Another Bank Find
Veep
Posts: 1,503 ✭✭✭✭
Got a call from a bank president who knows that I am a numismatist. He had a customer who came in and deposited two $1,000 bills and a $500. The kid-teller took them as a normal deposit but mentioned to the president what had happened. I got the call to come and look and told the president that they were worth somewhere around $4,300. He had the customer come back to the bank where I told the customer the value. He said that his wife had been after him for a long time to get them out of the house and deposited in the bank. He was VERY grateful to the bank for helping him out as they reversed his deposit and he took them back home, probably to blame his wife for the "close call."
"Let me tell ya Bud, you can buy junk anytime!"
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Comments
If I didn't know what they were, I wouldn't take them--especially knowing I'd be out the money and probably a job for depositing fakes.
If I did know what they were, I'd have let the customer know and/or have bought them from the till myself. The bank president would never have know about it.
--Severian the Lame
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SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
So - IMO - a very grey area once taken in by the bank......
but good for the depositor.
<< <i>If i'm not mistaken, treasury guidelines require banks to retire these notes when received.
So - IMO - a very grey area once taken in by the bank......
but good for the depositor. >>
I believe you're right but like 99.99% of the laws on the books this
one probably isn't enforced any longer. Too few come into the banks
for it to be any concern to anyone and the law was written before the
notes had numismatic value. Its intent was largely to get rid of old
stockpiles of cash, and particularly, large notes.
jeff
<< <i>Its intent was largely to get rid of old stockpiles of cash >>
I thought mainly because of the war on organized crimes and drug trade, easier to pile $1m is $1000's in a briefcase, rather than 100's.
I don't think this is an ignored rule.
And yes there are laws on the books about turning them into the Fed, but most tellers these days have never seen a larger denomination bill and likely never will. Back in January I bought up 85 $5 bills that were saved up until 1948 by the depositors husband, the bank took them in and then sat on them because the tellers didn't want to give them out due to their being old and different looking - and they didn't know they could send them to the Fed. They had held onto the notes for nearly 2 years when I was asking if they had anything like that in their vault!
Just the other day I got a Series 1953 $5 SC that had come in with a commercial deposit to my financial institution.
<< <i>
<< <i>Its intent was largely to get rid of old stockpiles of cash >>
I thought mainly because of the war on organized crimes and drug trade, easier to pile $1m is $1000's in a briefcase, rather than 100's.
I don't think this is an ignored rule. >>
Yes. The large bills were recalled ostensibly to battle the drug trade. Of course it's
become apparent the government had numerous other objectives as well.
It's not so much that the law is being ignored as it is that it's forgotten. People haven't
taken large bills to the bank in many years and the occurance is outside the experience
of most younger bank employees including many managers.
Keep in mind as well that transactions over $10,000 now have to be reported and this law
is being enforced stringently today. The bank manager would certainly report the receipt
of even a small stack of $1000 bills. This is probably considered sufficient to fullfill the
original intent of the law requiring redemption anyway. The government is far more con-
cerned with the movement of large amounts of cash than they are the fate of a few $1000
bills.
Since the deposit was "reversed" it is entirely possible that the bank wouldn't be liable for
redeeming them even if this law were being enforced today.
There are millions of laws in effect and you probably couldn't find two lawyers who agreed
on the legality of this issue anyway. It might fall on some accounting definition. God only
knows but I'd wager this law hasn't been enforced in at least a quarter century.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Still a great deed what you/your bank did.
I thought sure the cops were going to pull up behind me,,,,,
GrandAm
That's pretty awesome. Actually VERY awesome.