TexasCHLforum.com

I had to take my car into my insurance place to get an estimate for some work done. I've never had to actually use my insurance before so the whole process was new to me. They said, if I wanted, they could take care of outsourcing the work for me. Whether or not that was the best idea or not, I figured I'm already having to drop it off for this estimate, sure, go ahead and do this extra leg work for me. In the end I don't feel like I got ripped off or anything, and that's not the point of this post.

They said, "and we don't accept personal checks, or cash, but we do accept visa and mastercard!". I wasn't planning on paying in cash anyway so this was no inconvenience to me but that statement maid me pause. I thought a business had to accept cash for payment if it was offered.

I didn't say anything at the time but when I go back I plan on asking them about this to get their take. Maybe when I go back I should bring a bag of gold with a $ on it "I remembered you said you didn't accept cash, so I brought this"

FYI my insurance company is Progressive.

I do not think that the coinage act of 1965 applies to private businesses. They can choose how they want to accept payment. Of course, you are free to take your business elsewhere.

If there isn't a law requiring a business to accept (or rather a law preventing the refusal of) cash there should be. There could be a lot of abuse and conflict of interest with a business only accepting credit cards, or any form interest accruing payment. Maybe progressive owns a larger share of a credit card company? And only accepting that form of payment pads their wallet? My wife use to work for a large retail company that would only offer their employees the employee discount if they used the retails stores retail credit card...which had an interest rate of 20%. Her discount was only 10%.

Obama should definitely take a good look at business practices which needless take advantage of the consumer. Given the economic conditions now I think we need more consumer protection.

I don't know there should be a law requiring government fiat, but I do see your qualms with having to siphon the transaction through an interest producing instrument. Then again, pay the balance in full each cycle and no problem there. I generally use my check card and only use credit cards every so often to keep them from getting shut down (which actually happened to me recently).

Edit: But I do respect their ability for a business to accept what they wish, and has been pointed out I can take my business elsewhere. If they want to accept bottle caps or bowling balls that's fine by me. My initial post was just because I apparently had the incorrect thought that there was a requirement to accept cash.

If you are really interested, see http://www.ustreas.gov/education/faq/cu ... nder.shtml

If I'm not mistaken, its written on currency "This note is legal tender for all debts, public and private." I thought that meant that they have to take it.

lanternlad wrote:If I'm not mistaken, its written on currency "This note is legal tender for all debts, public and private." I thought that meant that they have to take it.

I believe that government has to accept the cash.

Private busines can pretty much accept what they want, including pesos.

Wow, me defending private business. There is a switch.

As long as they don't infringe, hand them plastic.

Anygunanywhere

Sounds to me like they are just an outpost for the corporation. They may not even have a local bank account, so no way to process cash or to process a check in a timely manner. Credit card payments take it out of their hands. Their paychecks probably aren't even written on a local bank.

The reason they probably don't accept cash is to prevent any of it mysteriously disappearing, and checks can bounce. Although they are losing a few percent on the credit card transaction, they probably consider it worth it since they don't have to worry about cash or chase bad checks (which can be a major hassle and you still may not collect).

I think they can dictate how they are paid as long as they tell you up front. If they did not tell you and then you showed up with cash and they refused it, I think you could make a case that you offered to pay for the services but they refused payment. After all, what if you showed up to pay and they said "we only accept gold coins or goats as payment". I think you could possibly take something like this to court and win. This may be why business usually have large easily seen signs displayed saying either they don't take cash or bills over $20, etc.

I once lived in an apartment long ago (last century) where they suddenly stopped taking cash and I told the lady OK, I offered to pay and you refused, so I guess the rent is free this month. I returned to my apartment and about an hour later she came to my door to say she could take the cash. I wondered who she talked to and what they told her. She explained that they didn't want to keep cash in the office any more because they were held up once. The next day, all the occupants got notes on their door stating that they would no longer accept cash and the reason why. I don’t know how the business in question would handle it if the customer said they did not have a credit card. I guess they would accept a cashiers check or money order, or turn the customer away.

Of course it could also be that they are secretly recording the card information and selling it to other crooks.

Remember those VISA "Speed of Business" TV commercials?
Everything grinds to a halt when a customer uses a personal
check or cash. Cute but wrong, cash is king!
I guess a money order would be acceptable.
To go deeper, pick up a quarterly called 2600.
It is very revealing about how shallow corporate security
can be with your credit information.

astrorockhound

lanternlad wrote:If I'm not mistaken, its written on currency "This note is legal tender for all debts, public and private." I thought that meant that they have to take it.

That statement on the bill just means it is backed by the govt. and is sufficient for payment of debts (i.e. it is a universally accepted currency . But it does not mean it is the ONLY method of payment or that it has to be accepted. Think about bartering, If I wanted to trade my Ruger Vaquero pistol for your 1873 Winchester we could perform the whole transaction without cash. Or alternately I could pay you cash, for the rifle and in turn you could pay me for the pistol in gold bullion.

FYI, it’s no longer free for a business to deposit cash (large amounts) at most banks. The bank now has to pay some one to count it, take a loss on any mutilated bills, and utilize an armed currier to keep vault limits under FDIC coverage. All be it, pennies on the dollar, it’s not free.

Also the business open it self up to vulnerability by having that much cash on hand. If were talking a repair shop where the average bill is 2500+ I would not want that cash around either. It also opens up to problems for the employees making deposits.

I did not want cash when I was running a filed services as I did not want to mess with change, sticky finger, or robberies…. I built my 3% cc fee into the price and preferred plastic. I pay taxes so there were no cash jobs unreported…

SO what do they do if they fix something and the person shows up to pay and doesn't HAVE a credit card? If I'm the customer, I'm calling the cops if they won't give me my vehicle.

Totally agree. When I worked weekends at the Ren Fest we would take all the same information for a credit card as we did for a check. It took five times as long to server a customer with a credit card than with cash. I would rather take the cash since a merchant has to pay fees, and I have my money. With a credit card the consumer can lie and say they never spent their money there and make it extremely difficult to get your money. Admittedly you can fight it after, I think three disputes have been denied, but that takes time and a watchful eye to be sure to catch all of them.

astrorockhound wrote:Remember those VISA "Speed of Business" TV commercials?
Everything grinds to a halt when a customer uses a personal
check or cash. Cute but wrong, cash is king!
I guess a money order would be acceptable.
To go deeper, pick up a quarterly called 2600.
It is very revealing about how shallow corporate security
can be with your credit information.

astrorockhound