Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Citibank Tellers No Longer Accepting Cash Payments
Old 05-16-2018, 07:59 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2009
Posts: 5,131
Citibank Tellers No Longer Accepting Cash Payments

I have a credit card with Citibank I rarely use (it's my back-up card), so it doesn't affect me much. I got a letter the other day from Citibank telling me that starting in July their bank tellers won't be accepting cash payments any more. Doesn't that seem rather odd, a bank policy directing their tellers not to accept CASH any more for payments?

You can still make cash payments through one of their ATMs, of course. And they will still accept checks. My local branch used to have one of those Payment Express boxes you could use to make payments and deposits. I recall seeing those back in the 1980s and they were pretty handy when there were lines at the tellers. I would never deposit cash that way, just checks.

I switched to another CC a few years ago which offered cash back, opting out of the stupid and worthless "points" program with my Citibank CC. I have one small automatic, annual charge I decided to keep with Citibank because it will keep the card open. My local branch is walking distance, so I make one trip per year there now to pay it. It was as small as $10 which I usually paid in cash but now it is $22, still small enough to pay with cash but I won't be able to do that any more when I get my next bill about a year from now.

Does anyone have any idea why Citibank would stop accepting cash payments to their tellers? I mean, they are a bank, isn't handling cash part of the job description?
__________________

__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-16-2018, 08:04 AM   #2
Dryer sheet aficionado
 
Join Date: May 2010
Posts: 33
Is it legal to refuse cash as payment?


Sent from my iPhone using Early Retirement Forum
__________________

captain3d is offline   Reply With Quote
Old 05-16-2018, 08:05 AM   #3
Moderator Emeritus
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 13,365
It's part of their employee healthcare initiative.

Do you have any idea what sorts of germs and things are on paper money?
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 05-16-2018, 08:11 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 8,155
It's a risk having employees handle cash. Despite them all passing background checks sometime money walks away.
MRG is online now   Reply With Quote
Old 05-16-2018, 08:11 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 1,216
Quote:
Originally Posted by captain3d View Post
Is it legal to refuse cash as payment?
Yes. Only the Federal government has to accept cash.
cathy63 is offline   Reply With Quote
Old 05-16-2018, 08:20 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 6,057
I've dealt with Citi before and with great pain. The name, by the way, is pronounced with a "shh" for the C.

Keep waiting for the Costco/Citi card to blow up or give me plastic herpes or drain all our bank accounts.

They are a Citi bank
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
calmloki is offline   Reply With Quote
Old 05-16-2018, 08:21 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 9,738
They probably would take Amazon gift cards instead of cash (I'm just being sarcastic, of course ).
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is offline   Reply With Quote
Old 05-16-2018, 08:38 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 10,778
Just curious....... I've never considered driving to the bank and paying my CC bill in cash. I always pay on line. Second choice would be to mail a paper check. What would be the advantage of traveling to the brick and mortar bank building and paying the CC bill with cash?
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 05-16-2018, 08:39 AM   #9
Full time employment: Posting here.
 
Join Date: Jan 2013
Posts: 775
I Googled.
https://truththeory.com/2016/11/25/w...iple-branches/

.
broadway is offline   Reply With Quote
Old 05-16-2018, 08:43 AM   #10
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: lumpen slums of cyberspace
Posts: 30,018
Sounds like a way to reduce the number of branch offices and tellers. Lots of retail transactions are cash related that could be automated, but the customers are reluctant to do so.
MichaelB is online now   Reply With Quote
Old 05-16-2018, 08:44 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 2,985
I haven't set foot in a bank in years. Everything is through Billpay, cell phone deposits or ATM's. So seeing stuff like this doesn't surprise me. Just one more nail in the coffin of retail banking.
COcheesehead is offline   Reply With Quote
Old 05-16-2018, 08:53 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 10,778
Quote:
Originally Posted by MichaelB View Post
Sounds like a way to reduce the number of branch offices and tellers. Lots of retail transactions are cash related that could be automated, but the customers are reluctant to do so.
Do you really think the number of cash transactions to pay CC bills or mortgages (the two types of transactions Citi is no longer accepting cash for) is large enough to lead to reducing staff? I can't find any data, but it seems like it would be rare for someone to show up at the bank with a handful of cash to pay the CC bill or mortgage.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 05-16-2018, 08:59 AM   #13
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 2,985
Quote:
Originally Posted by youbet View Post
Do you really think the number of cash transactions to pay CC bills or mortgages (the two types of transactions Citi is no longer accepting cash for) is large enough to lead to reducing staff? I can't find any data, but it seems like it would be rare for someone to show up at the bank with a handful of cash to pay the CC bill or mortgage.
There is a part of society that lives on cash. I have employees that do not have checking accounts. Everything they do is cash. So it bet there are more cash transactions than you think.
COcheesehead is offline   Reply With Quote
Old 05-16-2018, 09:08 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 10,778
Quote:
Originally Posted by COcheesehead View Post
There is a part of society that lives on cash. I have employees that do not have checking accounts. Everything they do is cash. So it bet there are more cash transactions than you think.
I don't think so. Remember, we're not talking about general cash transactions at the teller window. We're talking about going into the bank and paying your credit card bill in cash. It would seem strange for someone who uses a CC to regularly make a trip to the bank with cash to pay the CC bill.

