Are you stashing cash - the paper kind?

^ True. I do realize it might be a better way for businesses but for them to not want to take your money in paper isn't right either. The world is coming to paperless and NO cash world.
 
street said:
^ True. I do realize it might be a better way for businesses but for them to not want to take your money in paper isn't right either. The world is coming to paperless and NO cash world.
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It's more than not right, it's illegal.

A cashless society is a terrible idea. Those who want one should be careful what they wish for.
 
Music Lover said:
I've always been under the impression that cash is legal tender and must be accepted by law. Therefore, it seems odd that new laws need to be passed to force businesses to follow what's already in the law.
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Here is what the Federal Reserve has to say about that:


Is it legal for a business in the United States to refuse cash as a form of payment?

Section 31 U.S.C. 5103, entitled "Legal tender," states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."

This statute means that all United States money as identified above is a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law which says otherwise.
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source -- https://www.federalreserve.gov/faqs/currency_12772.htm
 
Walt has them
 

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Debt is the key. If you pump gas first, or eat at a restaurant, the establishment must accept cash to settle what you owe. Shop at store, however, then look to pay, the merchant can legally refuse cash since you have no pending debt. This is a possible unintended consequence of laws designed to force the acceptance of paper money in place of specie for business transactions.
 
Animorph said:
The U.S. dollar is the official currency of Ecuador.
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A bunch of places use US dollars as their official money including: El Salvador, Zimbabwe, Timor, Micronesia, Palau, British Virgin Islands.

Other places treat it as legal tender: Philippines, Bahamas, Barbados, Bermuda, Cayman Islands, St. Maarten, St Kitts, Panama, Belize.

And is widely accepted in Canada, Mexico, Costa Rica, Nicaragua, Myanmar, Cambodia, Liberia, Vietnam.
 
mpeirce said:
A bunch of places use US dollars as their official money including: El Salvador, Zimbabwe, Timor, Micronesia, Palau, British Virgin Islands.

Other places treat it as legal tender: Philippines, Bahamas, Barbados, Bermuda, Cayman Islands, St. Maarten, St Kitts, Panama, Belize.

And is widely accepted in Canada, Mexico, Costa Rica, Nicaragua, Myanmar, Cambodia, Liberia, Vietnam.
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Very true. Was just in Panama and the Balboa is tied to the US dollar. Both are readily accepted. And in most other countries listed, why wouldn't a vendor accept dollars? They usually can make a 10-20% profit on the exchange.
 
"In a sign of the growing backlash against “cashless” stores around the country, the City of Philadelphia will require retailers to accept legal tender starting this summer.

But many transactions will be exempt, including those at parking lots and garages; businesses that sell goods through a membership model; rentals that require security deposits; online, telephone or mail-in transactions; and goods sold exclusively to employees."

https://www.nytimes.com/2019/03/07/business/cashless-stores-philadelphia.html
 
mickeyd said:
I recently observed a headline: "It's all about the Benjamins". I did not stop to read the article. Was it concerning this topic?
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Uh, no. But, to this topic, I live on an island which has no electrical "grid" as we think of grids. We have frequent power outages, so I like to have enough cash on hand to cover a couple of weeks worth of normal purchases. Last major outage, I was able to go to the one register that particular store keeps available for such issues and was only delayed about 10 minutes while the other computers were rebooting (short outage that time - our personal record is about 18 hours island wide.)

My (ITSHTF) fear is that if something major (I don't even want to speculate) happens in the world (or even the nation) we are quite isolated. I understand that we have less than 7 days of food on the island. I could imagine cash being king at some point. Not sure how much cash would be required, but probably more than I'm willing to keep at home, so... YMMV.
 
Australia is in the process of redesigning it's bank-notes , in the name of anti-counterfeiting ( rather than saying the previous lot were fragile under certain conditions )

so i call it 'collecting ' ... ( wink ) ( and avoid shrink-wrapping it on pallets , lest it be classed as money-laundering , and seized )
 
After I started reading this thread and posting a few times, I decided to put some of my cash in a CD that I can add too. I had one years worth of expense in cash. I will gradually deposit it in chunks, till most of it is in the bank.
 
I have around 2K in the gun safe here in the house, that I call my SHTF fund. If I find something that needs immediate cash to buy, I can make an easy withdrawl on the weekends without a drive into town. It's comforting to know you won't be a helpless victim if the banks close for whatever reason.
 
We had two tax free checks for $530 and $539 come in from our two Savor card bonus redemptions yesterday - trotted down and cashed them, then came back and added them to the little pile. I had pulled $4700 in cash out of the bank thinking I was going to buy a used Smart car on our trip south - didn't happen, so between that and the other hundreds collected we're almost to $10k in house cash. Silly, but kind of fun too.
 
