The shift toward a cashless economy has been rapid turning a convenience for some into a financial barrier for others. Swipe a card, tap a phone it’s fast but what if you prefer or need to use physical currency?
In the Buckeye State, Ohio lawmakers are addressing this exact issue with a groundbreaking legislative proposal the CASH Act (Currency Access to Spend Here). This bill formally known as House Bill 554 is set to transform grocery store rules and retail policies offering a crucial lifeline to millions of Americans who still rely on cash for everyday transactions.
This comprehensive guide breaks down exactly what the CASH Act means for consumers, businesses and the future of payment choice in Ohio and nationwide.
The Core Mandate Ending the Cashless Creep
The core of the CASH Act is simple but powerful it requires most businesses and government entities in Ohio to accept cash for in person payments. This move directly counters the growing trend of retailers from coffee shops to major chains like Walmart, Target and Costco increasingly limiting or refusing cash at Point of Sale (POS) locations especially self checkouts.
Key Provisions of House Bill 554
- Mandatory Acceptance. A business or government entity provide at least one point of sale (staffed registers or automated systems) that accepts cash payment.
- Transaction Limit. This rule applies to all transactions under $500. For larger purchases businesses are not obligated to accept cash.
- No Cash Surcharges. The bill forbid businesses from charging the higher prices to customers who pay cash compared to using digital card payments. This ensures fairness and price consistency.
- Scope. The law would apply to nearly all retail operations including major grocery chains and retailers. (The only notable exemption is for transactions at airports.)
Expert Insight. According to the Pew Research Center significant 14% of Americans still use cash for almost all or most of their transactions. This data highlights the critical need for legislation like the CASH Act to ensure financial inclusivity and accessibility across the state.
Why the CASH Act Matters to Consumers and the Economy
Representative David Thomas (R-Jefferson) the bill’s fund introduced the legislation after hearing from concerned constituents who faced problems when trying to use physical currency. His sentiment “Cash is more than king it is basis on which our economy moves” underscores the belief that payment choice is fundamental right.
Protecting Underbanked and Financially Vulnerable
- Financial Inclusion. Millions of Americans are unbanked or underbanked relying only on cash. By mandating acceptance the CASH Act ensures these citizens are not excluded from essential services and goods.
- Privacy. Many consumers prefer cash for the privacy it affords avoiding the digital tracking associated with digital/card payments.
- Budgeting. Using physical currency can be a critical tool for consumers who budget strictly and wish to avoid credit card debt or overdraft fees.
The National Movement: Payment Choice is the Priority
The Ohio CASH Act is not an isolated effort. It is part of a growing movement nationwide to protect the right to pay with U.S. legal tender.
It follows in the footsteps of the bipartisan Payment Choice Act introduced in the U.S. Congress by Senators Kevin Cramer (R-ND) and John Fetterman (D-PA). Both the state and federal efforts share the same goal to prevent the forced migration toward a cashless economy by requiring that businesses/retailers accept cash.
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Should the CASH Act become law in the Buckeye State it will set a strong precedent demonstrating that state lawmakers can successfully enforce cash acceptance and protect consumer rights against the pervasive use of cashless automated systems/self-checkouts.
FAQs
What is the official name of the Ohio Cash Law?
The bill is known as CASH Act or the Currency Access to Spend. Its official legislative number is House Bill 554 .
Will this affect online shopping?
No. The CASH Act only applies to in person at retail transactions conducted at a physical location. Online and internet based transactions are explicitly excluded.
What is penalty for business that doesn’t comply?
Violating the requirements of CASH Act would be considered an unfair act or practice under Ohio’s Consumer Sales Practice Law. This would empower the Ohio Attorney General to enforce the law and give injured consumers the right to seek damages.
Call to Action
Do you believe that all businesses should be required to accept physical currency?
Share your thoughts on the Ohio CASH Act (HB 554) and the broader shift toward cashless economy in the comments below!
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