Take a Check?

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Just out of curiosity, how about a little poll here? Making the assumption that you were a business owner and the banks were not closed: Would you accept a check for delivery of your merchandise after 1/1/00 ?

-- Sue (deco100@aol.com), January 05, 1999


I think none of will know the answer for some time yet, Sue. If it were Jan. 1 (a Saturday, by the way) and the banks were open, I probably would take a check. If we end up with bank runs and government mandated closures, it will happen before 1-1-00.

-- Vic Parker (rdrunner@internetwork.net), January 05, 1999.


-- Bubba (Badhabbit@water.com), January 05, 1999.

Sue, great question.

I'm very fearful of how or if my clients can pay me after the turn. I'm even more fearful that my services wont even be needed anymore.

The tough part is that there simply may not be enough cash around in circulation to pay out to all vendors and suppliers and so I would take food or other essential items as payment if I had to.

Mike =============================================================

-- Michael Taylor (mtdesign3@aol.com), January 05, 1999.

I might not take a personal check, but a travelers check might be acceptable.

-- Brian Smith (besmith@mail.arc.nasa.gov), January 05, 1999.

Hi Sue,

A check ('cheque'here in NZ) is an instruction to a Bank to pay on demand the sum written on the check form. Whether it is acceptable or not depends only on your confidence in Banks to meet the demand.

If a check is 'good' then the writer should be able to convert it into cash. By passing the check the writer is passing the problem of the conversion on to you. Tell your customer to get the cash.

Cash (or gold/silver or barter) is the only acceptable form of payment if there are even potential problems with the Banks.

The issue for business people becomes pressing when the form of payment is moved on to the next supplier. (Try restocking the shelves.) My guess is people who make it through the first early problems will be those who learn how to deal in mediums of exchange other than checks.

-- Bob Barbour (r.barbour@waikato.ac.nz), January 05, 1999.

One of the conferees on C-Span's Sunday morning program -- I think it was Michael Hyatt -- said he'd rather not be holding someone else'e liability at that point. Even T-bills are "someone else's liability," of course.

-- Tom Carey (tomcarey@mindspring.com), January 05, 1999.


http://www.econ.iastate.edu/classes/econ102/merrill/chap11-15/sld025.h tm for info on Money.

-- Glod (midas@downunder.com), January 05, 1999.

Glod, there is a typo in the URL that you posted. Lets make it easy:

money matters

-- Jack (jsprat@eld.net), January 05, 1999.


Thanxs 4 the correction..

.h tm should , of course read .html

don't expect 2 much from some1 called Glod..

-- Glod (midas@downunder.com), January 06, 1999.

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