How to get the most out of worn out money
Mutilated money may not make it through the vending machine but that doesn't mean you still can't cash in on it. Of all the money that comes into Solvay Bank, some is mutilated. There are lots of different ways money can be damaged. Water, fire and deterioration over time are just a few examples. Joseph Cutrone, assistant vice president of Solvay Bank, says most banks will take money with minor damage.
"If we can determine that there's more than 50 percent of the currency there, we can exchange right over the counter for our customers," Cutrone says. "If there's less than 50 percent then we are obligated to forward the currency to the Treasury Department."
Many people may not realize the Treasury Department takes mutilated money and replaces it. The department replaces 50 to 60 million dollars in an average year. People can turn in as little as a dollar but the typical claim is about $2,000. In order to do that, the currency, regardless of the condition it's in, has to be turned into the Treasury Department in Washington, DC.
Solvay Bank helps customers with that process.
"If for some reason money has become wet, water damage, they tell you not to separate that currency keep it together and the Treasury Department will determine through scientific methods the amount of currency there," Cutrone says.
Cutrone says the department was able to recover a few thousand dollars of money damaged in a local fire. However, he says it's not a quick process, it takes anywhere from 6 weeks or more.
Mailing Address:
Department of the Treasury
Bureau of Engraving and Printing
Office of Compliance
Mutilated Currency Division
P.O Box 37048
Washington, D.C. 20013
Phone Number:
1-866-575-2361 (toll-free)
