4 ms·
https://www.federalreserve.gov/faqs/currency_12772.htm https://www.federalreserve.gov/faqs/currency_12772.htm > Section 31 U.S.C. 5103, entitled "Legal tender,
by NegativeK 4y ago
https://www.federalreserve.gov/faqs/currency_12772.htm https://www.federalreserve.gov/faqs/currency_12772.htm
> 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.
That taco shop that doesn't want to deal with cash isn't a creditor.
- maxwell 4y agoTrue, but that taco shop m̶u̶s̶t̶ may have to accept cash if they want to operate in Arizona, Colorado, Connecticut, Delaware, D.C., Idaho, Maine, Massachusetts, Michigan, New Jersey, New York, North Dakota, Oklahoma, Pennsylvania, Rhode Island, or Tennessee. Or Berkeley, Chicago, or San Francisco. And everywhere else in the U.S. if the Payment Choice Act passes. https://www.cashmatters.org/blog/america-legislates-for-cash https://www.cashmatters.org/blog/america-legislates-for-cash https://www.congress.gov/bill/117th-congress/house-bill/4395 https://www.congress.gov/bill/117th-congress/house-bill/4395 Edit: Those jurisdictions have "pro-cash legislation" according to the ATM Industry Association Stateside Monitoring Service, but the source appears paywalled: https://www.atmia.com/advocacy/regulatory-monitoring https://www.atmia.com/advocacy/regulatory-monitoring
- alexb_ 4y agoAre you positive about Michigan? My most recent interaction with a cashless store was during a trip to Detroit, where a convenience store attached to a very large bank building made a very public point about not accepting cash. To include a large banner at the entrance of the store remarking about them being proudly cash free.
- maxwell 4y agoThanks for pushing back, yeah I'm not able to confirm that list, edited my comment.
- silisili 4y agoI'd 'unofficially' add NM to the list. While perhaps not a law, not accepting cash here would be an instant business death sentence. -Everyone- runs on cash.
- wintermutestwin 4y ago>San Francisco Went to a concert in SF at the Independent last month and the bartenders wouldn't take cash. You're saying they were breaking the law?
- LittlePeter 4y agoHmm what would happen if I sit down, eat some Taco's and when it is time to pay, I claim I have cash only? Aren't they a creditor in that case?
- antifa 4y agoIf I have the $5 in cash for the bill and no credit card, what are they really going to do about it? Call the cops? Let me go without paying?