Posted on 08/13/2016 9:00:07 AM PDT by upchuck
... Some merchants such as SweetGreen, a salad chain, refuse to open their registers for cash, telling customers they can pay only with mobile payments or cards. With some newer vending machines, only a card or mobile wallet will get that cold Coca-Cola to roll down the chute.
The stance may appear un-American -- after all, currency is considered legal tender for all debts or dues -- but the Treasury permits private businesses to set their own policies, which means going cashless is fine with Uncle Sam.
"What we've seen is a push toward electric payments because of convenience, especially for Generations X and Y and onward," said Greg Burch, vice president of strategic initiatives as Ingenico Group, which makes payment systems for merchants. "The phone has become more personal than the wallet has."
... Using cards or mobile apps is increasingly popular with younger generations, but stores have good reason to like the trend, as well. Moving away from cash removes the cost of storing and transporting bills and coins, which merchants like. It also reduces the potential for physical theft.
The downsides? One is a loss of anonymity because cash allows consumers to make transactions without a paper trail.
Another negative impact is stores that refuse cash may be effectively shutting out many lower-income customers. About one out of 13 U.S. households are unbanked, which means they have don't traditional banking accounts, such as checking or savings accounts. Such families tend to be lower-income and rely on cash to make their purchases.
(Excerpt) Read more at cbsnews.com ...
I use my credit card for almost everything. They give me “cash back” and I pay off the bill every month. Federal Reserve notes are not really cash anyway. The only real cash is gold and silver.
My gripe about the plastic people, or the check people.
I'm handing over the cash as the total is rung up.
I can also slap leather with the best of them, too. I don't do coin change - just give them bills.
You don't really want the gruberment having the luxury of 100% electronic cash. If you get on the wrong side of your Tyrant Masters, you'll be eating grass, because that's the only green you'll have.
Illegals don’t know how to make change, I spose.
I should have said ‘keep the change!’
You are wrong. To comply with the law, a store would have to keep thousands of dollars onhand every day to cash $100 bills when people use them to buy packs of gum because, according to you, they must accept the $100 bill to make change. It would be a failure to follow the law if they could not make change. The fact that they can refuse $100 bills also allows them to refuse $5 or change.
It’s not in their best interest to do that because it is foregoing income, but they can do that.
It’s probably a real figure obtained from calculating the costs of all the people employed to handle cash, like security guards or store clerks.
The business only needs to post a notice that they don’t take cash. If you continue to deal with the business, like a restaurant, then you are agreeing to their terms.
There is a difference between not accepting a bill by policy and not being able to make change for a bill because of a lack of change.
One is systemic and the other is incidental.
If you worked at a store that had multiple cashiers, for example a supermarket, then there would be plenty of cash back in the office that could be switched out if several people paid for small purchases with a large note.
If it is a place like a convenience store, then the manager could make a run to the bank to get change, or even (in a weird situation) get change from the ATM located in any convenience store to get change needed.
But most businesses do keep more than enough cash on hand to make change for a $100 bill. They don’t run into the situation often.
“All debts, public and private”.
If you read the act, it’s only the creditors who have to accept cash. Private enterprises do not. The act is probably written to protect people from creditors taking your property or tools for your livelihood when you have the cash to pay them.
http://www.slate.com/articles/news_and_politics/explainer/2006/10/take_my_money_please.html
They’re dual now, rather than expanding and/or replacing the 300 million in lawful money designated as remaining in circulation and use at the FEDs creation it can be designated as such. So few people know or understand that that it’s insignificant in the greater commercial sphere. If you open an account and specify on the account card that it is ONLY a lawful money account, you won’t earn interest on it, but it can not be utilized as an asset by the bank for purposes of lending fractionally, i.e. it can not be legally “bailed in” either.
I love it as I call 611 on my phone to put the credit on my Amazon Prime. Extra points!
Calm Down.
Everybody needs to calm down.
Businesses are free, the seller, sets the conditions on how they do business in a free market.
“Legal Tender For All Debts, Public and Private” means just what it says.
You have not incurred an obligation or a _debt_ before you walk in a store, they are free to say “Only Circus Peanuts Accepted”, or Euro, Polish Zloty, or for the sake of argument, “Cash Only No Credit, No Checks”
See how that works? You haven’t bought anything yet. So there’s no debt.
Now let’s say you owe money - for taxes say, or a contractor. Cash is a huge PITA for businesses and government, but if they send you a bill they have to take it. Cash is legal tender for a debt, they may not like it, but they have to take it. In fact, if you offer to pay a debt with cash and they refuse, the debt is “extinguished”.
“You owe me $500”
“Here - take it.”
“Oh, I don’t take cash”.
“Sign here..” LOL
This is the reason people will push boundaries with dick moves like trying to pay property tax at 4 o’clock on Friday with all 1 dollar bills, or nickels, etc. It’s a gray area with coins. Usually after a lot of argument, coins will be accepted, but they must be rolled.
True. Robbery would go down. Theft would not.
yeah, that
These days, you can rent an in-store safe from your bank, equipped with bill and coin acceptors and an internet connection.
Every few days, an armored car stops by to empty it. In the meantime, as you feed cash into it, it credits the amount to your account immediately, eliminating float. Example.
No, it simply means that, if you owe somebody a sum of money, you can fulfill your obligation with cash. How it comes about that you owe the amount is a different subject altogether.
Now, if only they can get people to accept electronic virtual salads like they do electronic virtual money, they wouldn't have to worry about these kinds of health code violations with their salads either.
Virtual Salads must be quite low in calories! :-)
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