Banknote Warning

[Tathradj]

A note accepter may accept it.
There are still a few important identifiers still on it.
Not an ATM though.

 

[jamie]

Saturday afternoon pub rush at the bar, get yourself a schooner get your change and walk out a refreshed man

 

[Nightjar]

I was telling a manager at work and he said the banks cannot refuse to take it.

Come on, if this was the case everyone would double their money by ripping all their notes.

 

[B5MECH]

I was telling a manager at work and he said the banks cannot refuse to take it.

Come on, if this was the case everyone would double their money by ripping all their notes.

Pretty sure no ones running around trying to spend the other corner :lol: :lol: :lol: :lol: :lol: :lol:

 

[Nightjar]

Why not, PotOfGold is trying to spend his?

 

[B5MECH]

The other piece of that note would be considered as 0 value so would be rejected as too small of a percentage.

 

[LC76]

I was telling a manager at work and he said the banks cannot refuse to take it.

Come on, if this was the case everyone would double their money by ripping all their notes.

Think your being a bit ridiculous and you know it.
The note isn't ripped in half... It's obvious that at least 3/4 of the note is intact and that should be at the very least be accepted at a bank so it can be legally replaced and destroyed.

Anything less than 3/4 should be considered destroyed.

 

[ken2m]

Sorry to hear the situation.

Regarding the damaged note - this might help:

http://banknotes.rba.gov.au/damaged-banknotes/damaged-banknotes-policy/

They also have grids to work out the damage portion:

http://banknotes.rba.gov.au/assets/pdf/grids-polymer.pdf

I know it does not help the current situation - but at least you can get something for it down the track.

Cheers

There it is from the reserve bank up to %80 there note is worth $20.00 Then a sliding scale until you get to %20 where the note is worth nothing. Usually the banks will accept on the above grounds. Ken.

 

[Grounded]

Didi a bit more research as some things seem to be a bit vague:

Firstly - I am not providing any financial advice or any other advice - you can inform yourself. I am just pointing out what I believe I have uncovered.

From the RBA, there is no requirement for anyone to accept a damaged bank note:

There is no obligation to accept an incomplete banknote in payment or change.

However - the RBA also stipulates as public information:

The Reserve Bank recommends that people take damaged banknotes to their bank or another authorised deposit-taking institution (ADI). These institutions are encouraged by the Reserve Bank to accept all claims. Incomplete banknotes may be assessed on the spot using grids provided by the Reserve Bank to calculate the value. Badly damaged and contaminated banknotes need to be forwarded to the Reserve Bank's National Note Processing and Distribution Centre (NNPDC) for assessment. All ADIs will ensure the claim is securely delivered to the NNPDC on behalf of the claimant.

Possibly a point to note is badly damaged:

A banknote that has significant or unusual damage, such as:
heat damage that prevents the verification of security features or affects 20 per cent or more of the banknote;
damage that casts doubt on its value or genuineness; or
contamination from substances that prevent handling (e.g. chemicals, blood, etc.)

So that brings it back to possibly, that if less than 20% of the banknote is missing - it is not badly damaged and is still considered legal and tender at full face value. The ADI (bank) should accept a note such as this at full face value and consequently it should be removed from circulation in due process. Obviously they should use the RBA defined grids to calculate the 20% value.....

......but they do say there is no obligation to accept.........perfect!

For some reason after reading all this stuff - I just can not get this one out of my head:

[video=480,360]https://www.youtube.com/watch?v=Ud8ZisH2IYI[/video]

 

[B5MECH]

looking at the note I'm certain both serial numbers are still there maybe 1 letter missing so it still should be fine to use it in any store, just point out to them that both numbers are there. Go to the servo and pay for petol with it.

 

[DigginForGold]

FYI, both serial numbers are 100% intact, and Im certain that its less than 20% missing.

Even if the bank isnt obligated to take it, I think they still should have. I mean, they're the institutions that we're all forced to use to deal with our money, and we pay fees for that "privilege". Theres no RBA branch down the street so I cant just take it in to them. Instead Im expected to fill in forms and post it off and wait possibly "months" to get it back? Well, I think the bank should have just said, "We will replace your $20 with one of ours, and we will send off that form and reclaim the money. We will deal with it. Here's your new $20 note and thanks for being a customer".

Might just try to spend it again.

 

[Nightjar]

Come on, if this was the case everyone would double their money by ripping all their notes.

Think your being a bit ridiculous and you know it.

Don't take it serious LC76, or maybe you didn't see the (wink)

 

[LC76]

Honestly didnt notice :8

 

[DigginForGold]

Just a bit of an update. Well after forgetting about it for a while I took it in to my own hands today. I wont say exactly what I did but I did manage to get a self serve checkout at coles to accept it after it previously kept spitting it out. So I got the full value with minimal effort in the end. Winning.

 

[numpty]

thats great .......but i hope the bloody machine doesn't spit it back out for someones change.......... cause i live near you! :lol:

 

[DigginForGold]

Oh yeah I hope that doesnt happen. I didnt even think of that to be honest I simply had my mind set on getting rid of it. Im happy ebough to make it a problem for a corporation, but Im not keen on shuffling the problem on to another unlucky person. Oh well, it has been done.

 

[DeathKiss]

PotOfGold check private message

 

[Creekbed]

Glad you got it sorted bud. The fact it was missing the two main security features might have been why the bank wouldnt accept it

 

[numpty]

all good mate :lol: im happy you got it