Money laundering has always been a mystery to me. I'm watching Ozark and the theme is money laundering. So a criminal get a bunch of cash, much like Walt did. Where do you put it? I gather, set up a business and have pretend sales. But then you have to pay taxes on those sales. So you lose money on purpose, to avoid the taxes. I know large chunks of cash sends a red light to the Feds or IRS if withdrawn or deposited. This whole process is intriguing.
I'm sure no one on this forum will touch that topic.

But I like mafia, criminal, who done it type TV series and such. Recently heard an old interview with Mario Puzo who died in 1999. He talked about his experiences as a child which became part of his book, then the movie. Fascinating. Some of those experiences depicted really happened. He actually coined the term "Godfather."In the mafia, I mean. It did not exist before his book.
 
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Rianne said:
Money laundering has always been a mystery to me. I'm watching Ozark and the theme is money laundering. So a criminal get a bunch of cash, much like Walt did. Where do you put it? I gather, set up a business and have pretend sales. But then you have to pay taxes on those sales. So you lose money on purpose, to avoid the taxes. I know large chunks of cash sends a red light to the Feds or IRS if withdrawn or deposited. This whole process is intriguing.
I'm sure no one on this forum will touch that topic.

But I like mafia, criminal, who done it type TV series and such. Recently heard an old interview with Mario Puzo who died in 1999. He talked about his experiences as a child which became part of his book, then the movie. Fascinating. Some of those experiences depicted really happened. He actually coined the term "Godfather."In the mafia, I mean. It did not exist before his book.
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I'm fascinated how clever some criminals are, and the schemes they come up with. I've lived toooooo honestly.
 
Cash is king during a power outage.
Cash is the only option to maintain a tiny slice of privacy/anonymity/portability.



I always question the motives of legislators that want to get rid of Benjamins "because they are only used by criminals"... yet all the end user dope deals are done in small bills... Its a push for an all digital economy. Benjamins are just the easiest bill to get rid of first.
 
catii said:
I ininstalled a small safe between wall framing in my den that serves as my home office, & then put a picture over it. DW doesn't even know it's there, & has no reason to look for it.

I keep between $3-$5,000 in cash, mostly $100s, but lots of $20s, too. I use it as vacation money, & to buy her small gifts that she's unable to track (she handles the finances, so CC purchases show up quickly). Not really emergency funds, more like money to play with.
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My first thought is that if something happens to you, that money goes POOF! Until new owners take the picture off and run to a locksmith. :(
 
Spock said:
Cash is king during a power outage.
Cash is the only option to maintain a tiny slice of privacy/anonymity/portability.



I always question the motives of legislators that want to get rid of Benjamins "because they are only used by criminals"... yet all the end user dope deals are done in small bills... Its a push for an all digital economy. Benjamins are just the easiest bill to get rid of first.
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Yup. "Regular" people who wish for a cashless society have no idea what they're asking for.
 
Rianne said:
Money laundering has always been a mystery to me. I'm watching Ozark and the theme is money laundering. So a criminal get a bunch of cash, much like Walt did. Where do you put it? I gather, set up a business and have pretend sales. But then you have to pay taxes on those sales. So you lose money on purpose, to avoid the taxes. I know large chunks of cash sends a red light to the Feds or IRS if withdrawn or deposited. This whole process is intriguing.
I'm sure no one on this forum will touch that topic.

But I like mafia, criminal, who done it type TV series and such. Recently heard an old interview with Mario Puzo who died in 1999. He talked about his experiences as a child which became part of his book, then the movie. Fascinating. Some of those experiences depicted really happened. He actually coined the term "Godfather."In the mafia, I mean. It did not exist before his book.
Click to expand...

I mentioned this in a previous thread years ago, back in my w@rking days I rotated shifts. On my commute I passed the cutest, cleanest, bestest miniature golf course ever built. It had lights, a picnic pavilion, a stage, 6 car parking lot. In twelve years, I never saw anyone ever on the course, but I did see one family of 4 eating there once. They had out of state plates on the car, and I'm sure they just stopped because they could.

My FBI neighbor also told me years ago, that pizza shops are the biggest money laundering scheme going.
 
Rianne said:
Money laundering has always been a mystery to me. I'm watching Ozark and the theme is money laundering. So a criminal get a bunch of cash, much like Walt did. Where do you put it? I gather, set up a business and have pretend sales. But then you have to pay taxes on those sales. So you lose money on purpose, to avoid the taxes. I know large chunks of cash sends a red light to the Feds or IRS if withdrawn or deposited. This whole process is intriguing.
I'm sure no one on this forum will touch that topic.

But I like mafia, criminal, who done it type TV series and such. Recently heard an old interview with Mario Puzo who died in 1999. He talked about his experiences as a child which became part of his book, then the movie. Fascinating. Some of those experiences depicted really happened. He actually coined the term "Godfather."In the mafia, I mean. It did not exist before his book.
Click to expand...



I love the washing money movies, breaking bad, ozarks. I find it interesting
 
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