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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. Priv
by wiederholen 4y ago
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.
- selectodude 4y agoI know that. However you must accept cash to settle a debt. It's literally printed on every bill.
- saghm 4y agoTo be fair, writing on currency doesn't necessarily have to be legally binding. The bills also say "in god we trust", and yet I'm free to not trust in god and there are no legal consequences.
- nradov 4y agoYou're missing the point. Under US federal law, if I owe you a $100 debt and I hand you $100 in cash paper money then I have settled the debt. You cannot then sue me, demanding to be paid via Visa or PayPal or whatever. But this applies to debts only, not purchases.
- saghm 4y agoI think you're missing my point! I'm not saying that the law doesn't actually require this; I'm just saying that there's nothing in general saying that something printed on every bill has to be true. In this case, it happens to be, but saying that it's printed on the bill isn't what proves it.
- nradov 4y agoNonsense. What's printed on the bill absolutely proves it. What kind of fantasy world are you living in?
- selectodude 4y agoEh, "This note is legal tender for all debts, public and private" doesn't leave a lot of room for nuance.
- saghm 4y agoMy point is that the writing on the bill isn't what actually makes the law enforceable. If Congress passed a law that required the mints to print the words "this is a flamingo" on every dollar bill, it wouldn't make it true. The fact that cash is required to be accepted is because of the law passed, not because the magic words on the bill say so.
- HWR_14 4y agoThe writing on currency doesn't have to be. In this case it is. Or rather, the federal laws that back up that particular writing are. In the US at least.
- plumeria 4y agoWhy couldn't someone use a prepaid card instead of cash?
- forgotmypw17 4y agoFor one thing, they cost extra to buy and use, sometimes more than the person may have in cash to begin with.