Build up your financial fitness by discovering new ways to make banking work for you. To learn more about your banking needs, check out the following questions and answers specific to what happens with worn down bills, how to dispute fraudulent debit card transactions, and when checks deposited on Saturday get credited. Our questions come from people like you who want to learn more about best banking practices with answers written by our expert banker, Alex. If you have a question about your banking needs, please email Alex at alexexpertbanker@gmail.com. Relevant questions will be posted on our website, and all questions will be answered by Alex in a timely manner.
Question: What do banks do with damaged and worn down bills?
Asked by: Sean from Derry, New Hampshire.
Answer: The Federal Reserve System is in charge of managing the supply of money in the United States. The Federal Reserve Bank has 28 cash offices that distribute and receive bills and coins to approximately 8,400 banks, credit unions, and savings and loans. According to the Federal Reserve, in January 2023, there was around $2.3 trillion worth of U.S. currency in circulation. When the Federal Reserve Bank receives cash from financial institutions, highly trained employees will detect unfit bills either through complex high-speed equipment or by hand. Bills that are torn, worn down, limp, dirty, and defaced are considered unfit and removed from circulation. These notes are then taken to the Federal Reserve Bank in St. Louis and are either shredded, recycled, or turned into compost.
Question: My debit card had fraudulent charges. What should I do?
Asked by: Mya from Sheridan, Wyoming.
Answer: A debit card is compromised when a criminal illegally obtains the card’s information. This includes the card number, expiration date, cardholder name, payment network, Card Verification Value (CVV), and personal identification number (PIN). With this data, the fraudster can make unauthorized purchases or withdraw funds from the victim’s checking and/or savings account. If you suspect an unauthorized debit card transaction, contact your financial institution immediately. They will cancel the debit card, order a new card, and help you file a claim to dispute the fraudulent charges. Please note that most unauthorized transactions must be disputed within 60 days from when the charge appears on the bank statement. It can take up to 90 days for a financial institution to resolve a debit card dispute, however most are completed within 10 business days.
Question: I deposited a check on Saturday. When will it get credited into my account?
Asked by: Chad from Palm Springs, California.
Answer: In the banking world, Saturday, Sunday, and federal holidays aren’t considered business days. Transactions that are processed during those days will be treated as if they are processed on the next business day. For example, the check you deposited on Saturday will be processed with Monday’s work, unless Monday is a holiday, then it will be processed with Tuesday’s work. Consult with your financial institution to see what their funds availability policy is. They will let you know when you can access funds from your check deposit.
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Written by: Alex Sanchez, Branch Manager
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex has been in banking for almost 20 years. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.
Related Resources
What Happens to Currency Notes Once They’re Damaged?: CLICK HERE
Source: Science ABC
How Long is the Lifespan of U.S. Paper Money: CLICK HERE
Source: Board of Governors of the Federal Reserve System
What to Do with Ripped, Torn, or Damaged Money: CLICK HERE
Source: Federal Reserve Banks of St. Louis
Bank Support: CLICK HERE
Source: Smart Strategies for Successful Living
