CPM Forum

General => General Forum Comments => Topic started by: laub25 on July 31, 2010, 07:29:06 pm

Title: What an old bill does in a bank?
Post by: laub25 on July 31, 2010, 07:29:06 pm

Does anyone know what happens when older series are deposited in the bank?

Title: Re: What an old bill does in a bank?
Post by: Wizard1 on July 31, 2010, 09:14:15 pm

They are sent to their respective vaults and then the vaults forward the notes to BoC for destruction.

Title: Re: What an old bill does in a bank?
Post by: friedsquid on July 31, 2010, 09:14:24 pm

Quote from: laub25 on July 31, 2010, 07:29:06 pm

Does anyone know what happens when older series are deposited in the bank?

In most cases they are withheld and taken out of circulation....and destroyed I assume...unless of course you are the tellers friend and they sell them to you for FV... :)

Title: Re: What an old bill does in a bank?
Post by: ikandiggit on July 31, 2010, 09:44:13 pm

I've tried numerous times to buy the stack of bills that were wrapped in plastic waiting to be sent in for destruction to no avail. The first stack that I saw that had just been wrapped had a 1935 $2 right on the top and no amount of convincing would make them sell it to me.

Title: Re: What an old bill does in a bank?
Post by: laub25 on August 01, 2010, 03:10:19 am

Thanks for the answers!

Title: Re: What an old bill does in a bank?
Post by: laub25 on August 01, 2010, 03:12:11 am

But I used to buy few notes not too long ago from the bank that were older series for face value but there werent worth much more.

If I remember, it was a kind of 5$ 1979 F or VF...

Anyone also had the chance to buy older series for Face Value?

Title: Re: What an old bill does in a bank?
Post by: Wizard1 on August 01, 2010, 10:23:17 am

Quote from: laub25 on August 01, 2010, 03:12:11 am

But I used to buy few notes not too long ago from the bank that were older series for face value but there werent worth much more.

If I remember, it was a kind of 5$ 1979 F or VF...

Anyone also had the chance to buy older series for Face Value?

Nopes.....straight to BoC with them.

Title: Re: What an old bill does in a bank?
Post by: Seth on August 01, 2010, 01:42:39 pm

Quote from: Wizard1 on August 01, 2010, 10:23:17 am

Nopes.....straight to BoC with them.

That's not always the case.  Some banks will put them back into circulation.  I have received 1979 $20s and one 1975 $50 from ATMs in the last few years.  Since there's no way that the banks would be receiving those old bills from the BoC, I have to assume that they were received by customer deposits and then put back into the ATM for re-circulation.

Title: Re: What an old bill does in a bank?
Post by: ikandiggit on August 01, 2010, 03:09:01 pm

The private ATM's, like the one I have at work, are filled by the establishment itself. I fill ours a couple of times a day with the money from the till. I rarely have to get new money from the bank since we have video lottery machines and those provide us with the banknotes required.