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

Money Counter Rental Makes Sense

The decision to rent a money counter may seem simple but it is not. If your business handles cash you probably already own one or more money counting machines. You know that currency counters not only save time but increase accuracy. You might have periodic trade shows or sales events that require cash handling equipment. You need to decide whether to try to pack up your money counter and take it with you,  or  rent a machine on-site. In almost all cases renting is the best alternative for several reasons.

Packing and shipping is a major issue. If you take your equipment with you,  you will need to properly pack it and ship it so that it will arrive on time and in working condition. Money counting equipment is very sensitive and subject to losing calibration or shipping damage. Rental companies know how to properly pack and ship your machine so that it will operate properly when it arrives. They also will test and calibrate you equipment prior to shipping it to the rental site.

Something else to think about is that if you bring your equipment on the road,  how will your business be able to function without it while it is out of the office?  Why should the main office need to go without the use of the equipment?

If you need to handle several locations at once, renting is the only way to go. We had a major bank that was running a charity coin collection in over 100 cities at once. They needed to rent coin counters for all 100 locations during the same week. Renting was their best choice.

Renting is also a great way for you to try out newer models and features. Currency counting equipment is expensive and is constantly evolving with new features and functions. If you rent you have a chance to try out all the latest and greatest features without a capital investment.

Another important consideration in your decision to buy or rent is accounting. Renting is an operating expense and is treated differently than purchasing, which is a capital expense. For tax purposes the rental is a full write-off and does not get depreciated over time as a purchase would. The rental expense will be budgeted as part of the trade show or event that it is directly related to.

There are many reasons that renting a money counter makes sense. If you do decide to rent,  reserve your equipment as far ahead of time as possible. Rental companies with take your reservation up to a year in advance. During peak trade show seasons machines can easily get fully booked. Click to find out more about renting a money counter