Law regarding exchanging damaged bills?

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Article #9249

#9249

From: robert.nicholson
Date: Sat, 14 Oct 2006 04:00

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Today I tried to use a $5 bill at a merchant at work and they told me
they couldn't accept it because their bank wouldn't accept it. Note:
the bill was 3/4 complete. So I went downstairs to fifth third bank
branch and they told me categorically that they couldn't exchange it
unless the serial number (which is the same) was on both sides on the
bill. Then I went into a National Bank branch across the street and
asked the teller what I should do about this bill and she flat out told
me that they couldn't accept it. Only when I explained my understanding
of the law did the manager proceed to take the bill from me and
exchange it without question and at no time did they explain why they
initially refused the exchange.

I told them that my understanding was that if the bill was > 50 percent
complete that they are expected to exchange it.

I was quite surprised that on this occassion a merchant (manager)
didn't know the law and secondly that two banks at first tried to say
they couldn't accept something that by law they are required to accept.

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From: robert.nicholson@gmail.com
Newsgroups: misc.consumers,chi.general
Subject: Law regarding exchanging damaged bills?
Date: 13 Oct 2006 21:00:25 -0700
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