I think the "part of society that lives on cash" is also predominantly a group that doesn't use CC's.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 05-16-2018, 09:12 AM   #15
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: lumpen slums of cyberspace
Posts: 30,018
Quote:
Originally Posted by youbet View Post

I think the "part of society that lives on cash" is also predominantly a group that doesn't use CC's.
Or banks. Many of them, and the businesses they work for, use check cashing services instead of banks.

An extended family member of mine who worked as a teller said there were a high number of low value cash transactions by seniors who preferred to stop by the branch and cash a check rather than use the ATM.
MichaelB is online now   Reply With Quote
Old 05-16-2018, 09:30 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 10,778
Quote:
Originally Posted by MichaelB View Post
Or banks. Many of them, and the businesses they work for, use check cashing services instead of banks.

An extended family member of mine who worked as a teller said there were a high number of low value cash transactions by seniors who preferred to stop by the branch and cash a check rather than use the ATM.
That makes sense and I agree. What I'm questioning is the frequency of folks regularly paying their CC bill at the bank with cash. (That's the subject here, right?) That would seem to be very unusual. I'm not questioning the fact that some members of society live life on a cash basis. Citibank is still allowing cash transactions (cashing checks, depositing cash to checking, etc.). They are, as OP stated, just eliminating accepting cash to pay CC bills. I think those specific transactions are rare so this is a moot or at least no-big-deal issue.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 05-16-2018, 09:39 AM   #17
Thinks s/he gets paid by the post
 
Join Date: Apr 2011
Posts: 2,538
Well, just go in & deposit the cash in an account with a debit card attached & then give them your debit card to pay the credit card bill based on the cash you just deposited.
gerntz is offline   Reply With Quote
Old 05-16-2018, 09:40 AM   #18
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 3,211
A refusal to accept reasonable cash in payment of a debt, public or private as is printed on Federal Reserve notes, is evidence the debt has been satisfied. https://arstechnica.com/civis/viewto...?f=23&t=625014
GrayHare is offline   Reply With Quote
Old 05-16-2018, 09:41 AM   #19
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 2,555
Perhaps a "trial balloon" to see if moving cashless at Citi would be tolerated in the US?
gauss is offline   Reply With Quote
Old 05-16-2018, 10:01 AM   #20
Full time employment: Posting here.
 
Join Date: Jan 2011
Location: Just North of Boston, Soon on way to Maine
Posts: 664
Quote:
Originally Posted by captain3d View Post
Is it legal to refuse cash as payment?
Quote:
Originally Posted by cathy63 View Post
Yes. Only the Federal government has to accept cash.
Not always true, in Massachusetts all retail establishments must accept cash.

Quote:
Originally Posted by Commonwealth of Massachusetts
Section 10A: Discrimination against cash buyers

Section 10A. No retail establishment offering goods and services for sale shall discriminate against a cash buyer by requiring the use of credit by a buyer in order to purchase such goods and services. All such retail establishments must accept legal tender when offered as payment by the buyer.
__________________

ChiliPepr is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Doctors in Southern California not accepting " Covered California" plans, even PPO's Salty Health and Early Retirement 60 08-20-2016 04:12 PM
More TurboTax woes - Minnesota stops accepting returns (edit - now all state filings) ChicagoGal FIRE and Money 51 02-11-2015 10:11 AM
Doctors not accepting Obamacare? jesaco Health and Early Retirement 80 11-18-2014 09:50 AM
Home Depot no longer accepting Lowe's coupons soupcxan Other topics 28 02-11-2014 02:56 PM

» Quick Links

 
All times are GMT -6. The time now is 06:26 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×