Legal tender no longer accepted for all debts

Dame

Dame

Member
Joined
Apr 22, 2010
Messages
3,367
So I guess those federal reserve notes are not really for all debts public and private anymore. Chase and Bank of America are now refusing to accept cash as repayment of debts. I don't know who else is doing it but I'm pretty sure this is against Section 31 U.S.C. 5103.

Now I'm not talking about purchasing goods and services. I'm talking about repaying a debt. That thing that's listed on the actual greenback as what you can use it for. Businesses are allowed to refuse cash for goods. I get that. But creditors are not. Or so I thought.

Anyone else having this issue? Anyone else file a complaint with the Federal Reserve Board?
 
Dame said:
So I guess those federal reserve notes are not really for all debts public and private anymore. Chase and Bank of America are now refusing to accept cash as repayment of debts. I don't know who else is doing it but I'm pretty sure this is against Section 31 U.S.C. 5103.

Now I'm not talking about purchasing goods and services. I'm talking about repaying a debt. That thing that's listed on the actual greenback as what you can use it for. Businesses are allowed to refuse cash for goods. I get that. But creditors are not. Or so I thought.

Anyone else having this issue? Anyone else file a complaint with the Federal Reserve Board?
Click to expand...

What are you talking about? Link? Do they require a bank transfer?
 
Yeah just read that article you posted. Interesting to say the least, I have a buddy (retired senior 18E) who's wife does something with finance. They both have been blowing my facebook up with some doom and gloom of our financial system. Both are pretty far down the rabbit hole and expect a major collapse in 2016-2017. I've taken some major losses over the past 3.5 years that have put me into a situation of being at the mercy of they system, so I try not to worry about what I can't do anything about.
 
No. Why would I do that? I'm serious. The bank refused my house payment in cash with a federal ID. I'd like to know if anyone else is having this issue.
 
Interesting. I wonder if this is a result of the Federal crackdown on money laundering.
 
Googled BOA and cash payments. It is talked about "out there" specificly when it comes to mortgages but it seems there is misunderstanding among bank managers when not to take the cash payments.
 
Dame said:
No. Why would I do that? I'm serious. The bank refused my house payment in cash with a federal ID. I'd like to know if anyone else is having this issue.
Click to expand...

Apparently his is an international issue too. I found articles on Bloomberg, Forbes, and WSJ discussing efforts to cease printing/acceptance of large dollars and euros.
 
Marauder06 said:
Interesting. I wonder if this is a result of the Federal crackdown on money laundering.
Click to expand...
Sir, that's how it was presented to us. Chase stopped accepting cash from customers trying to deposit money into someone else's account a few years back. We were told at the time that federal regulators basically said our anti-money laundering practices were garbage, so this was the policy they came up with to offer a solution. The new cash payment policy is an extension of that, at least ostensibly.

My own opinion on this is it is as ridiculous as it sounds.
 
Dame said:
There are tons of articles. I'm asking about anyone else having first hand experience.
Chase Joins the War on Cash

ETA: BofA Cashless Society: Bank of America Refuses Cash for Mortgage Payment
Click to expand...
Dame said:
No. Why would I do that? I'm serious. The bank refused my house payment in cash with a federal ID. I'd like to know if anyone else is having this issue.
Click to expand...

Well with the links and the tone of what they contain I thought you must be joking. You didn't say it has happened to you at first. What branch? Did you call the corporate office?
 
Dame said:
No. Why would I do that? I'm serious. The bank refused my house payment in cash with a federal ID. I'd like to know if anyone else is having this issue.
Click to expand...
Chase refused a cash deposit from me last summer, claimed it was to stop money laundering.
I then asked if they gave bank cards or cash on withdrawals.
 

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