Banking and Cash Vent...

[Grumpycat]

About a year ago I needed some cash, considerably more than avaiable from an ATM.
Went tto a branch and was met with looks of absolute horror, we don't carry cash, only electronic banking, had to travel 60km to a branch that did.
Rarely do I set foot in a bank but this left me bewildered after all I was of the opinion that this was a primary function of a bank.

Many years ago I knew of need for cash a few days in advance so I called my credit union. They had the cash waiting for me, but not after being grilled to make sure I wasn't being scammed. Took me to a back room and everything to do the transaction. I was purchasing a new motorcycle from a Honda dealer who gave a better price for cash than check.

 

[Grumpycat]

The kick in the butt is that those pens will also pass newsprint.

Not well known but US paper currency is magnetic. If you run it through a MICR check reader there will be a signal, but not in MICR format. Just pull the money over a magnet then over a magnetic read head and you will see. Am told vending machines use this to validate bills. You can't bleach a $1 and print a $10 and fool the magnetic reader.

 

[ultrarunner]

Only once did I have a counterfit bill... I sold my car for $600 cash and the $100 bill was fake.

Didn't know until I took it in to deposit and the teller flagged it... She said they can tell by feel.

I said what happens now and was told it is now a matter for the Secret Service.... $100 was very dear to me as a struggling college student.

I insisted on a receipt and did get one finally...

 

[Jstpssng]

^^^^^^
But did you ever get your money back? A local hardware store owner was showing me a fake bill (twenty?) that he'd gotten. and pointed out that if you run your thumbnail across Jackson's shirt it should be rough and corduroyed. The guy who passed it was gone before the store owner noticed the problem, but also said that he didn't believe the guy knew that it was fake.

 

[Diggin It]

The kicker is he/she that has it last is on the hook. Doesn't matter if you're standing in the parking lot of the bank you just got it from. If the SS challenges you, they take the bill and you're out. You can try to get relief from either the bank or the courts, but don't hold your breath.

 

[paparon43]

I retired some years back from the FDIC Inspector General's Office. NEVER heard of such a think then, but now that time has changed, things may be becoming rotten in the hinterlands. Who knows what is being changed? I, of course, have some very private thoughts and fears, but one thing I would do, call the FDIC in your local phone book, or if you are in an area where you can call the FDIC IG, call and asked the simple question, "When and why/". Don't forget, I have been out for a long time, but I know we came across situations once in a while where someone in charge at the local bank did not understand or misinterpreted what actually was said or written.

 

[caver]

I bought a few counterfeit Sharpie looking markers but they seem to go bad in less than a year. I had an experience years ago where I just came from the bank and thought ehhhh break this 100 and pay cash at the gas pump. Her marker flagged it. I said no way. Finally I had her try some bills right out of her cash drawer and what do you know, faulty marker or just expired.

 

[radios1]

Only once did I have a counterfit bill... I sold my car for $600 cash and the $100 bill was fake.

Didn't know until I took it in to deposit and the teller flagged it... She said they can tell by feel.

I said what happens now and was told it is now a matter for the Secret Service.... $100 was very dear to me as a struggling college student.

I insisted on a receipt and did get one finally...

the SS should replace that with a genuine bill, it only costs a few cents to make!!..

 

[4570Man]

the SS should replace that with a genuine bill, it only costs a few cents to make!!..

I agree, but they can’t. Otherwise people would be turning in counterfeits for real. I’ve never had a counterfeit that I realized but if I did I’d spend it. It’s all paper anyway, I shouldn’t take a hit for something I didn’t do.

 

[Jstpssng]

I agree, but they can’t. Otherwise people would be turning in counterfeits for real. I’ve never had a counterfeit that I realized but if I did I’d spend it. It’s all paper anyway, I shouldn’t take a hit for something I didn’t do.

Did you ever play the kid's game "Hot Potato" or perhaps "Musical Chairs"? The last one holding it is stuck with it.

 

[Diggin It]

One problem is there are too many different variations. Maybe not in 100s, but how many different versions of 10s and 20s are running around in the wild? Can you tell a fake 1980 twenty from a real one? They try to pull those old bill in as they pass through clearing houses, but not all of them pass through those.

Brings up an interesting question. How would a bankophobic who keeps cash at home handle things if some of those old bills were no longer valid for some reason?

 

[Diggin It]

Did you ever play the kid's game "Hot Potato" or perhaps "Musical Chairs"? The last one holding it is stuck with it.

Could be stuck doing 10 years too.

 

[Jstpssng]

Could be stuck doing 10 years too.

Only if you knew that it was fake.

 

[radios1]

I agree, but they can稚. Otherwise people would be turning in counterfeits for real. I致e never had a counterfeit that I realized but if I did I壇 spend it. It痴 all paper anyway, I shouldn稚 take a hit for something I didn稚 do.

I don't think that's possible, because the SS would investigate the source of the bills, and determine if the subject was an innocent victim or a criminal making, or knowingly passing the money!..

 

[Diggin It]

They don't replace them because they were never a legal draft obligation of the Treasury. If you get one from a bank and can prove it, the bank should replace it, but probably won't under the same pretense.

 

[ultrarunner]

One thing not talked about much is the US Treasury replaces counterfeit bills held by foreign Central Banks... Last time in Austria the local town bank would not do business with me due to incidents with counterfeits.

 

[Ken45101]

Like I said, if you're doing wrong it could happen.. You're average normal person is never going to get cash taken from them in a traffic stop.. This isn't communist China..

Years ago there was a episode on 20/20 or one of the other news shows. I-10 through Louisiana was a routine are for some police departments to pull over people and confiscate their money or vehicle. What were they doing wrong? Driving I-10 with out of state platesl. Cops even pulled over the filming news crew.

 

[Ken45101]

I suppose..

I try not to drive around drug area's with a pile of cash in my car at 2:00am..

Interstate 75 is a well known drug corridor, at all times of the day.

 

[fried1765]

This spring I sold my smaller rear blade. $900 . The fellow gave me nine - $100 bills. I never thought a thing about it until I went to the bank to deposit.

The teller scanned each bill with some kind of pen. I guess they were all good because they were deposited into my account.

Has it come down to a point where a private citizen must have one of those "scanning pens" to accept larger bills.

If any of the bills had been bogus - I'd have been up the creek with only a teaspoon..............

I wonder if LEO would have accepted my explanation. "I received them from an unknown person".

On request, my local bank gives out free currency testing pens to their customers.
The pens are not foolproof, but they usually do work.

 

[fried1765]

I avoid 100's at all cost.
Tellers hate it when I ask for $1000 or $2000 in 20 dollar bills

My bank manager says that counterfeit 20 dollar bills are the ones they receive most often.