1. Attention: We have put together a thread with tips and a tutorial video to help with using the new software. Please take a moment to check out the thread here: Trapshooters.com Tutorial & Help Video.
    Dismiss Notice

Bank Cash Acceptance Policy

Discussion in 'Off Topic Threads' started by Oscar Ray, Mar 20, 2012.

Thread Status:
Not open for further replies.
  1. Oscar Ray

    Oscar Ray TS Member

    Joined:
    Jan 22, 2010
    Messages:
    814
    This is from another forum I belong to, its aboout Banks not accepting CASH for a cashiers check. It comes from obama's administration

    I had an order from one of my distributers coming in COD so I went to the bank to get a cashiers check for it, $216.08 was the amount and I pay extra on my checking account to get cashiers checks, travelers checks, and etc. for only a $1. Well I went to get this one, got 2 last week with one for $800+ and other $700+ with paying cash for them, so I took the cash to get it. Was told I would HAVE to put the cash in my checking account and THEN write a check for the $216.98 of the amount of the cashiers check AND then one for $1 for the service of the cashiers check. Now I could NOT pay cash for it, a total of $217.98 ($216.98 cashiers check + $1 for the service). Well I ask WHY and was told it was a federal regulation to which I called BS! IO went to another bank in town to ask them because if it was just my bank being an ass I would switch banks ()I do have a BUSINESS account as well as personal accounts) to which the other bank said the same thing, put the cash into my account and the debit the checking account for the cashiers check. Now I know anything over $10K has to be reported but now it is down to ANY amount of CASH! I went to the post office and bought a MO asking if they still accept CASH! they do. My bank also said they can no longer sell bonds if you pay in CASH! Seems cash is NO LONGER legal tender in this country. Add that on top of the fliers I saw where if a customer comes into my shop and insists on paying in cash, I am to report them to the FBI!!!!!! So now anyone who pays with cash is a possible terrorist!!! have you ever heard the like! I fired a nasty letter to my 2 US Senators and my US Representative. This is BS. Pass this around and see if others have run into this problem with CASH!

    I told the senators and Representative that they need to check the banking regulations, the so called "terrorist" laws, the mockery that we have sunk lower than any 3rd world nation which accepts the US Dollar as legal tender yet the US does not, and mainly the Federal Reserve. I also had a few choice words as to that POS Kenyan in the white house and his cronies. I also told them it is sad that a damn illegal can go to Wal-Mart and send up to $10K to any country with CASH yet a US Citizen who has ancestors that came to the colonies in the early 1600s cannot pay for a $200 cashiers check at the bank he has banked at for 30+ years with CASH. I told them that the words on the US bills that say they are legal for all debts, private and public is a bunch of BULL stuff these days. Also told them all they were in D.C. for was to live off the tax payers teat but they had better hope it was not CASH!

    Oscar
     
  2. Steve W

    Steve W Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    5,094
    Location:
    Los Angeles
    Same thing here, but,

    My bank (BoA) would just deposit the cash into my a/c, then issue me a cashier's check against my a/c balance, no fee. Without telling me what the transaction went through. They will not ask me to do this myself.

    Cashier's Check is almost useless if it's not from the same bank. They hold it anyway. There're too many counterfeit money instruments out there. Unless the cashing bank is the same bank group as the issuing bank, they treat it as personal check.
     
  3. bigdogtx

    bigdogtx Well-Known Member

    Joined:
    Aug 5, 2006
    Messages:
    10,650
  4. halfmile

    halfmile Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    15,638
    Location:
    Green Bay Wisconsin
    Yes, USPS. A postal money order is one of the better money instruments. there is a fee, of course but it's not bad and you don't have to jump through hoops.

    HM
     
  5. Limpy100

    Limpy100 Member

    Joined:
    Jul 13, 2009
    Messages:
    242
    we have a tax office that does not take cash for your property taxes.I had to go to a bank and get a check to pay them.
     
  6. scott calhoun

    scott calhoun Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    1,413
    Location:
    Chicago area
    From the website of the US Department of the Treasury, FAQs regarding currency and legal tender. Pay particular attention to the second sentence of the last paragraph.

    Contrary to the OP's post - cash is still legal tender in the United States. But there is no requirement for private business or individuals to accept it, or to prohibit them from making their own policies regarding its acceptance.

    Scott

    Legal Tender Status

    I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?

    The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which 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 are 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 for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.
     
  7. birdogs

    birdogs TS Member

    Joined:
    Jan 29, 1998
    Messages:
    2,775
    What happened to "legal tender"? US currency (cash) must be accepted for all debts, public and private.
     
  8. 870

    870 Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    2,390
    There is more than a little misunderstanding of the issues in the OP's post.
     
  9. 221

    221 Banned User Banned TS Supporters

    Joined:
    Jan 29, 1998
    Messages:
    4,736
    Why would a legitimate business make such a fuss about using cash when dealing with a vendor? Your banking is setup to accommodate the cashiers check problem and you bitch about it.
     
  10. scott calhoun

    scott calhoun Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    1,413
    Location:
    Chicago area
    Birdog -

    Where does it say legal tender "must" be accepted? It says coins and currency ARE legal tender, but it doesn't say they must be accepted.

    Besides what gets posted on this forum on a daily basis, there is actually some factual information available via the Internet too.

    Scott
     
  11. Unsingle

    Unsingle Member

    Joined:
    Jan 29, 1998
    Messages:
    379
    Is there a limit on the amount of a USPS money order? At one time I thought it was $999.99?
     
  12. likes-to-shoot

    likes-to-shoot Well-Known Member

    Joined:
    Oct 6, 2006
    Messages:
    6,077
    Location:
    Iowa
    The only thing that ties Obama to the OP post is his typed statement.

    While no one here likes Obama it would be nice if there were some creditable information (like a website or reliable source) accompanying the post.
     
  13. Terry_Maiden

    Terry_Maiden TS Member

    Joined:
    Feb 19, 2011
    Messages:
    120
    If you need a Postal money order more than the limit you just buy two or as many as you need. Be aware that there are Domestic money orders and International money orders. The International has higher fees but can be used to make payments anywhere in the world.

    Here's how the Legal Tender provision works with U.S. currency. If the Government owes you money you are legally required to accept the currency or coin offered as payment. You have no recourse. If you owe money to someone else they are not required to accept the currency, what they will accept may be subject to negotiation. Not sure though if the Government is required to accept its own currency or coin back in payment of taxes or other debts and dues. It used to be but things may have changed.
     
Thread Status:
Not open for further replies.