Yes, You Can Get Stuck With a Counterfeit Bill From Your Bank

Most people think that they could never get counterfeit money at their bank. They are wrong. Banks do not always check their bills for counterfeit before distributing them. Most banks use automatic money counter machines that check for fake bills during the counting process, but not always. If they get busy or if their machine malfunctions, fake bills can be circulated. Once you walk away from the teller’s window you are stuck with any fake bills that they may have given you.

This is a true story:  A woman stopped at her local branch bank after work to cash her paycheck. She then went to the local grocery store and tried to pay for her items using the money she just received at her bank. An alert clerk caught a fake one hundred dollar bill. Since she knew she had just received the bill from her bank, she returned to the bank with the fake bill. This is where it got interesting. Her bank not only refused to replace the bill but also confiscated the bill. There was no proof that the bill was actually one of the bills that the bank had given her and the United States Treasury requires the bank to confiscate any counterfeit bills.

You need to take certain precautions to make sure that you do not get stuck with fake money whether from your bank or from anywhere else.  Any time you receive large bills from anyone, you need to take the time to examine each bill carefully before walking away. If you are in the bank you have the right to ask the teller to run the money through their counterfeit detector. If you are in a retail store you need to examine the watermark and UV strip on each bill carefully before you step away. If you receive large bills from an individual you need to also ask for and examine proper identification.

The one hundred dollar bill is the most common bill to be counterfeited. Some people feel it best to simply avoid one hundred dollar bills entirely and always ask for something smaller. This is a legitimate strategy if you feel that you cannot determine the validity of bills manually. Do not depend on felt tip counterfeit detection markers, as they are easily fooled by the counterfeiters.  Another safer alternative is to use debit or credit cards as much as possible, thus avoiding larger cash transactions. Being aware and being careful could keep you from being stuck with fake money. For more information on money counters and counterfeit detectors visit our websitecount-money.com