USA PATRIOT Act: Credit Card Cash Payment Limit?

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Question:

I recently visited a retail chain that issues credit cards, and noticed a sign posted near the payment center. The notice stated that beginning April 11, 2003, the retailer would be required by the Federal Government to implement a $350.00 limit on the amount of currency it could accept as payment on a credit card account during any 30day billing cycle. Apparently, this change is part of the USA PATRIOT Act. Could someone tell me where, or in what section of the USA PATRIOT Act is this limit is mentioned?

Answer:

I am not aware of any such requirement in USAPA (as I've learned to truncate even the acronym). But I have heard of lots of things being done in the name of USAPA nonetheless.

This may be their policy, which they may have drawn up in response to some aspect of USAPA (such as having to deal with money laundering and SARs?). Sort of a parallel to many banks' refusal to sell monetary instruments for cash or to noncustomers.

First published on BankersOnline.com 06/16/03