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LEXINGTON, Ky. (WKYT) - When it comes to making purchases, what are the limits businesses can put in place? That’s the topic of today’s Good Question.
Today’s Good Question came from a couple of viewers. Mike and Derrick ask, can a merchant legally refuse to accept cash?
In Kentucky, the answer is yes.
The Federal Reserve says there is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services.
The bills may say “legal tender for all debts, public and private,” but a business doesn’t have to take them.
There are some places like Massachusetts, Rhode Island and New Jersey that have state laws requiring cash be accepted but, again, there is nothing at the federal level.
At the same time, that means places can also say they only accept cash.
If you have a Good Question you’d like us to try to answer, send it to goodquestion@wkyt.com.
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February 01, 2023 at 01:59AM
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Good Question: Can a merchant legally refuse to accept cash? - WKYT
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