Tell us something we don’t know.

[ultrarunner]

I asked my accountant how he managed way back when, you know, the guys about 70. He brought out an old slide rule and ledger, an IBM handbook, excel tutorial. Those were the days. Big screen and software manages a lot of what he does now. I'm not very good with a slide rule. Good luck asking me to make change with one.

I work 3.5 years as cashbox cashier in high cafeteria lunch line...

Being able to add quick and make change plus needing eyes on the back of my head vision to catch those trying to beat the cashier...

Some off those 5 finger discount guys went into pro sports and even the Oakland Warriors...

 

[bcp]

"Legal Tender for All Debts, Public and Private"

If they won't accept or sell for cash, there is no debt to pay.

Bruce

 

[ultrarunner]

"Legal Tender for All Debts, Public and Private"

If they won't accept or sell for cash, there is no debt to pay.

Bruce

I buy that...

 

[Grumpycat]

Yet there is this

Is it legal for a business in the United States to refuse cash as a form of payment?​

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. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.

Section 31 U.S.C. 5103, entitled "Legal tender," states: "United States coins and currency [including Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks] are legal tender for all debts, public charges, taxes, and dues." This statute means that all U.S. money as identified above is a valid and legal offer of payment for debts when tendered to a creditor.


I think the relevant term is DEBT. It must be accepted as payment for a debt but anyone can refuse a SALE for cash since no DEBT exists at that point.
In my cast don't take cash I buy somewhere else out of principal. I prefer cash to card as payment to me since it means an extra ~3% of income.

You are quoting Snopes, a known source of misinformation.

How about, https://www.govinfo.gov/content/pkg...itle31-subtitleIV-chap51-subchapI-sec5103.pdf

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

So once again, what does the above exempt?

edit: restored missing space in quote

 

[ultrarunner]

Private business refuses cash all the time even if they only refuses larger $50 and $100 bills.

When I checked I learned private business has that right.

In the example with the parks it's the government refusing cash...

 

[Grumpycat]

I've actually taken to charging my customers an additional 3% surcharge to use a credit card. Mind you, the things I'm selling range $5k - $60k each and individual transactions can be for multiple units, so 3% can be an appreciable amount for me to lose to credit card processing.

That was not legal all that many years ago, but is now.

Time once was that if one accepted credit cards one could not surcharge for the use. Then businesses (such as gas stations) found workarounds by advertising "Cash" and "Credit" pricing without explicitly listing a surcharge for credit card. After all, "Credit" is not necessarily a credit card.

 

[MoKelly]

You are quoting Snopes, a known source of misinformation.

How about, https://www.govinfo.gov/content/pkg...itle31-subtitleIV-chap51-subchapI-sec5103.pdf

United States coins and currency (includingFederal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

So once again, what does the above exempt?

This is from the Federal Reserve.

Why shouldn’t private businesses be allowed to accept any payment means they want? If folks don’t agree there are always other places to go.

Now - national parks owned by the Federal government - that’s a different argument.

 

[Grumpycat]

"Legal Tender for All Debts, Public and Private"

If they won't accept or sell for cash, there is no debt to pay.

There would be if one is trying to get out of a parking garage.

 

[ultrarunner]

When I worked at the supply house we got in trouble for adding 2.5% fee for credit cards and 3% for American Express.

The work around was we could discount for cash and not run afoul of our merchant agreement with the card providers...

 

[Grumpycat]

View attachment 859075

This is from the Federal Reserve.

Why shouldn’t private businesses be allowed to accept any payment means they want? If folks don’t agree there are always other places to go.

Now - national parks owned by the Federal government - that’s a different argument.

Not after the fact of the debt being incurred. Especially when the stated amount due is in US Dollars.

Let say I decide not to let you out of my parking garage unless you pay in Bitcoin? Failure to pay you must leave your vehicle and incur storage fees until you do pay.

You can refuse to do the transaction in the first place.

Or you can be explicit as to the forms of payment accepted, up front.