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What is the legal requirement for businesses to accept payment with pennies according to the paying with pennies law?
The legal requirement for businesses to accept payment with pennies is that they must accept up to 100 pennies for any transaction. This is in accordance with the "Legal Tender for Payment of Debt Act" which states that all U.S. coins and currency are legal tender for payment of debts.
What else can I help you with?
How many pennies can you pay in cash?
In the United States, there is no legal limit on the number of pennies you can use to make a cash payment, but businesses may refuse large quantities for practical reasons. Typically, if a payment involves a significant number of pennies, the recipient may be allowed to limit the amount accepted or request a more manageable form of payment. It's important to check with the specific business regarding their policy on accepting coins.
Can a shop turn away payment in pennies?
Actually it is their option to accept pennies. It just not very common. There are some countries that "advise" that the acceptance of pennies as payment may not exceed a certain amount after which they are not classed as "legal tender" one such country is the UK where up to 20 pence in pennies is the maximum that is classed as legal tender
Which is the only state in the US that will accept pennies as payment at toll booths?
arizona and washington
How many pennies were made in 2012?
According to the US mint, 6015.2 million pennies were made in 2012.
How do you obtain payment from a company in receivership?
You file a "prof of claim" with the court and wait in line. Frequently you only get pennies on the dollar owed.
A man decides to deposit 8 million pennies with a reserve requirement of 20 percent how did his deposit change the lending capacity of his bank?
Eight million pennies is $80,000. The man has $64,000 after the 20 percent reserve is meet. The banks capacity is $16,000.
how much money is 302 pennies?
Depends on which country's pennies you're referring to. 302 pennies makes three Dollars and two cents in the US and Canada. The Australian penny has been out of use since 1966. 240 Australian pennies made an Australian Pound. 302 British pennies (Penny Sterling) would make 3.02 British Pounds. However, British law allows refusal of payment in pennies more than 20 pence to settle debts. The Irish penny is no longer in circulation, as the Irish Pound has been replaced by the Euro.
Where can you buy pennies and pennies and pennies and pennies?
the bank!
What does selling debt mean?
A company, usually a collection agency, will buy past due accounts from businesses for pennies on the dollar. They make a profit when they collect on the debts.
Where do you turn in your old pennies?
You can turn in your old pennies at various places, including banks, which often accept them for deposit or exchange. Coin-counting kiosks like Coinstar also allow you to convert pennies into cash, though they may charge a fee. Additionally, some retailers may accept them as payment. If you have a large quantity, consider donating them to charities that accept coins.
How many pennies can you legally use per transaction?
There is no legal limit; however, some companies may have a policy limiting the forms of payment, or the amount of change, that they will accept.
Which two states accept pennies in their toll booths?
As of my last knowledge update, the two states that accept pennies in their toll booths are New Jersey and Pennsylvania. Both states allow drivers to use pennies as a form of payment at various toll facilities. However, it's always a good idea to check current toll booth policies, as these can change over time.
