Since the guy left the bank with the alleged cash that it was against the banks policy to refund it. So are we to scan our money every time we make a withdrawal ?
4 Responses to TD Bank Issues Counterfeit Money and Will Not Refund It
If you want to be sure, that is really the only way to do it.
From my lowly days in retail banking I can say that the technology does not exist for banks to guarantee their cash on hand is all legit. Money counters (most of which will be 10+ years old) can not keep up with advancements in forging and 99% of readings are false positives. And if you are in possession of a forged bill you’re shit out of luck. They are legally obligated to take it from you and hand it over to the police. Nothing you can do. No way for you to prove where you got it from.
Small denominations, credit or check.
crazy shit left’
the technology seems simple enough to ensure all bills are real…coming and going.
Maybe “does not exist” is a little harsh. I’m sure it exists, but the vast majority of money counters are the equivalent of sticking the bill under a black light. If it glows it comes up as a possible forgery and you check it by hand.
Whats worse is most cash that banks order goes through a centralized facility. Where I worked our cash came from RBC, regardless of what institution you worked for. The centralized facility doesn’t even count it, let alone check it. They just bring cash in from banks, casinos, retail outlets etc that is already in pre-counted bundles and ship it out to anyone that ordered it. The institutions that receive the cash are responsible for determining if they received the right amount and if it is legit. So behind the institution you withdraw from, there really are no checks and balances.
well hopefully the amount in circulation does not go any higher.