Recently I have made two deposits of marked notes to different banks in Humboldt. Deposit one was 5,000.00 in marked $10.00 notes, and the other was 15 marked $100.00 notes. Both times I was told this money would be sent in to be destroyed. I told the cashier that they would probably be returned to circulation because they were all in great condition. Any thoughts or comments on this? Would the bank destroy that much money?????
They might send it for destruction but I doubt that the Bank of Canada would destroy it. They will put it back into circulation…
Your question is two fold and depends on many items. The bank teller puts it in the return damaged pile and that must be checked by the bank manager (unless they are slack at their job and just rubber stamp the return. The bank has to return this money through their normal courier and will wait for the amount to grow large enough to ship. Once the courier company receives the shipment it is opened and counted to confirm amo0unt. At this point if bills are deemed to be good they may re enter the money flow. If the bills are forwarded to the Bank of Canada for removal from circulation and they deem it is in good shape it will be returned to circulation, if too bad it will be destroyed. So in closing your bank Manager may talk to the teller(s) and return it into the money flow and you will see it back in a town near you or it may end up in recovery where ink stains can be removed in an ISO bath. In stains can happen from bank teller stamps, ink spills in work places, or money tracking sites all three of these ink stain cases and many others (kids with sharpies). All these can be cleaned up with an ISO bath. We can only send out our bills and hope they may survive. I try to enter them into the retail stream and avoid banks with my stamped money. Costco girl was very happy to take my $750.00 bill all in fives. She did do a money drop after my transaction and did call for a supervisor as they normally do for large cash purposes. Shoppers cashier bought $200.00 in fives from me and was thrilled to get them as store was very short of them (poor planning) I am in a flea market next week and will set many bills free on that day. Personally I never stamp fifties or hundreds as I used them to buy fives. Safeway also loves my fives as they never seem to have enough. Sorry for the long rant Wally but hope it helped.
Pretty sure this was discussed some time ago and I just wanted to retouch the subject. Thanks for your thoughts and opinions on this.
I had this discussion with an RBC Branch Manager who was VERY upset that I would deface Canadian Money and they would be sent to BOK to be destroyed. As earlier stated, it depends on their couriers (Brinks, G4S, etc) as when they open bags and confirm, if THEY feel the notes are OK, they do get put back into circulation (just where is the question, as I had a bunch show up in Delta BC). IF, yes IF the get set to BOC, the same thing happens.
Lets just say I never went back to that branch again.
For info purposes, they were larger denominations and I was exchanging for pre-ordered $5 notes.
So, as BANKCOLLECTOR stated, it all depends…
A suggestion is to deposit in an ATM..most will accept the notes depending on the stamp/markings. Another option is to find a cashier that understands what we're going (explain to them) and doesn't care about it. Make them your best friend.
Now that I'm down in Mexico, I can't really have any current input/say in this matter, but when I return, I still plan to stamp and spread notes!!
who says they are going to let a money defacer across the border. Heck if they will not allow someone who has worked in a Government controlled legal grow operation who has never smoked or digested the product in their life but likes the $29.50 an hour wage then how safe are we?
And as a side note:
We are trying to track the NORMAL flow of banknotes. Withdrawing large amounts, marking them and then returning them for deposit is frowned upon.
Exchanging them at a store is a gray area, but it does put them directly into circulation.
I'm friends with several bank managers, because I often withdraw large amounts of bills and coins to do coin roll hunting and bill serial searching. They've all told me that they usually just put them back into the cash dispenser if the manager or supervisor deems them to be in sufficient condition when searching through the "RETURN FOR DESTRUCTION" bin. The envelopeless ATMs will also accept them, and as many are "cash recyclers", they'll be put straight back into the cashstream for withdrawal right there and then.
Now I must disagree with Pooga on one point and that is selling a cashier fives if she requests them. And my major purchases with fives is me buying products or services and the normal flow of money. I do not go out and buy from my bank today enter and stamp them and then return them to my bank. Never have done this never will. I do take hundreds and fifties for purchases of goods and services and enter the serial numbers and do not stamp these denominations but deposit them into the bank. When I go to a bank for fives if they sell me mint fresh bills I will increase my purchase to get more. Now tell me old timers still on site how many of you have never purchased a brick of fives? I myself have in the past split bricks with fellow members. I would not be where I am now in numbers had I not bought brinks. Happy Tracking everyone may 2020 be full of hits for everyone.
To clear things up a bit, I did not withdraw a bunch of money from a bank, mark it, and re-deposit into my bank. The $5,000.00 in $10.00 notes was saved from regular withdrawals over the years. They were all the "new" tens that I saved. After I stopped saving I deposited them, then spent most of it. I didn't want to carry that big bundle around. The hundreds were withdrawn from one bank, entered, then deposited into another bank for bill payments. I was not trying to 'fudge the system' by doing this. I will stop marking the large notes that get deposited to banks for bill payments just to be on the safe side.
Wally you don't need to stop marking notes that are for bill payments. what is frowned upon is taking out 500.00 worth of notes then depositing them in order to get another 500.00 to mark and so on…
Frowned upon Hmmm? Who high up in bill tracking has never bought a brick of fives? I remember sharing bricks with some other members of the monkey trackers and good times over pizza and beer by some. Sorry Pooga never cared much for the taste.
BC, you misread the first post. I pick up a bundle every 2 or 3 weeks. I don't mark it and take it back for deposit.
The issue was a few (many?) years back someone was going to the bank every day to deposit a bundle (or a brick?) of notes that he had picked up the previous day and marked.
I guess I forgot about that scandal maybe I was off site at that time (not) old brain just not retaining the mere trivia anymore. Your company sure uses lots of petty cash and I know it's not for beer ??? I would have thought everything would pass thru accounting in a big place like yours.
Oh there was a time when I was treasurer for 3 different organizations. Saw a lot of cash then.
I know that feeling…
I only deposit marked notes when I exchanged Larger denominations (100 & 50) to purchase my ordered bricks of $5 notes. Those were always spent through normal channels.
Yes, when a store cashier asks if I have small denomination notes and wants them, in more than happy to oblige.