Is it illegal for businesses to deny cash as a method of payment?

Question

Could someone familiar with the subject give some background behind it as well? Thanks!

Answer 1

If payment is in the form of $100.00 bills/or any bill that the business feels is counterfeit/or payment with excess small coins ,the business can refuse your payment.Canadian Bankers Association.

Answer 2

well obviously!!!! Because you need to pay taxes or whatever, if you have a large ammount of money to put in the bank people are going to think well where has he got that from, anyway I'm pretty sure its illegal and you could lose your business and get a criminal record.

Answer 3

No, it is not illegal.  For example, an on-line business can require debit or credit card for payment.

Funds are needed to be "sourced" for real estate transactions.  That is one (but not the only)  reason why a certified check is required at settlement.

Stock brokers.  Can you imaging buying a million dollars of stock in cash?  

The Federal Government requires that all cash deposits and/or cash transactions over $10,000.00 be reported. This is to make sure funds are legal.