JP MORGAN/CHASE Stops accepting CASH as payment for credit cards, mortgages; forbids customers from storing cash in Safety Deposit Boxes!
In an UNLAWFUL ACT with incredibly huge implications, one of America’s largest banks, JP Morgan/CHASE has adopted a new policy which FORBIDS PAYING CASH as payment of credit card, mortgage and other debts! Quite simply, this policy appears to violate the Uniform Commercial Code which holds that if a person attempts to use legal tender in payment of a debt, and the legal tender is refused, the debt is “discharged.” (See UCC § 3-603 (b))
Even more unusual, the same bank sent an Amendment to Lease Terms letter to all their customers with Safety Deposit Boxes, instructing them that it is no longer permissible for customers to store CASH OR COINS in safety deposit boxes unless they are “Collectibles.”
The fact that one of the largest banks in America is now refusing to accept American DOLLARS as payment of debts is extraordinary! It signals that the banks see our currency as becoming worthless!
Link to UCC § 3-603:
There IS a statute which enforces this: The Uniform Commercial Code which has been adopted in all fifty states as state statutes. Whichever state you live in, go to Google, type in (your state name) and (uniform commcercial code) and you will get the UCC as annotated for your state. All 50 states are absolutely identical in every regard except the top-level Statute number.
For instance, in New Jersey where I live, the UCC is:
N.J.S.A. 12A: . . . . and all the sub-sections are identical. So if I look up N.J.S.A. 12A: 6-306, I get the exact same wording as at the link in the OP for that section. Here is a link to PROVE this: http://law.onecle.com/new-jersey/12a-commercial-transactions/3-603.html
ALL of the states adopted the UCC because “this is the way we will all do business” and the law is the same in every state.
The Ohio Commerical Code (which is their version of the Uniform Commercial Code) requires legal tender to be accepted or the debt be discharged. Here’s a link directly to the Ohio law, code and section: