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

 

[fried1765]

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.

So a guy you have never seen before, pays you for something you are selling, with a stack of 200 new looking twentys, and he TELLS you he just picked them up at the bank.
You should have absolutely no concern about them being real?
Not me!

 

[ruffdog]

I have been reading up on zero or negative interest economies in the US and other countries. For the US to go zero/negative, we first must go cashless otherwise the switch gets complicated. If cash becomes a burden and costly for the user, people will chose the cashless route. Then, negative interest rates are right around the corner. Then, interest fees charged at financial institutions will pay for others to loan your money.

 

[JamesHW]

Always get cash these days in 20’s from our bank atm and have never encountered a counterfeit bill in my 66 years to my knowledge. Usually have $100 or so in my wallet for cash purchases, but usually pay almost everything w/ an Amex card. Haven’t actually been inside a bank for years (no great loss).

There is a great old Burt Lancaster movie from the 50’s, “Mister 880” where Lancaster is a SS agent hunting a counterfeiter...

Based on the true story of Emerich Juettner, an elderly junk dealer who, like the character in the movie, only used to print counterfeit $1 bills to make ends meet. For 10 years, Juettner eluded the Secret Service's efforts to find him. He was finally caught in January, 1948, after a fire forced him to vacate his apartment on New York's Upper West Side, and move in with his daughter in Queens. The firemen who put out the fire left some of Juettner's belongings in a nearby alley. A few weeks later, a group of local boys found some of his $1 bills in the alley, realized they were fakes (the name "Washington" was misspelled as "Wahsington" on the bills), and turned them over to police. Juettner was arrested, but only sentenced to nine months in jail and a $1 fine. When 20th Century Fox bought the movie rights to his story, Juettner received more money than he had ever made as a counterfeiter.

 

[Bird]

My wife and I each try to keep $100 to $150 cash on hand, but very seldom use any cash. We just use credit cards (and pay in full each month, of course, to avoid any other charges). Usually, when we need to replenish our cash, I just get cash at Walmart or Kroger's when we buy something and add the cash to the credit car, so no ATM fees and no interest. And while I HAVE gone to one of the branch offices a couple of times in the last 2 or 3 years, I haven't been to the main office of my credit union in so many years that I can't even remember the last time.

 

[MossRoad]

Bird,
I went to one particular credit union branch on my lunch hour about 4-5 times per week, every week, for over 25 years.

Not to get cash, though.... my wife worked there and I was picking her up for lunch! :laughing:

 

[Bird]

Not to get cash, though.... my wife worked there and I was picking her up for lunch!

Didn't she bring along enough cash to pay for lunch?:laughing:

 

[MossRoad]

Yes. She always seemed to have cash! :laughing:

 

[bunyip]

Always get cash these days in 20痴 from our bank atm and have never encountered a counterfeit bill in my 66 years to my knowledge. Usually have $100 or so in my wallet for cash purchases, but usually pay almost everything w/ an Amex card. Haven稚 actually been inside a bank for years (no great loss).

There is a great old Burt Lancaster movie from the 50痴, 溺ister 880 where Lancaster is a SS agent hunting a counterfeiter...

Reminded me of the con in gaol, 'when I was a counterfeiter I was making big money, 1/4" too big'.
I rarely carry cash and use credit cards, I carry 3 since having one fail at an airport a couple of cities away and I needed a rental car, like others it get paid off every month or sooner and I get thje reward point which generally getts me a $100 gift card every 6 weeks.

 

[Jstpssng]

^^^^
I had one fail a couple of years ago when I tried to replace the battery in my company truck, which had failed unexpectedly in the hardware store parking lot. Luckily the bank next door was open so I went in and got the cash. I got home and had both "Fraud Alert" text and voicemails on my phone, and an email to that account. I never did figure out what tripped the alert, but always make sure that I have a couple of hundred in my pocket now.

 

[ultrarunner]

And when they do fail it is often at the most inopportune time...

For me going to Washington always triggers alerts when working on the house... no cell service at the property so that complicates matters.

CC sees multiple Home Depot or Lowes purchases in another state and freezes card even when I call to let them know ahead of time.

Mom was traveling a few years back in Europe and got cut off... she did all the right things... zero balance prior to leaving, called the credit card company ahead of time with countries and dates...

About 5 days in the card company calls questioning a charge but will not discuss it with me as I am not on the account... says she needs to call in to clear...

She did call in when she got back to cancel!