Posted on 03/17/2011 7:49:02 AM PDT by JoeProBono
“Chase sucks.”
Indeed they do.
We were turned down for a HELOC back when they were giving them to everyone. No prob. I called BOA (which comes in second at sucking) who promptly gave us the second. Once the house was done, and we refi’d the whole thing through a broker. Guess who was first in line to buy the paper.
Yep. Chase. Idiots.......
Interesting point. Where would you look to find the current law?
ML/NJ
But you indicated that there may have been some change regarding what is considered minor currency so that the fellow in the story might not have been able to force the bank to accept dimes....is this by regulation?
I think it is in US CODE Title 31........ plus the coinage acts, most recent of 1965.
Here’s what snopes says on the matter, so take it will a grain of salt.
http://www.snopes.com/business/money/pennies.asp
snip
Up until the late 19th century, pennies and nickels weren’t legal tender at all. The Coinage Acts of 1873 and 1879 made them legal tender for debts up to 25 cents only, while the other fractional coins (dimes, quarters, and half dollars) were legal tender for amounts up to $10. This remained the law until the Coinage Act of 1965 specified that all U.S. coins are legal tender in any amount. However, even in cases where legal tender has been agreed to as a form of payment, private businesses are still free to specify which forms of legal tender they will accept. If a restaurant doesn’t want to take any currency larger than $20 bills, or they don’t want to take pennies at all, or they want to be paid in nothing but dimes, they’re entitled to do so (but, as mentioned earlier, they should specify their payment policies before entering into transactions with buyers). Businesses are free to accept or reject pennies as they see fit; no law specifies that pennies cease to be considered legal tender when proffered in quantities over a particular amount.
end snip
I think while push comes to shove, maybe they can be forced to accept them, they might have to be rolled. Not a very smart thing to do.
That said, multi-conglomerate so-called “banks” are skeevy.
Ummm... they have machines that do that.
(count the coins)
This guy is not very clever. How long does it take to make 13,000 rolls of pennies? Handling, storing, & transporting 3500+ pounds of pennies is not easy, either.
My bank accepts unrolled, mixed coins for deposit. It only takes them a couple of days to count & deposit the money to my account, no fee. They even gave me a large, heavy duty bag to bring them to the bank.
So, this guy has inconvenienced himself far more than the bank, which uses machines to count & roll the coins.
“Ummm... they have machines that do that.
(count the coins)
600,000?
They have to then package the coins back up into rolls after they are counted.
The difference is that legal tender laws don’t mean what people think they mean. This guy owes a debt to Chase - so can get away with it. But a business can set the terms of payment beforehand, specifying whether they accept cash, or checks, or credit cards, whatever. This is a source of confusion for folks.
The only people who he screwed were the poor minimum wage slaves who had to cater to this douche rather than do their real jobs.What a self-obsessed drama queen
Thank you! I’m going to take a look at it now!
Of course, it is not smart thing to do. The bank could force him to count them out or roll them. It seems like a good idea if you want to annoy them but they can just as easily return the favor.
No legal statue requiring private business to accept legal tender or coin in this case.
Had you continued reading on Wiki you would found there is no statue requiring private business to accept coin. Also you will not find legal tender on your coins.
The commerce laws allow for anyone to refuse to allow payments by this kind of idiocy. They bank would have been within their rights under the commerce laws to charge him for the labor to open each roll, and load the coins and process through their coin counting and processing systems.
I don’t read wiki; it’s too inaccurate and biased. I read the law itself. Unless that bank had previously stated the approved forms of payment as part of the credit card contract they most certainly must accept payment by coin else forfeit their right to the debt. My credit card contract says nothing about forms of payment.
“They bank would have been within their rights under the commerce laws to charge him for the labor to open each roll, and load the coins and process through their coin counting and processing systems.”
Do you happen to have a reference to such a law?
I canceled my Chase card last year after they raised my interest rate and added a $39 annual fee. I have almost completely paid the card off (should have it knocked out by July) and have been laughing at the letters they have been sending me recently. First, they dropped the annual fee, then they dropped the interest rate, now they have dropped the rate even more (but it still isn’t as low as I originally had).
It’s all part of the code sections described above - if a bank, or any other business discloses the manner and means of what kinds of payments they will take, and how they will take them, that’s what goes. The bank could have easily handed the guy a pamphlet that contained their policies and procedures for accepting a mass amount of coinage, and if he insisted on proceeding - they should have billed him accordingly.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.