Martin Lewis reveals whether shops legally have to accept cash

A number of stores are refusing to take cash and are only accepting card payment. This is to limit the transfer of the illness on cash.

READ MORE

  • Martin Lewis explains spotting this ‘hidden’ payment could save money

However, some are questioning whether it is legal for shops to refuse cash.

Martin revealed that along as shops are not discriminating on account of race, gender or sexuality etc then shops can “take and refuse any payment they want.”

“If they say they want to accept payment in Pokemon cards then that’s perfectly legitimate.”

So shops can refuse your cash.

“The reason people get confused is because they hear this thing called legal tender and they go ‘well it’s legal tender, you have to accept legal tender’, but they have totally misunderstood.

“The definition of legal tender, if something is legal tender then it cannot be refused as payment for a court awarded debt.

“That’s all it means. For example Scottish notes are not legal tender anywhere in the UK, but they are legal currency and I would encourage shops keepers to accept them.”

Martin went on to add: “Briitsh bank notes are Royal Mint coins are (legal tender).

“One and two pences are only legal tender to settle a debt up to 20p, to settle as debt over 20p they are not.”

DON’T MISS
Martin Lewis Money Saving Expert’s urgent smart meter warning [ADVICE] 
Caravan & campsites: Martin Lewis reveals how vouchers can be used [TIPS] 
Martin Lewis issues urgent warning for Britons eyeing cheap holiday [DEALS] 

The Bank of England said: “You might have heard someone in a shop say: “But it’s legal tender!”. Most people think it means the shop has to accept the payment form. But that’s not the case.

“A shop owner can choose what payment they accept. If you want to pay for a pack of gum with a £50 note, it’s perfectly legal to turn you down.

“Likewise for all other banknotes, it’s a matter of discretion. If your local corner shop decided to only accept payments in Pokémon cards that would be within their right too. But they’d probably lose customers.

“Legal tender has a narrow technical meaning which has no use in everyday life. It means that if you offer to fully pay off a debt to someone in legal tender, they can’t sue you for failing to repay.”

Martin Lewis also issued urgent advice to smart meter users. 

One viewer told the expert: “Since the day we’ve been using (a smart meter) it’s been sometimes £50 a week just for the electric, whereas before that would last two months.”

Martin said: “Something’s wrong, you don’t double the price by getting a smart reader in.

“You need to talk to them and get them to see if everything is working correctly or if there was a problem before to try and understand the issue.”

Source: Read Full Article