DAVIS BANCORP

H.R.4128 - 118th Congress (2023-2024) Introduced in House (06/14/2023) Payment Choice Act of 2023 The Payment Choice Act of 2023 requires retail businesses to accept cash as a form of payment for on-site sales of $500 or less, and it prohibits them from charging cash-paying customers a higher price compared to customers not paying with cash. Businesses covered by this bill are those engaged in the business of selling or offering goods or services at retail to the public that accept in-person payments at a physical location. The bill provides for enforcement through preventative relief, damages, and civil penalties. Mandate: To raise awareness and assist in the promotion of legislation (Payment Choice Act of 2023) in order to preserve the right to use cash to purchase basic needs. It is important that both the public and political representatives understand the dangers and inequities of the growing trend towards digital-only payments. While convenient for some, it is harmful to others for reasons of fairness, resilience, privacy and safety. Cash does not incur transaction fees, interest or overdraft fees. People who can pay digitally still want the right to choose whether to use cash. A recent survey by the Federal Reserve Bank showed that over 90% of US consumers plan to use cash to make imminent payments - or to store it to meet their future needs. Cash is legal tender. 5.9+ million Americans who are unbanked and underbanked rely on cash to pay for necessities. Digital payments are generally not an option for those who live paycheck-to-paycheck. The need and desire to use cash spans the entire age spectrum of our society. Retirees often cash and live off their social security checks throughout the month. And, nearly 70% of Gen-Zers use cash more than they did 12 months ago, according to a 2024 Credit Karma online survey, mostly as a way to better budget their living expenses. Many consumers have concerns about the privacy of digital payments, particularly with respect to data collection, fraud and identity theft. Cash is needed for resilience. When the power grid collapses as a result of natural disasters, cyber-attacks, or software glitches, cash is the only way to pay for food, water, medicine and other needs until it is restored.

1) Raise awareness of the importance of securing cash as a means of payment, with a focus on fairness, resilience, and safety. 2) Promote the passage of bipartisan legislation (H.R.4128 Payment Choice Act of 2023) that secures the right to purchase basic goods and services using the legal tender of the United States Government - cash. The H.R.4128 Payment Choice Act of 2023 will require businesses selling or offering goods or services to the public to accept cash as a form of payment for on-site sales of $500 or less, and it prohibits them from charging cash-paying customers a higher price compared to customers not paying with cash.

1) Raise awareness of the importance of securing cash as a means of payment, with a focus on fairness, resilience, and safety. 2) Promote the passage of bi-partisan legislation (H.R.4128 Payment Choice Act of 2023) that secures the right to purchase basic goods and services using the legal tender of the United States Government - cash.