Home     Links     Contact Us     Bookmark  
 
   Homepage      News      Legal Forum      Dictionary  
Home : Legal Forum : Law & Ethics

if a $100 bill is legal tender, how can some businesses refuse to accept them?
Find answers to your legal question.





if a $100 bill is legal tender, how can some businesses refuse to accept them?

we've all seen signs for "we do not accept 100 bills", how can they do that?


    




2010-11-01 00:41:57 +0000
Rating
A private business has the legal right to accept payment in the manner it chooses. It can choose not to accept credit card or checks. In the future, we're likely to see more businesses turning to plastic-only. These decisions are the same as a business choosing only to accept small bills. The company may do this in an attempt to prevent theft and to prevent problems in making change. It's perfectly legal.


2010-11-01 00:43:43 +0000
Rating
$100 bills are not seen too often and so people are not as likely to recognize counterfiet ones. Further it takes too much change to give back. Usually if the bill is over $100 they accept them and only if it is less than that or is a place like a gas station.

Whether it is having enough change and being shorted or the fear of counterfiet, that is likely what their fear is. Government cannot mandate that a company set certain rules. Don't have to take checks or credit cards, or $100 bills evidently. The government must accept them for government purposes and back when it was based on gold standard, had to turn over gold for the bill. Gold standard is no longer in effect and so it is worth only what economy sets on supply and demand and so long as it is accepted by people or companies as having worth.


2010-11-01 00:51:52 +0000
Rating
payment of PRIVATE debt is usually at the discretion of the creditor/seller.
the subtleties of the "legal tender" rules can easily be the gist of a PhD dissertation...
probably have been. many times.

the general rule is that the purchaser may be denied the goods or service if the provider deems the proposed payment method to be unacceptable.


2010-11-01 01:14:30 +0000
its t stop robberies if they dont have a lot of money then they hope they wont get hit


2010-11-01 00:44:34 +0000
Most businesses post it so that they will not attract robbers.


2010-11-01 00:37:31 +0000
My mom told me even if someone pays in pennies, as long as there rolled its illegal not to take them. I'm geussing if they dont take 100$ bills its because they don't have enough money in their till.


2010-11-01 00:41:07 +0000
Rating
It may not be legal tender for the size of your bill. If you owe someone $1000, and wanted to pay it in pennies, that would not be legal tender. That is the law.


2010-11-01 00:46:01 +0000
Because YOU would wipe out too large a chunk of the change they have and then they would NOT be able to give those with 20's their change.

Also, IF it is a counterfeit they would rather NOT be out $100. There are a lot of counterfeits on the market.


2010-11-01 00:52:08 +0000
The primary reason may be that the $100 bill is one of the most counterfeited bills in the U.S. Many times a counterfeiter will use a $100 bill to make a small purchase, say less than $10-$20, and get legal currency back as change. The store then takes a loss from the bogus bill and in some cases the person that took the bill in the first place can get fired. Another reason, and I've seen this happen, may be that a customer comes in first thing on a Sunday morning (or a holiday weekend) and makes a small purchase (less than a couple bucks) just to break a $100 or even a $50 bill. Many stores only start the day with relatively low tills (my store starts with $75) early in the morning so this could run the cashier out of small bills ($1, $5, & $10) at the beginning of the day. Just my 2 cents worth.





 Enter Your Message or Comment


User Name:  
User Email:   
Post a comment:




Legal Discussion Forum



Copyright (c) 2009-2013 Wiki Law 3k Tuesday, November 25, 2014 - Trusted legal information for you.
Archive: Forum  |  Forum  |  Forum  |  Links
0.044