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Types of money Wed, Mar 14, 2012
I recently refinanced my mortgage, and the final piece of the closing costs could only be paid with a bank check.  All my checking and savings accounts are online, which has caused me approximately zero problems up until this point in my life.  Bank checks can only come from brick-and-mortar banks, and you need to have an account there (at least I think that's how it works; banks are an example of a confusopoly).  I tried to negotiate with the company by offering any of several other forms of payment that are universally accepted across the globe by all businesses for pretty much any financial transaction:  Cash, check, or credit card.  They declined my offer.  Needless to say, I eventually got a bank check, which was the first time I've walked into a bank building in a good five years.

Which brings me to my point:  It's interesting that different types of money aren't equal.  I realize you can write a check without having the money in your account to back it up, and you can charge something to a credit card with absolutely no intention of paying it off.  But surely cash should be accepted no matter what, right?  From my perspective as a good consumer who has enough money to pay for the things he buys, all my methods of payment are equal.  You should accept my money whether it comes to you as paper or plastic.  Also, I'm the customer.  It's not that I think I'm always right, but shouldn't you at least try to accept my form of payment as long as it doesn't cause you excessive financial harm?  I'm trying to give you money.  Take it.  Take my money. #money


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