Banknote Warning

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DigginForGold

DigginForGold

Matt
Joined
Dec 25, 2014
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Mooroolbark, VIC
Warning: Check the banknotes you get whenever you get change from splitting a larger note. Perhaps many of you already do this, but I didnt up until now, and I've been screwed!

So yeah I obvously didnt check, just sticking it straight in to my wallet, and got a bung $20 note that was missing a portion. No one would accept the note if I tried to spend it, always telling me to take it to the bank. So I just went to the bank and they wouldnt exchange it. The best they could offer me was "sending it off, which could take months and required a bunch of forms to be filled in and you might not get the whole $20 back". I said, "forget it". What a load of BS! Its a fair chunk missing, but the VAST majority of it is still there! And might not get the full $20 back? Seriously?! If I cant even get rid of this how could I or anyone else have got anything from the smaller bit...so just give me back the full amount! What a joke. Absolutely shafted. And to rub salt in the wound, that was my last $20 until pay day (damn fortnightly pay, and I ran out a bit early this cycle). I cant even afford to put petrol in the car now which I need to be able to get to work over the weekend. FFS.

1469154257_15ygeua.jpg
 
If it still has one complete serial number it is still worth $10 if a portion of the second serial number is there the bank will swap it, use a better bank maybe start a westpac account and use that $20 for your first deposit I'm sure they will accept it as $20. When they were paper notes torn notes were accepted, they are still notes that can be torn so nothing has changed. Try em, if they wont accept the note ask for the manager. It is legal tender torn or not. :|
 
As would I, Winterwood. Not a happy chappy right now. What burns even more is I cant recall where I got it from...if I did I'd probably go give them a piece of my mind haha. But, that being said, I am probably most annoyed at myself for not checking. Sigh.

And yeah, cheers for the links. I know I can get something but its just a whole palava. Well, lesson well and truly learned.

And just FYI, I'm with NAB.
 
According to the website Grounded has supplied that note should be worth full face value because it has less than 20 % missing.I come across notes like that all the time through work,missing bits,holes and taped up notes and pretty sure they eventually get banked and have never heard that the bank has rejected them.
 
B5MECH said:
If it still has one complete serial number it is still worth $10 if a portion of the second serial number is there the bank will swap it, use a better bank maybe start a westpac account and use that $20 for your first deposit I'm sure they will accept it as $20. When they were paper notes torn notes were accepted, they are still notes that can be torn so nothing has changed. Try em, if they wont accept the note ask for the manager. It is legal tender torn or not. :|
Click to expand...

The RBA is charged with conducting a few things, of which important to this thread is the issuing of banknotes (of note to the forum the RBA is also charged with the management of Australia's gold reserves).

Accordingly, as the issuer of the banknotes, they deem the rules governing its usage. From the RBA, it specifically quotes:

The presence or absence of specific features such as a serial number does not affect the assessed value. Because full face value is not paid on incomplete banknotes, care should be taken when accepting incomplete banknotes. There is no obligation to accept an incomplete banknote in payment or change.
Click to expand...

So - unfortunately a bank might be right to reject the acceptance of the bank note that is incomplete. Damage is a seperate issue as I understand it. The banknotes are simply a form of promissory note, of which the issuer determines its use (and in this case policy in case of damage or incompleteness). A piece of trivia - the banks in Hong Kong still issue their own notes - readily accepted by all.

Off the screen, guessing it does look like less than 20% missing - hence should be full face value from the RBA if less than 20% missing.

Feeling for ya - hope you have been able to organise transport to work.
 
I feel for you PotOfgold I really do. Just go to another bank like B5mech said. It really pisses me off that these institutions have the nerve to treat people like that. What ever happened to customer service. If my bank did that to me I would change banks.
Chin up mate
 
Have you tried taking it back to the place that gave it to you? Might be worth a try.
Jon
 
Bugger that doesn't help I was thinking most businesses would swap it out especially large retailers
Jon
 
Well yeah I was thinking that maybe I can just go to Coles or whatever and go through the self serve checkouts and just try put in it, but Im not sure how those machines work. I would expect they would detect its not a full note and reject it. Worth a shot though.
 
You won't get it to go into a poker machine,the note acceptors on them have a 100 point check,has to be a schmick note with no abnormalities at all.Coles and Woolies self serve would be the same I would imagine.I was telling a manager at work and he said the banks cannot refuse to take it.
 

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