4 ms·
That stat won't change much in the US. It's illegal for a store to turn down cash.
by stevehawk 6y ago
That stat won't change much in the US. It's illegal for a store to turn down cash.
- jedberg 6y agoThat's a myth: https://www.federalreserve.gov/faqs/currency_12772.htm https://www.federalreserve.gov/faqs/currency_12772.htm Private companies can refuse cash.
- elliekelly 6y agoThere’s no federal law but it’s not a myth. It varies by jurisdiction. Several states (New Jersey, Rhode Island, and I’m sure others) and cities (NYC and Philadelphia, for example) don’t allow a retail business to refuse cash.
- fsckboy 6y agoif you owe a business money, you can pay the debt in cash.
- ByteJockey 6y agoCorrect, but if you want to buy something, you don't owe them anything yet. However, if you stole the thing and were ordered by the court to pay restitution, they would have to accept cash for that.
- jedberg 6y agoYes, but you don't owe them any money if you want to buy something. From the link: "There is, however, no Federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services"
- fsckboy 6y agobut if you are going to quibble and point out myths and misconceptions, why not just tell the whole story instead of half of it. If you eat in a restaurant, and they tell you "cards only", you owe them money, and your cash is good. "good for all debts, public and private" has a meaning that is not vitiated by a "no cash" policy.