Marty said: If I go into any bank or credit union and endorse for lawful money, can I cash the check? Do they have lawful money to give me right then? What if the check is drawn on another bank, can it be cashed or deposited? Do I have to surrender the check cashing charge? Can an LLC account endorse for lawful money??
Quote:
J. Elliot said: Sure, Marty. You can go to a bank or credit union and endorse for lawful money and cash your check. You'll get FRNs. If you redeem FRNs for lawful money, you get FRNs. There's no special account. There's no discharge of tax obligation. Nothing happens but the receiving of newer, crisper Federal Reserve Notes.
The US government doesn't even carry US Notes anymore. They discontinued them more like 15 years ago. Go to one of the Federal Reserve Banks and ask for US Notes...and they'll direct you to their museum where they keep lone examples of all the discontinued currency.
Don't take my word for it. Call them and ask them yourself.
David Merrill said: Looking at J. Elliot's response it comes to mind that you have prompted what you got. Do not endorse private credit from the Fed at all. Demand lawful money and if you deposit your paycheck, or any part of it that is a special deposit - not a special account. Your money sets in the bank's vault and cannot be used for fractional lending or to increase the national debt.
Get a look -
http://imagizer.imageshack.us/v2/160...40/hINHdm.jpg?