Business "no cash accepted" - Legal?

DrLeftover

"I'm different. Let this not upset you" Paracelsus
Joined
Jul 4, 2016
Messages
10,522
Location
Illinois
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So the question is, why don't the statements on each piece of currency and the various federal laws backing that up mean that a restaurant, shop or airline has to accept paper money?

When does a Coke become a debt?

The answer might surprise you.

Stores don't have to accept paper money. Despite the greenback's apparent claim, the right for a store to refuse cash is supported both by the U.S. Treasury and the Federal Reserve.

There are two reasons that a business can reject cash even if it is "legal tender for all debts public and private."

First, this statement means that the only circumstance when someone must accept the bill is when a person owes the business a debt. If no debt has been incurred, a person or business is not legally required to take U.S. currency.

Let us say it is very late at night and you need gasoline for your car. Many gas stations in the U.S. do not take large bills late at night to prevent robberies and theft. If the gas station requires customers to pay for gas before pumping it into their car, they have the legal right to refuse US$50 and $100 bills. They do not have to accept large bills because until the customer has put gas into the car, the customer does not owe the station owner anything. However, if the customer is allowed to pump gasoline into the car first and then pay, the owner must accept all types of U.S. bills because the customer has a debt to pay.
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More:
http://www.upi.com/Top_News/Opinion...e-your-dollars/4021470407394/?spt=hs&or=tn_an



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DaveM

The funny thing is our side it is just so much safer not to carry cash on you because of the chance of being robbed are great. So I would normally not have much more than around $20 on my person at any one time and pay for everything else with a card.
 

Snog

Well-Known Member
Joined
Jun 27, 2016
Messages
1,664
Years ago, when ATM cards started being labeled as Visa, MasterCard, etc. I said soon cash won't be used at all.

We're very close to that now and a majority of our business is done with ATM or credit cards. Cash is almost a thing of the past.
 
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DaveM

The other factor you now able to do so much with online banking it is just that much easer to go that route for most of your known expenses.
 
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