Banking and Cash Vent...

[lilranch2001]

yea but I can afford to lose a 20 much easier than a 100

 

[fried1765]

yea but I can afford to lose a 20 much easier than a 100

Can you "afford to loose" a stack of 20's ?

 

[4570Man]

Can you "afford to loose" a stack of 20's ?

The odds of having a counter fit stack of money that you didn’t print yourself is virtually nonexistent. Loosing a single bill it’s obvious which bill would be better.

 

[Diggin It]

Can you "afford to loose" a stack of 20's ?

The odds of having a counter fit stack of money that you didn’t print yourself is virtually nonexistent. Loosing a single bill it’s obvious which bill would be better.

The chances of getting a single counterfeit bill from a bank is very slim, though possible. The chances of getting a stack of them from the bank is about on par with getting to the moon by flapping your arms.

 

[4570Man]

The chances of getting a single counterfeit bill from a bank is very slim, though possible. The chances of getting a stack of them from the bank is about on par with getting to the moon by flapping your arms.

I don’t know what my local bank does with the money they take in ( which probably isn’t much) but I don’t think it goes directly back out. Their money is always banded and crisp. Most of it is new. I usually ask for 50s and they’re all new bills.

 

[Diggin It]

I don’t know what my local bank does with the money they take in ( which probably isn’t much) but I don’t think it goes directly back out. Their money is always banded and crisp. Most of it is new. I usually ask for 50s and they’re all new bills.

Probably related to my comment above about so many old style bills out there still in circulation. Banks tend to send them to the Treasury for legal 'money laundering'. Old style, worn out/damaged bills are shredded to the tune of millions each day.

"Banks and individuals will hand over "mutilated" bills and coins to these agencies. They then validate its authenticity and issue a Treasury check in return. The Bureau of Engraving and Printing receives around 25,000 mutilated currency redemption claims annually. Each bill is shredded and sent to waste energy facilities for disposal. "

"How much money does the Fed destroy? In 2010, its cash offices destroyed 5.95 billion notes. In 2009, that number was even larger at 6.05 billion notes. A large proportion of those notes were $1 and $20 bills, which are the workhorses of the American economy. In 2010, 2.6 billion $1 bills were destroyed."

The Destruction of Money: Who Does It, Why, When, and How? - The Atlantic

 

[Dftodd]

The kick in the butt is that those pens will also pass newsprint.
Having said that it does pay to use caution when accepting cash. There are a lot of bogus bills getting passed around the Bangor Maine area right now Maine police warn of counterfeit bills being circulated, and in one of the articles the police representative did say that often people passing them don't realize that they are fake.

I had a run in with the police years ago at a fast food joint over one of those pens.

Stopped for lunch, paid with a $20 bill. I had just withdrew $100 from an ATM.

Cashier said it was counterfeit after checking with a pen. Manager called the police. After a long argument with the officer who checked my other bills with the same pen saying they were counterfeit. I produced the receipt where I had just literally withdrew the money from a local banks ATM. That was the only thing that was keeping me from going to jail.

After a bit I finally talked the officer into checking his money with the same pen as well as other money from the register with the managers apprival. They came up counterfeit as well.

This had the officer baffled till he happened to look over and saw one of the people in the drive through writing on regular paper with the checker pen. Come to find out, writing with those pens on regular paper ruins them and makes them show false positives.

Ruined my bloody lunch over that and had to have the officer call my boss so I didn't get in trouble for being late back from lunch.

 

[grsthegreat]

The banks up here all run cash thru a magnetic counter/scanner that spits out suspected counterfeit bills. Even if i go in to get a few hundred in $20, they run the stack thru the machine. ive never had any issues, and i deal in alot of cash.

 

[4570Man]

The banks up here all run cash thru a magnetic counter/scanner that spits out suspected counterfeit bills. Even if i go in to get a few hundred in $20, they run the stack thru the machine. ive never had any issues, and i deal in alot of cash.

I have a habitat of not spending $1s and $5s and after I’ve accumulated a few hundred bills a take them to the bank and trade them. They always run that mess through the machine but I don’t recall them ever running a withdraw ( which I do often) through the machine. I guess they’re not worried about their own money being counterfeit.

 

[grsthegreat]

They do it here to verify count. It prints out a receipt that they hand to me