‘So excited to find out’: Aussie discovers ‘crazy’ banknote rule
- Replies 14
Imagine opening your wallet and seeing a torn banknote inside. Your first reaction might be disappointment, followed by the urge to dispose of this 'worthless' piece of paper.
But hold on to it because a ‘crazy’ banking rule could turn that shred of disappointment into a delightful surprise.
A worker named Jacinta Lonzaneda discovered this when she stumbled upon an unusual but completely legitimate manner to convert damaged currency into crisp, new banknotes.
Jacinta was handed a $20 note at work, torn into two fragments.
Intrigued by hearsay about reclaiming money for damaged notes, she decided to take the torn pieces to her local bank.
'I’ve heard that depending on the severity of the damage to the note, you get a percentage back,' she confessed in a video online.
This curiosity led her to embark on a banking adventure that would inspire many to scout their wallets for tattered notes.
‘Because, technically, I’d be handing her 75 per cent of the note, I should get $15 for this? But I don’t know, so I’m so excited this has happened so I can find out,’ she said.
Upon presenting the two sections of the $20 note to the bank, Jacinta discovered something remarkable.
To her surprise, Jacinta was handed a fresh $20 note in exchange for the mangled one.
The bank teller informed her that banks indeed accept torn banknotes, and the reimbursement depended on the amount of the note that was missing.
However, the worker added it was ‘best to have the other part’ if possible.
Following this surprising banking encounter, Jacinta couldn’t resist sharing the 'crazy' rule that enabled her to swap a split note for a flawless one.
You can watch Jacinta’s video below:
Credit: @jacintalonzaneda / TikTok
Although she imagined that the serial numbers of banknotes were important in assessing damage, the Reserve Bank of Australia (RBA) set the record straight on its website: serial numbers are irrelevant when evaluating the worth of damaged banknotes.
Under RBA’s policy, if less than 20 per cent of a banknote is missing, you can reclaim the full value for the remaining piece. If more of the note is missing, the refund will depend on the size of the missing portion.
However, the banking rule doesn’t apply to extremely damaged notes with more than 80 per cent missing.
For those who have damaged banknotes, taking them to a financial institution or bank can help assess their value based on a ‘grid' provided by the RBA.
In situations where the bank isn’t accessible, claims can be lodged directly with the RBA. A claim form should be filed, and the damaged note enclosed in a sealed bag must be sent over.
In the 2022-2023 financial year, RBA processed roughly 8,900 claims for damaged banknotes and refunded a substantial $14.3 million.
Have you tried replacing your damaged banknote with your bank? Let us know in the comments below!
But hold on to it because a ‘crazy’ banking rule could turn that shred of disappointment into a delightful surprise.
A worker named Jacinta Lonzaneda discovered this when she stumbled upon an unusual but completely legitimate manner to convert damaged currency into crisp, new banknotes.
Jacinta was handed a $20 note at work, torn into two fragments.
Intrigued by hearsay about reclaiming money for damaged notes, she decided to take the torn pieces to her local bank.
Jacinta wanted to find out if she could reclaim damaged notes from the bank. Credit: @jacintalonzaneda / TikTok
'I’ve heard that depending on the severity of the damage to the note, you get a percentage back,' she confessed in a video online.
This curiosity led her to embark on a banking adventure that would inspire many to scout their wallets for tattered notes.
‘Because, technically, I’d be handing her 75 per cent of the note, I should get $15 for this? But I don’t know, so I’m so excited this has happened so I can find out,’ she said.
Upon presenting the two sections of the $20 note to the bank, Jacinta discovered something remarkable.
To her surprise, Jacinta was handed a fresh $20 note in exchange for the mangled one.
The bank teller informed her that banks indeed accept torn banknotes, and the reimbursement depended on the amount of the note that was missing.
However, the worker added it was ‘best to have the other part’ if possible.
Following this surprising banking encounter, Jacinta couldn’t resist sharing the 'crazy' rule that enabled her to swap a split note for a flawless one.
You can watch Jacinta’s video below:
Credit: @jacintalonzaneda / TikTok
Although she imagined that the serial numbers of banknotes were important in assessing damage, the Reserve Bank of Australia (RBA) set the record straight on its website: serial numbers are irrelevant when evaluating the worth of damaged banknotes.
Under RBA’s policy, if less than 20 per cent of a banknote is missing, you can reclaim the full value for the remaining piece. If more of the note is missing, the refund will depend on the size of the missing portion.
However, the banking rule doesn’t apply to extremely damaged notes with more than 80 per cent missing.
For those who have damaged banknotes, taking them to a financial institution or bank can help assess their value based on a ‘grid' provided by the RBA.
In situations where the bank isn’t accessible, claims can be lodged directly with the RBA. A claim form should be filed, and the damaged note enclosed in a sealed bag must be sent over.
In the 2022-2023 financial year, RBA processed roughly 8,900 claims for damaged banknotes and refunded a substantial $14.3 million.
Last edited by a moderator:
.png){kind=icon}
. Why do young people think that they are the ones to have discovered these types of things?
surprised the bank didn't charge to change it like they do with coins.
