Damaged and contaminated banknotes (2024)

FAQs

Damaged and contaminated banknotes? ›

Individuals, financial institutions, and businesses may contact the Department of the Treasury's Bureau of Engraving and Printing (BEP) if they are in possession of mutilated U.S. currency, meaning that the currency has been damaged to the extent that one-half or less of the original note remains, or its condition is ...

What should I do with damaged notes? We will reimburse you the full amount for genuine notes that have been accidentally damaged (provided there are sufficient fragments or remains). As a general rule, there should be evidence of at least half the note. See damaged and contaminated banknotes.

Under regulations issued by the Department of the Treasury, mutilated United States currency may be exchanged at face value if: More than 50% of a note identifiable as United States currency is present.

The Bureau of Engraving and Printing (BEP) redeems mutilated currency as a free public service.

Types of Damaged Banknotes

A banknote with a significant piece missing is classified as incomplete. These banknotes may not be worth full value because the Reserve Bank needs to take into account the possibility that pieces of the banknote may be presented for value separately.

The Reserve Bank recommends that owners of damaged banknotes submit their damaged banknotes to their bank/financial institution.

Badly damaged notes should be handled as little as possible and carefully packaged along with the application for posting. If any other material in addition to the damaged notes is included, you must notify us in advance on 020 3461 2053. Failure to do so could lead to a delay in processing or rejection of your claim.

Individuals, financial institutions, and businesses may contact the Department of the Treasury's Bureau of Engraving and Printing (BEP) if they are in possession of mutilated U.S. currency, meaning that the currency has been damaged to the extent that one-half or less of the original note remains, or its condition is ...

These can also be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the RBI without filling any form. To suit public convenience, the exchange facility for mutilated notes is also offered through TLR(Triple Lock Receptacle) covers.

Provide advance written notification to your local Federal Reserve Bank cash office by completing the Contaminated Currency Notification form.

Where to replace damaged money? ›

The BEP's Mutilated Currency Division provides free mutilated currency redemption services for individuals and institutions, such as businesses and financial institutions, in possession of United States mutilated currency notes.

Many stores and merchants will not take torn or drawn-on bills, and even vending machines struggle to take heavily wrinkled ones. The good news is that even if a bill is torn in half, you can tape them together and exchange them at a Federal Reserve bank for fresh notes, as long as the serial numbers match.

All mutilated currency submissions for possible redemption MUST be submitted using BEP Form 5283. All required form fields MUST be completely filled out. If any of the required fields on BEP Form 5283 are incomplete, you will not be able to print the form.

Often times, even financial institutions won't accept cash if it's too damaged. This is because the Federal Reserve does not accept deposits of mutilated money from banks and credit unions.

Criteria for Exchange of Damaged Banknotes

The Bank exchanges damaged banknotes, including those torn or burnt, according to the proportion of the part of the original banknote remaining, provided that both front and reverse sides of the banknote are maintained.

(KHON2) — If you accidentally ripped a dollar bill, you may not be completely out of luck. But what do you do with the mutilated moolah? According to the U.S. Department of the Treasury, commercial banks will exchange your damaged, or “unfit” currency, for another, after some checks are made.

Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. Banks and building societies happy to exchange the old notes include Halifax, Lloyds, Nationwide, Barclays, NatWest and Santander – though keep in mind they may have a cut-off date.

The Bank of England has announced it will begin circulating bank notes with the image of King Charles III from June 5 this year, 2024. That means that, at some point, notes featuring the image of his mother Queen Elizabeth II will no longer be usable.

Federal Reserve Banks do not accept deposits of counterfeit or unlawfully altered currency or coin. Depository institutions (DIs) that have questions about where to forward suspect counterfeit currency can visit the "Report Counterfeit Currency" page (Off-site).

A torn note can be taped together, and it remains valid. However, not everyone will accept it, because they may be suspicious that it is a fake. You will always ne able to exchange it for a good note at your bank.