Your Cash is No Good Here

Anonymous's picture

Your Cash is No Good Here

 

A reader tipped us that Apple Stores are no longer accepting cash for iPhones. A quick call to a random selection of stores confirmed this.

 

Apple has also instituted a two iPhone limit at its stores.

 

This is presumably a measure to cut down on the amount of iPhones being purchased, unlocked and sold at a markup.

 

If you are wondering if Apple is breaking the law with this new policy, Mac|Life reader Anonymous2, (He/She must hate their parents for that name) pointed us to the US. Treasury FAQ page.

 

"There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services."

 

So there you go. You can start accepting chickens as payment for your Ebay items.

 

UPDATE: After making a few calls to local San Francisco AT&T stores, we have learned that AT&T stores are still accpting cash for iPhone purchases. Check with your local stores to see if they are accepting cash.

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BeatleMike

What's the point of a national currency? Well i think it pretty much comes down to telling all your citizens, "hey this is worth something so use it as money and pretty much everyone will accept it... except maybe a fruit named company in 200 or so years that will sell something your darned fore fathers can only imagine will be insanely great".

I believe the original idea, I may be wrong but similar statements are on foreign currency as well, is to notify people that, yeah, this is cash dude... or was that Bill & Ted's job?

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Anonymous64

Hi, can someone please confirm that AT&T stores are still accepting cash?

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Anonymous3

Really now people, another Mac Forum squabble.

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Anonymous

How to buy an iPhone at an Apple store using cash:

1. Buy an Apple gift card
2. Use the gift card to buy the phone

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michael Dunlop

so what do our bills mean when they say "This note is a legal tender for all debts, public and private"?

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Anonymous

That would mean the bills can be lawfully used for all debts, public and private. doesn't mean they're the only means to pay your debts, nor does it mean a business must accept them.

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Michael Dunlop

I think that it's supposed to mean 'it is NOT lawful for anyone to NOT except this'! Why would it have to say "You may legally use this as money"? duhhh!

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jsk

Not accepting cash is illegal and a violation of Federal Banking laws.

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Anonymous2

According to the US Treasury FAQ page, it is legal for sellers of goods and services to refuse to accept cash as payment (They reference the Coinage Act of 1965, specifically Section 31 U.S.C. 5103).

See: http://www.ustreas.gov/education/faq/currency/legal-tender.shtml

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Anonymous

Lets take it easy on the first poster. they obviously didn't read the article. the two paragraphs were obviously too much for them.

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Roberto Baldwin

That information wasn't in the story when the first comment went up. So the first poster what commenting on the information available. The second poster was the one who pointed out the link to the treasury.

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