Posted on 08/20/2017 8:40:15 PM PDT by Lorianne
My apologies as I didn’t realize you were the official fact finder.
You should try it, sometime.
I will continue to follow James Rickards and read The Daily Reckoning on financial issues as I have for many years, long before “fake news” became an obsession for some.
Because cards are convenient. Sometimes the world just evolves.
I am so screwed.
Trash comment.
...and incorrect.
cf: Bitcoin, credit cards.
Sorry, but that’s not quite true.
Is it legal for a business in the United States to refuse cash as a form of payment?
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 United States money as identified above is a valid and legal offer of payment for debts when tendered to a creditor. 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.
https://www.federalreserve.gov/faqs/currency_12772.htm
It can be offered as it is recognized as legal tender. It doesn’t have to be accepted.
https://www.federalreserve.gov/faqs/currency_12772.htm
Convenience has a price.
In this case the price may be higher than you reckon.
“...and incorrect”
Yes. The article has incorrect ‘facts’.
Identify them.
I love me my bitcoin. I sold some and gave away some (too soon!) but I have some left. I have $3500 worth on the laptop I am typing on. Amazing!
U.S. banks will report anyone taking more than $3,000 in cash as engaging in a “suspicious activity” using Treasury Form SAR (Suspicious Activity Report).
Visa is offering certain merchants a $10,000 reward if they refuse to accept cash in the future.
you should have hung on to them.
http://www.investopedia.com/slide-show/past-us-currency-denominations/
Like all the bills featured here, the $500 bill remains legal tender. Most $500 notes in circulation today are in the hands of dealers and collectors. That being said, should you come into possession of a $500 bill, you’d find that its market value far exceeds its face value, with even worn $500 bills commanding upward of a 40% premium on the open market.
Read more: 5 Famous Discontinued And Uncommon U.S. Currency Denominations http://www.investopedia.com/slide-show/past-us-currency-denominations/#ixzz4qP5P2E4h
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I don’t know what it is about barbers but they are one of the last bastions of “cash only”. My barber shop won’t even take a check! So I always have to hit the ATM before getting a haircut.
The article here seems overly histrionic. When was the last time anybody purchased anything with gold? I keep thinking of some 19th century prospector slamming a burlap bag of gold nuggets on the bar and ordering whiskey all around!
As for cash, it no longer provides the privacy people assume it has. Virtually every point of sale in America is on security camera surveillance and facial recognition technology has come a long way. For better or worse, cash is going away. The next step will be eliminating or completely overhauling the $100 bill. Eliminating the penny will be next.
That's a very safe bet. If it's only once in a while, nothing further will likely come of it. If it happens frequently, you likely have a file at the FBI.
Shoot you should have seen all the trouble I went through trying to deposit just a bit over $2500 cash INTO the bank about 16-17 years ago. I had clients in my SUV that had just gone to lunch with me and I wanted 5 minutes to make the cash deposit (gee all legal money). After 20 minutes of them hemming and hawing, AND me having had accounts there for over 15 years, I demanded my cash back and went to another branch later in the week that got it done in the 5 minutes - or 2 minutes, max (don’t remember which).
And this was in the “upscale” area. Idiots - they’re all over. Good gosh - we needed to get back to the client’s offices - no time for games by morons.
BTW I was a multiple-employee of that bank’s mother organization in their I/T department. None of them had ever seen $2500+ cash I guess. Good gosh.
Yeah, those were the days. Back then my consulting expenses for one job regularly were $5000+ per month on a couple of out-of-town clients. And that’s when flights and hotel rooms (negotiated down) were much cheaper. This was basically a cheap run because I wasn’t that far from the client. One particular training took me to the East Coast though one time.
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