There is nothing to stop an individual or company from accepting pretty much anything (legal) in exchange for their goods and services. (ie you can offer to mow someone’s lawn for lunch).
On the other hand, there is nothing to force an individual or company to accept an offer to exchange. So there is no obligation for any individual or business to accept a bank check as payment.
So in theory, nothing stops someone from accepting a piece of paper with a bank name, signature and some dollar amount written on it as payment. In practice, given the risk involved, it is less common.
There are exceptions – because the US dollar is legal tender in the US, individuals and businesses cannot refuse it as a payment for (domestic) debt. Also, the USD will always (and generally only) be accepted by the US government for taxes and fees. This gives the USD some value because most businesses and people will have need for it when it comes to settling up with the government. This makes the US dollar very transferable.
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