Can banks legally refuse to take over $5 if it is all in pennies?
The answer to this question was actually found on the official web site for the U.S. Department of the Treasury, HERE. Although U.S. currency and coins are "legal tender for all debts, public charges, taxes, and dues" [Coinage Act of 1965], there is no federal statute "mandating that a private business, a person or an organization must accept currency or coins as . . . payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a state law which says otherwise." Banks are private businesses, and they can establish their own rules concerning whether or how they will accept currency and/or coin for deposit or exchange.
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The answer to this question was actually found on the official web site for the U.S. Department of the Treasury, 