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Must All U. S. Businesses Accept Legal Tender as Payment? This is a Federal Reserve Note, a $20 bill This paper money, this note, is Legal Tender for all debts, public and private if I stop by your store and I purchase $44 worth of fuel, and I try
The Fed - Is it legal for a business in the United States to refuse . . . 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 U S money as identified above is a valid and legal offer of
These Are The States Where Retailers MUST Take Your Cash That's why some stores also have the option to not accept bills larger than $20 or $50 "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," the
What Does 31 U. S. C. 5103 Say About Legal Tender? Scope of Legal Tender 31 U S C 5103 states that U S coins and currency, including Federal Reserve notes, are legal tender for all debts, public charges, taxes, and dues This means they must be recognized as valid payment for financial obligations However, the statute does not require businesses or individuals to accept cash in all
Is It Legal for Businesses to Refuse to Take Cash? - FindLaw The message on your greenbacks would seem to be unequivocal: “This note is legal tender for all debts, public and private " Well, what about that official-sounding language on my $20 bill? Can a store legally refuse to accept it and make customers pay with some form of plastic? According to the Federal Reserve, at the national level, the
Understanding the Legal Tender Requirement: What Constitutes a Valid Bill? For a bill to be considered valid legal tender, it must be genuine and not counterfeit or altered The United States government has implemented various security features on paper currency to protect against counterfeiting, such as watermarks, security threads, and color-shifting ink To ensure authenticity, it is advisable to examine these
legal tender | Wex | US Law | LII Legal Information Institute Legal Tender refers to all U S coins and currency that issued by the government U S Cash dollars are also a valid form of legal tender Nonetheless, federal statutes do not require a seller to accept cash as a form of legal tender for payment of goods or services that were rendered Thus, businesses may establish their own policies regarding whether they will accept cash as legal tender
Is it Legal for a U. S. Business to Refuse Cash as Payment? Under Section 31 U S C 5103, U S coins and currency, including notes circulating from the Federal Reserve, Federal Reserve Banks and national banks, is “legal tender” for all debts, public charges, taxes, and dues Simply put, this means that all U S money described in this definition (including paper bills and coins) is a legal and