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| Posted by: Perm Dude
- [5936267] Sat, Oct 27, 2007, 12:47
Apple limits iPhone sales by requiring debit or credit cards
I'm no lawyer (as many of you know), but it seems to me that this move is against the law. The Legal Tender Act requires that US currency be acceptable for all debts (public & private). I don't believe that Apple can actually do this. |
| | | 1 | nerveclinic
ID: 105222
Sat, Oct 27, 2007, 12:58
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Bought the stock at 89
Sold it Friday around 185.
Any controversy you can drum up PD to drive the price down so I can buy it back again would be greatly appreciated.
Nerve
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| | | 2 | Perm Dude
ID: 5936267
Sat, Oct 27, 2007, 13:42
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:)
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| | | 3 | Boxman
ID: 571114225
Sat, Oct 27, 2007, 21:56
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Sirius radio is similar to this. They require either a credit or debit card # for the monthly fee.
My daughter owns Apple stock. She got in around the 140s or so IIRC; so yes please continue attempting to bash Apple so the stock goes down. Like Cramer says, "Buy, buy buy." :)
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| | | 4 | Tree
ID: 19242713
Sat, Oct 27, 2007, 22:23
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They require either a credit or debit card # for the monthly fee.
that's different. i mean, you often need a credit card to rent a car or get a hotel room.
but purchasing goods? cash is legal tender.
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| | | 5 | Boxman
ID: 571114225
Sat, Oct 27, 2007, 22:43
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Isn't that technically purchasing a "good"? I understand that I'm not paying for a tangible product in my Sirius example, but it is still a "public & private" debt, is it not?
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| | | 6 | Perm Dude
ID: 5936267
Sat, Oct 27, 2007, 23:33
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If there was a place to physically purchase the product that might be right. Sirius might have one office somewhere that will take cash--it would be up to the customer to get there during the hours posted. That way they stay within the law and take cards for customer "convenience."
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| | | 7 | nerveclinic
ID: 105222
Sun, Oct 28, 2007, 03:24
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PD
Don't you think Apple has lawyers who would catch something like that if it were literally "illegal"?
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| | | 8 | Boxman
ID: 571114225
Sun, Oct 28, 2007, 08:27
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Here ya go PD.
US Treasury Dept.
I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?
The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which 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 are 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 for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.
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| | | 9 | rockafellerskank
Dude
ID: 27652109
Sun, Oct 28, 2007, 12:07
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This has been on snopes for a while (well a simliar myth about pennies)
link
Otherwise, if I didn't like Walmart, I could go bu a plasma for $999.99 and force them to accept pennies, thus tieing up their employees endlessly to count them, carry them, convert them, etc... :) . I was at Costco buying gas yesterday and noticed a sig on the pumps that "no cash accepted" They do accept debit cards and Amex though. I'm sure they do this because 1) elimintaes the chance of armed robbery 2) eliminates the chance of employee graft and 3) eliminates the need to pay a armored car to pick up cash and take to the bank.
I'm willing to bet in the next 20 years, "money" is all but eliminated in the general population. We'll all pay by poining out iPhones at the Coke machine and pressing the green button.
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| | | 10 | biliruben
ID: 4911361723
Sun, Oct 28, 2007, 12:12
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This is actually linked to the other thread about privacy and anonymity.
I generally pay cash in nearly all my transactions to keep those black helicopter pilots on their toes.
As soon as you use a debit or credit card, Big Brother or Sauron's eye, spies you!
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| | | 11 | biliruben
ID: 4911361723
Sun, Oct 28, 2007, 12:14
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Not to mention the fees associated with the cards. Sure, the retailer pays them at point of transaction, but we all end up paying for them in the end.
I suppose if you own Visa stock, you get it back.
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| | | 12 | nerveclinic
ID: 105222
Sun, Oct 28, 2007, 13:16
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I could go buy a plasma for $999.99 and force them to accept pennies, thus tieing up their employees endlessly to count them, carry them, convert them, etc
There would be an easy way for Wal Mart to F with you right back. They would tell you, of course, you have to sit there while they count out the pennies.
Then they would find their most mathematically challenged employee to count...twice, to make sure he/she gets it right.
I'm not sure how you are "getting wal mart" if you have to spend your day there while they count.
Yeah you'd get your TV for pennies, yeah you would waste their time but it would be hours later...maybe days...and you would waste your time too.
I guess if you were a slacker with nothing better to do it could be fun...but then you wouldn't have money for a plasma TV.
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| | | 13 | rfs on treo mry xmas
ID: 126352713
Sun, Dec 23, 2007, 11:13
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re 9
I guess you can buy a car with change....
http://wap.oa.yahoo.com/raw?dp=rssnews&u=ap/20071223/ap_on_fe_st/odd_coin_purchase&rn=mostviewed
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