Is it true that if you try to pay off a debt using all pennies and they refuse it then legally your debt is paid because pennies are legal tender?
by 
Fun2WinPrizes
ANSWERS: 10
-
Quoted from a faq at the US treasury http://www.ustreas.gov/education/faq/currency/legal-tender.html#q1 "Unless prohibited by state law, private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills." If on the otherhand, they do not accept legal-tender, then you can take them to court and have the debt discharged on the grounds that valid payment was offered and refused.
-
Any one can legally require you to roll and label any coins and may also require I.D. in case the amount in the rolls is wrong
-
When I worked as a teller in a bank, we did not have to accept pennies as a deposit, even though pennies are legal tender. We would accept pennies if they are rolled and counted and proved to be correct.
-
Pennies (Coins and Currency) are considered legal tender. This means two things: 1) It must be accepted as payment of debt, other arrangements notwithstanding, of course; and 2) It can be used to pay taxes. However, coins are considered legal payments only for debts of a reasonable size. I don't have the numbers handy, but I believe you can not pay off a debt greater than, say, $7, with only pennies.
-
The accepted peactice is that coinage will only be accepted in amounts up to the next highest value of coin. Thus in the United Kingdom where one pound consists of 100 pence, with 50 pence, 20 pence, 10 pence, 5 pence, 2 pence and penny coins, there is only a legal requirement to accept 2 penny coins, although it is normal practice to accept up to 10 pence in pennies. Beyond that amount a refusal can be given, although most retail and transport outlets are glad to get small change.
-
You could take $1000 in cash, pennies or whatever type "money" into a car rental business and not be able to rent a car. At least the rental company we use requires a credit card to rent a car, regardless of the money you may have.
-
I'm not sure about this question as I'm from Australia and we don't have pennies out here, but there is a myth that exists out where we live that if you have a fine owing to the local council / government - ie, a fine incurred from a traffic offense or say a parking ticket, one way to have it legally considered paid but not actually lose any money is to do the following: Write a check for an amount that is within ten cents more than what you actually owe. According to someone who told me they heard it from their friend (who probably heard it from a cousin of a cousin and then I'm sure it gets all scary and about inbreeding so we won't trace that far back), any council or government department in Australia can't accept any amount higher than what is owed on a fine - their computers can't process them.
-
No. A debt is still owed even if the payment is refused. In Canada, there are legal limits on the number of coins that have to be accepted for payments of any kind. The coins are all legal tender, but no one is obliged to accept a wheelbarrow-full of them for payment. An individual or business has the legal right to refuse a payment of more then $0.25 in pennies (25 coins). There are limits on all Canadian coins in common circulation: penny (1 cent), nickel (5 cents), dime (10 cents), quarter (25 cents), loonie (one dollar), and twonie (two-dollar). There is a 50-cent piece, but it is rarely found in circulation; most have gone to collectors. Unless the latest redesign reduced manufacturing costs enough, the metal in a penny is worth more than one cent.
-
Ya, if you are in america, any government coin is legal for debts, other countries have different rules
-
WOW, I never heard that before.
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC