that requires all businesses to take U.S. currency for purchases.
WHAT WE FOUND:
"There is no law at the federal level that says that you have to accept cash in addition to credit cards," Mauney explained.
The Federal Reserve states:
"Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that states otherwise."
"It is legal tender. It is acceptable payment but a business does not have to accept cash. They can take another form of payment," Mauney said.
Several states have laws that require businesses to accept cash, but right now, North Carolina is not one of them.
However, some in the North Carolina Assembly are looking to pass a bill that would require businesses to accept cash. That bill passed the House and is now in the Senate.
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