[kwlug-disc] Cash becoming illegal?

Insurance Squared Inc. gcooke at insurancesquared.com
Thu Nov 4 19:56:49 EDT 2010

Trust me, you're not paranoid enough.  Saying it's frowned upon is not 
near close to the truth. The current regulations surrounding money 
laundering and terrorism is insane.  If you come to me to put money into 
your life insurance policy and hand me cash, I ask for some ID, you 
decline and take your business elsewhere, I am *required* by law to 
complete a report with the government.  Required.  By law.  That one 
slipped by the public a year or two ago with no outcry.

I don't think they can require people to take money.  We don't accept 
cash or money orders, or anything like that anymore - just refuse to.   
The hoops I have to go through and the problems I open myself up to in 
doing so just mean I'd rather pass on the business than deal with it.

On 04/11/10 07:34 PM, rbclemen at gmail.com wrote:
> In the era of Homeland Security, obtaining identity-proving documents via an untraceable method of payment is probably frowned upon. But yes I believe cash is still the legal tender for all consumer level transactions
> Brent
> Sent wirelessly from my BlackBerry device on the Bell network.
> Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
> -----Original Message-----
> From: John Van Ostrand<john at netdirect.ca>
> Sender: kwlug-disc-bounces at kwlug.org
> Date: Thu, 4 Nov 2010 18:48:21
> To: KWLUG discussion<kwlug-disc at kwlug.org>
> Reply-To: KWLUG discussion<kwlug-disc at kwlug.org>
> Subject: Re: [kwlug-disc] Cash becoming illegal?
> ----- Original Message -----
>>  From what I heard, the passport office deals with cash so
>> infrequently,
>> the cost of handling cash (storage, security, bank deliveries) was too
>> much. They could cut costs by not accepting it. Would only affect the
>> 1% of people who paid in cash. How many people who travel don't have
>> access to a debit or credit card.
> I thought vendors were obliged to take money.


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