CPM Forum
Canadian Notes => Canadian Journey Notes => Topic started by: jonathan on February 27, 2004, 05:03:08 pm
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Hi.
Just want to ask you a question...
I went to the main branch of Scotiabank in St. John's, NL this morning and I asked the friendly teller if that specific branch (or any other bank branch) will receive shipments of the new $100's on or before the release date of March 17th, and she said that there is a "chance" that they will get them on March 17th. I am not sure if that means that they WILL or WILL NOT have the new $100's on March 17th.
If they do receive the shipment of the new $100's before the issue date, we understand that we will not get any of them until the issue date of March 17th.
The question of the hour is:
Will the shipments of the new $100's arrive to all banks across Canada on or before March 17th? Everybody is expecting to see the new $100's in their hands on March 17th.
By the way, this is a milestone event - this is my 100th posting since joining the forum last July! Whooopeee!!!
See ya soon, Jonathan
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If the Bank of Canada follows the same pattern set with the release of the Journey 5's and 10's, this is what will happen:
Banks across Canada will have the new notes before the 17th. I would take bets that some branches have the new 100's in their vault at the time of this post.
This doesn't mean that every single branch across the country is going to have them, but the larger distribution center definitely will. The Bank of Canada wants all regions to have the note available at the same time. This helps keep the confusion and incidences of counterfeits down.
This opinion is based on my limited knowledge of the banking system, but, is also based on first hand experience. Take it as you will.
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Another thing I would like to know is...
When the banks do release the new $100, how many bundles of 100 $100 bills would each branch receive?
I really hope that the new $100's will be spared along at banks on March 17th. I sure don't want to miss the opportunity to pocket one on that day. I want to make sure they do have enough of them to do them throughout the first few days of issue.
Jonathan
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I was speaking with a teller at my local credit union, and she said that the new $100's will absolutely be available on the day of issue. She also said that "every branch of every financial institution in Canada should have them available; the central bank is releasing enough of them to replace all of the $100's currently in circulation."
She also said that the old $100 is being withdrawn immediately and may not even be available from banks after that date. (Is this the first time a recall of an active denomination has occurred since the 1935 series?)
However, when I asked another teller at the same branch about it a week later, she was only vaguely aware that there was a new $100 note being released at all. :-/
I wonder how much of what the first teller said is correct. I'm taking it with a grain of salt. ::)
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I don't work in a bank, but here my thought, based on what I know. Correct me if I'm wrong.
Normally, at least at the credit unions (and probably banks too), they order only the paper money they have to have for their normal operation. They try to keep the least inventory of notes as possible, in order to have to pay the minimum transportation, insurance and storage fees (to make bigger profits!). In the case of 100 $ notes, in my opinion, it's only in the big branches with a large note rollover they could have a brick of 1000 notes (100,000$! :o) ). In the smaller branches, they could need to have only a bundle or two to cover their needs.
As the BoC recalls all the old 100$ notes, it's possible that the banks (and credit unions) will get the same number of new 100$ notes to compensate. So it shoudn't have any shortage in these notes.
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I posted this on another thread in this segment a few days ago but I'll repeat it here "only Central Branches will have the new notes available for customers on March 17th. All other branches will receive notes, only if ordered, at the time of their next scheduled delivery."
This is a Bank quote and means most branches won't receive the new $100 notes for a week (or more) after the 17th. Central Branches are the Main Branch of a bank in a city with a Bank of Canada office.
;)eastguy