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 Replies: 46 / Views: 6,350 |
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Valued Member
United States
321 Posts |
Make the banks count those coins, my man. Take in rolls of pennies too just for fun.
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Valued Member
United States
466 Posts |
making them mad seems like the best way to not get fees added to ordering or dropping off large sums of coin  this is the reason banks have been setting up road blocks for you guys to try and get around. I do whatever I can to make the job easier for the bank tellers yeah it's there job to pass out money, but you don't need to be a  about it |
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New Member
United States
13 Posts |
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They don't have to take them.. I am no expert, but I think they do. If it is legal Tender, they have to accept them. I was "educated" a few years ago about legal tender and signs in my business. A CC is legal tender if you accept them. You cant charge someone a higher amount if they use one. You can offer a discount for cash. You cant say $10 min. on a CC. You can put up a sign that says No $50 or $100 bills but you HAVE to take them. You can be creative and say you don't have enough on hand to break it, but you cant refuse to accept them. And you can pay your property taxes in pennies. Just don't wait until the last day, 15 minutes before they are due. As the counting will go very s l o w and the clerk will leave at their schedule time. When they resume counting the next day, you will be late and fined. |
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Pillar of the Community
United States
3755 Posts |
Technically they can NOT refuse any money. That was made clear back when the first bills were changed to the new colored notes. A lot of places (mostly run by old hick morons) were not taking them. I had that issue and lost it on the owner and called the police. Ended up the owner took the money and after researching it, yes, if it is legal tender, it has to be taken.
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Valued Member
United States
466 Posts |
private shops can refuse service to anyone for any reason...just saying (Banks have different rules probably, but smokeriderdon your example above didn't seem like a bank) I don't understand where people get their sense of entitlement to whatever they want it really amazes me  Edited by googoo
12/18/2011 9:47 pm
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Moderator
 United States
189222 Posts |
Legal tender laws only apply to settling an existing debt, or money owed.
A store can refuse to take anything they want. The result is that you walk out of the store without the product.
A bank can refuse to take anything they want for deposit. The result is that you walk out of the bank and start looking for a new one.
A bank should not be able to refuse anything when you are trying to pay off a loan, but that can and do. You still owe the money, but you can fight the accusations of non-payment (because you made a legitimate attempt with legal tender). Of course, their lawyer will only accuse you of being a jerk for trying to pay your mortgage with 500 rolls of cents. Who do you think the jury will side with?
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Pillar of the Community
United States
3755 Posts |
Everything I have ever read or experienced says if you present legal tender, it has to be taken. Perhaps I am wrong.
I am not sure how expecting LEGAL TENDER to be taken by a business is a sense of entitelment. A sense of entitlement would be me expecting you to pay for my groceries because I dont want to work.
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Rest in Peace
United States
9104 Posts |
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Everything I have ever read or experienced says if you present legal tender, it has to be taken. Perhaps I am wrong. Our money is legal tender for all debts, public or private. Buying gas or groceries is not a "debt" transaction. If the grocer allow you to run a monthly tab, then your balance is a debt.In a nutshell, if you owe someone money, they have to accept legal tender, but they have the right to contract how they want paid for a transaction. Checks and plastic are not legal tender, and no one is required to accept them at any time. |
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Valued Member
United States
208 Posts |
 with Jbuck & biggfredd, A bank can refuse to take cash, check, plastic, whatever, but they had better be able to give a reasonable answer as to why they refused the funds. (ie fraud or counterfeit) Further, banks put holds on checks or send them in for collection. Usually when you hear about these cases where someone pays off their loan with $6500 in pennies, they already have an issue with the bank. Seems like the stories I read the police get called to calm the person down, and the person is usually arrested for disorder conduct and resisting arrest. |
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Rest in Peace
United States
9104 Posts |
LT issues aside, there are all sorts of petty cons that people pull with money, some of which beggar the imagination. With skill, a $20 and a $1 become two notes, each with a $20 on one side and a $1 on the other. Without skill, a bunch of LMCs and a few dimes magically turn into a roll of dimes.
Those who suggest various ways of "getting even", grow up! Banks are there to make a profit and protect their depositors and shareholders. Exchanging coins so someone else can make money or form a collection costs them money, and is done as a courtesy, not a requirement. Some banks limit bulk coin exchanges to businesses, because they are paying for other services, and they need coins to function.
Even 45 years ago, banks often require phone numbers, account numbers, or names on CWR. Why should the bank take the hit for shorted rolls? Or worse, lose a customer who got stuck with them.
I have no love for banksters, but the teller down the street is just doing her job.
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Rest in Peace
United States
9104 Posts |
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Why doesn't somebody come out with a clear plastic wrapper, with lines on it to SHOW both full amount, and, quick easy view of rims/denominations? I'm off to the Patent Office...
I've seen a couple variants: a flat paper tube with a plastic window running the length of it. a formed plastic clamshell which you fill and snap shut. Either would catch obvious frauds. |
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Rest in Peace
United States
9104 Posts |
chris-
Aren't typical deposits $100 or so? Just get the money from the ATM.
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Rest in Peace
United States
9104 Posts |
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I was "educated" a few years ago about legal tender and signs in my business. Apparently the blind leading the blind. Quote:
A CC is legal tender if you accept them. Nope. It's simply an acceptable tender. Quote:
You cant charge someone a higher amount if they use one. You can offer a discount for cash. You cant say $10 min. on a CC. True, but that's a condition of your merchant agreement, and has nothing to do with legal tender. Quote:
You can put up a sign that says No $50 or $100 bills but you HAVE to take them. You can be creative and say you don't have enough on hand to break it, but you cant refuse to accept them. Only if someone is paying a debt. You are not required to take them for a purchase. |
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Rest in Peace
United States
9104 Posts |
Quote:
A bank can refuse to take anything they want for deposit. The result is that you walk out of the bank and start looking for a new one. A bunch of dealers gathered a few hundred thousand $ worth of the NCLT $5-10 Canadian olympic coins when their silver content dropped to less than face, and tried to exchange them for USD at a Canadian bank. No dice. How about depositing them? Nope! Central bank? No, again. The mint finally agreed to accept them at face for mint products at the regular price. |
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Moderator
United States
189222 Posts |
Biggfredd has shared a lot of wisdom today.  |
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Replies: 46 / Views: 6,350 |
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Posted 12/17/2011 10:07 am
