Cash withdrawal limits

Quote: Pacomartin

I didn't know there was a such a lo limit on walk-ins. I know that $10K requires you fill out an IRS form, so that seems a logical limit to require advance notice, but $2K seems excessively low. Some accounts have a $3K limit on machine withdrawals per day (just $800 each time because older ATMs can only handle up to 40 banknotes).

Quote: DRich

I would guess that $2k number face said is pretty unusual.

1. 18,623 JPMorgan Chase & Co. New York
2. 16,062 Bank of America Corp. Charlotte, North Carolina
3. 12,800 Wells Fargo & Co. San Francisco
4. 8,996 PNC Bank Pittsburgh
5. 5,001 U.S. Bancorp Minneapolis
6. 4,775 BMO Harris Bank Wilmington, Delaware
7. 3,361 BB&T Winston-Salem, North Carolina
8. 3,200 Citigroup Inc. (tied) New York
9. 3,200 Citizens Bank (tied) New York
10. 2,650 Fifth Third Bank Cincinnati

Quote: kenarman

One of the banks in town has updated their ATM to a envelope free machine. If you deposit cash you put it in as a stack of bills (50 max) and it counts them in the ATM and holds them temporarily. It gives you the amount of the deposit on screen and you approve it. If you don't approve it I assume it will spit your bills back out. Will save the bank a ton of labour.

Quote: Nareed

any idea whether deposited bills are just held, or whether they go into the ATMs stock and can be dispensed later?

Quote: JOE SHARKEY NOV. 26, 2012 : NY Times

Keeping an Eye Out for Counterfeit Money

THE cabdriver held my 200-peso note up to the sunlight filtering through his dirty windshield. “This no good,” he said.
“What do you mean no good?” I asked.
“Counterfeit,” he said, snapping the note with his fingers.
I handed him another 200-peso note out of my wallet.
“This also,” he said, a little peevishly. “No good!”

I was presented with a quandary. Was I being swindled by a cabdriver in some clever way? Or was I actually inadvertently papering a foreign capital with fake money? Should the police be called?

They should not, advised a helpful assistant manager at the hotel front desk where I inquired after I found genuine money to pay the cabdriver. The manager held my two rejected banknotes under infrared light, which confirmed that both were counterfeit. I said that I had changed money at a currency exchange counter at the airport, nowhere else. Why not phone the police?

He shrugged and said, “If you can’t prove that you got it where you say, you could be sued for slander. And why get the police involved over a small sum? It’s a crime to possess counterfeit money.”

The man confided that several years ago, on a business trip to England, he had unwittingly passed a counterfeit British £20 note to a cabdriver, and the driver had summoned the police. “A Latin man with counterfeit money in London? I spent a night in jail before I was released without charge,” he said.
...

The best way to avoid getting or passing counterfeit money is to have a good look. Like my fake pesos, counterfeit money often (but definitely not always) looks and feels wrong on close inspection, the experts say. The European Central Bank has a Web site promoting a “feel, look, tilt” technique for inspecting banknotes.

And my fake pesos failed on every count.

Quote: Pacomartin

This article showed an Americans conflicts after having received two counterfeit 200-peso notes from a currency exchange counter at the airport.

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I would wonder if the ATM is sophisticated enough to isolate counterfeits before mixing them in with the rest of the stock.

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The writer does point out that they were obvious counterfeits, but he had never thought to look at the bills when he received them.

Quote: Nareed

I can tell a counterfeit by touch. It's not that hard. Bills have a peculiar texture, and most counterfeits use bond paper, which is nothing like it. That said, at the bank I pocket the money without checking, so...

Quote: terapined

US bills are not made from paper or a wood product.
Its cotton

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I hear the best counterfeit bills originate in North Korea

Quote: Nareed

Most bills all over the world are like that. Some I think use linen as well as cotton. It lasts much longer than wood paper when you factor handling.



The thing is governments have access to the cotton fiber paper money, which is very tightly controlled. also at a government-sanctioned counterfeiting facility, the budget will be big, and the people involved don't have to worry about being arrested (well, not for counterfeiting)

Organized crime syndicates have a habit of buying actual bills, cheap ones in places with a depressed currency, and washing them clear off ink with chemicals. then they print the fake notes on that paper. There was a run on Iraqi paper money in 2003 when the value dropped like a stone. Such notes often come with a watermark and a security thread, and of course they feel like real money to the touch.

You can still tell them apart if you know what to look for. This varies country to country, but things like micro printing, color-shifting ink, fluorescent ink, raised printing, checking what the watermark looks like and not just that it's there, etc.

Quote: Nareed

IAlso, the most counterfeited note now is the 200 peso note. it used to be the 50 peso, but that stopped cold when they switched to plastic notes.

Quote: banxico.org.mx

Circulación de billete Millones de Piezas, Saldos
494: 20 pesos (polímero)
506: 50 pesos (polímero)
579: 100 pesos (Familia F: papel y polímero)
819: 200 pesos
1792: 500 pesos
82: 1000 pesos

Quote: Federal Reserve

Circulation of banknotes in Millions of Pieces
11,400: $1
1,150: $2
2,740: $5
1,900: $10
8,565: $20
1,596: $50
10,822: $100

Quote: miplet

I once had a customer try and pay with a cointerfit $50. It was a $5 that had the ink washed off. The security thread was in the wrong spot and said five. As soon as he realized I knew it was a cointerfit he grabbed it from my hand and took off.