Just as many retailers refuse to accept cheques or £50 notes, there is nothing to stop them from not taking cash at all. Legal tender is a concept based on paying a debt. It does not prevent a shop from rejecting a payment in cash.
Similarly, it is asked, are you legally required to accept cash?
Basically, the government says that U.S. currency is accepted as legal tender. Cash is a legal tender for all public and private debts. The law does not say you can't restrict customers from paying with cash. According to the federal government, you are not required to accept cash payments.
Subsequently, question is, is it legal to refuse cash in California? A business can refuse to accept currency as payment for goods and services, even though the currency states that it is legal tender for all public and private debts. A business can provide customers with a discounted price for paying with cash.
Similarly, can a shop refuse to accept cash?
In other words, it's a requirement to allow cash payments to pay for a debt, but shops are free to refuse cash as a tender when a customer wants to purchase a product.
Can businesses refuse to accept 100 bills?
For the seller: NO (in the US). The transaction is in the nature of an exchange; there is no debt. Seller can specify form of payment and refuse any denomination, whether “legal tender,” or not. Obviously the bus driver can‘t fuss with making change on a $20 bill, and the vending machine can‘t handle a $100 bill.
Can a cashier refuse pennies?
So, the ultimate answer is that they can and will refuse your payment in pennies for reasons of convenience. Pennies take ages to count, even for the machines the banks have or the CoinStars many grocers have in their entry (which the cashier would likely direct you to).
Is it illegal to not accept pennies?
While federal law states that coins are legal tender, it does not compel anyone to accept them. If a business doesn't want to take pennies — or a $100 bill, for that matter — it has a legal right to refuse them.
How much of a dollar bill is legal?
If 51% of a bill is still clearly present, then venues in America should accept it as legal tender. You can also trade “mutilated” currency in for new bills by contacting the Bureau of Engraving and Printing, even if less than 50% of the bill remains.
How do you decline money?
Thank you for offering but sorry I am not doing this for money.” You should thank them for the offering and say sorry for not being able to accept it. If someone wants to do something for you as a thank you, and you really don't want to accept the money, there are a few options.
How much cash can I accept from a customer?
Accepting cash worth Rs 2 lakh or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion will lead to violation of cash transaction law. Receiving or repaying Rs 20,000 or more in cash for transfer of immovable property can invite tax trouble or penalty.
Can you tape money?
If it's ripped into two pieces, tape them back together and take the bill to a bank, where they will make sure the serial numbers on both sides of the note match and give you a new one. As long as three-quarters of a bill are intact, you can exchange it for a whole bill.
Can a bank refuse to make change?
There is no law that requires banks to make change. In fact, laws to guard against money laundering prohibit banks from making change for any old amount. You don't indicate whether you actually have an account with any bank or credit union.
What happens if a debt collector refuses payment?
Some people believe that collectors and creditors cannot legally refuse your payment or payment offer. Others believe that as soon as collectors and creditors refuse your “tender of payment” they forfeit the right to collect on the account and the debt is discharged.
Can shops refuse 50 notes?
The quick answer is yes, they can refuse to accept the notes. And not that are not legal tender, but the definition of the term can be interpreted differently. ‘It means that if you are in debt to someone then you can‘t be sued for non-payment if you offer full payment of your debts in legal tender.”
Do you legally have to accept cash?
No federal law requires businesses to accept cash. You only need to accept cash when someone owes a debt. If the customer pays before you provide the product or service, you don't have to accept cash.
Why do some shops only accept cash?
Cash is far less of an inconvenience than credit cards. Cards can be declined, funds take several days to be posted to the restaurant's bank account, and, most importantly, credit card companies charge the restaurant a fee (usually two to four percent) every time a transaction goes through.
Do shops have to accept cash?
While cash and coins are legal tender for all debts, there is no federal law that requires businesses to accept them in exchange for goods and services, according to the Federal Reserve's website. Lawmakers supporting a cashless ban say the practice is unfair to people who don't have a bank account or credit card.
Can shops refuse cash UK?
Yes. A shop is under no obligation to sell you anything, nor to sell it to you at the price on the label. Specific advertising of goods at certain prices may be more legally binding. However, if you owe a sum of money, then the creditor may not refuse accepting legal tender in repayment of that debt.
Do supermarkets accept 50 pound notes?
In addition, shops are not obliged to accept legal tender. If you hand over a £50 note to pay for a banana in your local grocery store, the staff are within their rights to choose not to accept it. ‘Likewise for all other banknotes – it's a matter of discretion. ‘
Can you refuse to accept legal tender?
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. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law which says otherwise.
What is legal tender UK?
What's classed as legal tender varies throughout the UK. In England and Wales, it's Royal Mint coins and Bank of England notes. For example, 1p and 2p coins only count as legal tender for any amount up to 20p. Many common and safe payment methods such as cheques, debit cards and contactless aren't legal tender.
What is the difference between legal tender and legal currency?
Legal tender is any currency declared legal by a government. Many governments issue a fiat currency and then make it legal tender by setting it as the standard for repaying debt. Dollars are now backed by the U.S. government itself. As legal tender, the dollar is accepted for both public and private debts.
Can stores refuse to accept large bills?
The fast food chain said it's against company policy to accept bills larger than $5 that are older, and the business is in their legal rights to refuse the payment. The United States Department of the Treasury states all U-S coins and currency are legal tender for all debts, public charges, taxes and dues.
Can a retailer refuse to sell?
Yes. In the United States, a store can refuse to sell an item on its shelves as long as the refusal is not discriminatory on the basis of race, gender, color, or religion. Information in this answer is from FreeAdvice Legal.