Money up in flames: Australians are 'accidentally' burning cash
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A common and alarming trend has been emerging across Australia in recent weeks – it appears that a growing number of forgetful Aussies are (accidentally) burning their hard-earned banknotes in their toasters!
It appears that some Aussies may have had a slight misunderstanding of what the phrase "money to burn" means…
According to a recent report from the Reserve Bank of Australia (RBA), one of the most common causes of damaged banknotes is when their owner accidentally burns them in their kitchen or electrical appliances.
Apparently, the cash is stowed away inside these appliances so that they can be temporarily hidden or stored. However, most owners tend to forget the money, which leads to burning the cash when they decide to make some toast or turn on the heat.
More and more Aussies are burning their money inside electrical appliances. Credit: RBA.
Heat-damaged banknotes are "relatively common" in general, accounting for roughly 30% of all claims received by the RBA for mangled bills in terms of both number and value.
According to the report, several people damage their money by attempting to sanitise it by using heat – such as microwaving, boiling, or using a hair dryer on it – during the peak of the Covid-19 pandemic.
Despite the pandemic reducing the number of cases of damaged banknotes, the number of claims processed by the RBA fell significantly in 2020 and 2021, to an average of around 10,000 per year.
From 2014 to 2021, the RBA processed approximately 110,000 claims for damaged banknotes and made $44 million in payments or an average of approximately 14,000 claims worth $5.5 million per year.
In recent years, the median value of these claims has been $30, and approximately 80 per cent of these claims had a value of $50 or less.
The majority of the claims were for ripped or torn cash, and approximately three-quarters of them involved only a single banknote.
You can file a damaged banknote claim if you have damaged bills. Credit: RBA.
The Reserve Bank of Australia (RBA) accepts claims for damaged banknotes from anyone who has them, regardless of whether the damage was caused by an unfortunate accident with a toaster or another reason.
The Damaged Banknotes Policy will assess the value of the damaged cash, and the claimant will be reimbursed for the amount determined.
Please note that you are unable to include any coins or foreign banknotes in your submission because the Reserve Bank is unable to process them.
On the RBA's website, you can find additional information on payment criteria and how to redeem value for damaged banknotes.
What do you think, members? Has anyone ever accidentally burnt or damaged their money?
It appears that some Aussies may have had a slight misunderstanding of what the phrase "money to burn" means…
According to a recent report from the Reserve Bank of Australia (RBA), one of the most common causes of damaged banknotes is when their owner accidentally burns them in their kitchen or electrical appliances.
Apparently, the cash is stowed away inside these appliances so that they can be temporarily hidden or stored. However, most owners tend to forget the money, which leads to burning the cash when they decide to make some toast or turn on the heat.
More and more Aussies are burning their money inside electrical appliances. Credit: RBA.
Heat-damaged banknotes are "relatively common" in general, accounting for roughly 30% of all claims received by the RBA for mangled bills in terms of both number and value.
According to the report, several people damage their money by attempting to sanitise it by using heat – such as microwaving, boiling, or using a hair dryer on it – during the peak of the Covid-19 pandemic.
Despite the pandemic reducing the number of cases of damaged banknotes, the number of claims processed by the RBA fell significantly in 2020 and 2021, to an average of around 10,000 per year.
From 2014 to 2021, the RBA processed approximately 110,000 claims for damaged banknotes and made $44 million in payments or an average of approximately 14,000 claims worth $5.5 million per year.
In recent years, the median value of these claims has been $30, and approximately 80 per cent of these claims had a value of $50 or less.
The majority of the claims were for ripped or torn cash, and approximately three-quarters of them involved only a single banknote.
You can file a damaged banknote claim if you have damaged bills. Credit: RBA.
The Reserve Bank of Australia (RBA) accepts claims for damaged banknotes from anyone who has them, regardless of whether the damage was caused by an unfortunate accident with a toaster or another reason.
The Damaged Banknotes Policy will assess the value of the damaged cash, and the claimant will be reimbursed for the amount determined.
Please note that you are unable to include any coins or foreign banknotes in your submission because the Reserve Bank is unable to process them.
On the RBA's website, you can find additional information on payment criteria and how to redeem value for damaged banknotes.
What do you think, members? Has anyone ever accidentally burnt or damaged their money?
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