MONEY guru Martin Lewis has settled the argument that stores are allowed to refuse cash payments.
The elderly and rural communities are among those who depend on cash to pay for goods and services.
But the use of cash has declined sharply in recent years, and it has been further accelerated by the coronavirus crisis, with many retailers and sites no longer accepting cash over fears it could spread the disease. virus.
Following this, Martin responded to a question from a confused viewer on ITV’s Martin Lewis Money Show last night.
Twitter user Toby said: “Many companies [are] does not accept cash as payment, only the card.
“Is cash still legal tender? Are they breaking any rules doing this? “
But for once, the answer is actually quite simple.
Martin said, “No, they don’t break any rules. You are only allowed to take a card as long as it does not discriminate on the basis of race or disability. ”
The question raised the definition of legal tender, which can lead to confusion.
Martin said: “The legal tender is interesting. Legal tender has a strict definition.
“That means if a court has awarded you a debt, if someone tries to settle and pays in legal tender, you can’t refuse it.
“And that’s all it means. ”
Martin pointed out that in Scotland only coins are in fact legal tender, but that does not mean that banknotes are not legal.
The money guru said: “In Scotland no banknote – neither the Bank of Scotland nor the Bank of England is legal tender. ”
“But these are all legal currencies. ”
Martin added that there was good news for people who still depend on cash but are struggling to get hold of it with the closing of bank branches and the removal of ATMs.
The government announced yesterday that it plans to allow customers to get Cash Back at store checkouts without buying anything next year.
Treasury Minister John Glen said the proposal would prevent cash from becoming obsolete due to the growing use of card and mobile payments.
Martin added, “With ATMs and bank branches closing, this will help.
“You can go to a supermarket and say ‘I’m not spending anything, but I would like £ 50 in cashback’. “
Supermarket rules explained as areas face high-risk coronavirus levels
Buyer says Morrisons has ‘secret’ toy sale with discounted items in checkouts
DECK LES HALLS
Aldi’s Christmas Food 2020 includes blueberry gin liqueur and chopped gin pies
How I earn £ 2,500 this holiday season decorating people’s Christmas trees
When to book Christmas delivery slots in supermarkets, including Tesco and Asda
In Budget 2020, the government announced new legislation that will give millions of Britons guaranteed access to ATMs across the UK.
Around 2 million Britons still use cash for their daily transactions, according to the findings of an Access to Cash review first published in 2018.
Still, the independent body’s latest research, published this year, predicts the UK could be virtually cashless by 2028.