• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Government examination

Venegas thought her recent money struggles were solved when she found $6,000 in cash — money that is rightfully hers.

When the bank refused to take the money — which was mostly $100 bills — she found that her deposit may have had to undergo a thorough examination by the Bureau of Engraving and Printing (BEP), the government agency that prints money (referred to as Federal Reserve notes) and redeems mutilated currency notes.

The BEP defines mutilated currency as notes that have been “damaged to the extent that one-half or less of the original note remains, or its condition is such that its value is questionable.”

Currency notes can be mutilated in many ways, including by fire, water, chemicals, explosives, animals, insects, rodent damage and petrification or deterioration by burying. In Venegas’ case, the cash was likely damaged by water and the corners were clearly eaten away by an insect or animal.

If you have mutilated currency, you can deliver it in-person to the BEP’s Washington D.C. facility, or you can mail it to the agency with a fully completed and signed BEP Form 5283. But the redemption process can take anywhere from six months to three years — a long time to wait for someone who needs the money now.

“What if I die before I ever received it?” Venegas pointed out.

Ready to boost your savings?

Click here for the best savings accounts! Discover top rates and no-fee options to grow your money effortlessly.

Start saving smarter today!

A partial payday

When Venegas discovered how long she might have to wait to exchange her money with the government, she reached out to the Call Kurtis consumer investigations team at CBS Sacramento.

Considering almost all of the bills she found were almost fully intact and the value of each ($100) was clear, CBS turned to Bank of America — where Venegas has banked for decades — to see if they would reconsider depositing the money.

The bank states on its website that it “does not distribute or accept mutilated currency of any kind” but given the condition of Venegas’ cash and the interest of investigative reports, it ultimately changed its position and accepted $5,700 of the $6,000 haul.

A very relieved Venegas said she plans to use the money to pay off her late utility bills, a debt that was weighing heavy on her fixed retirement income.

As for the remaining $300, Venegas will have to wait and see how long it takes for the rest of her cash to be examined.

Sponsored

This 2 minute move could knock $500/year off your car insurance in 2024

OfficialCarInsurance.com lets you compare quotes from trusted brands, such as Progressive, Allstate and GEICO to make sure you're getting the best deal.

You can switch to a more affordable auto insurance option in 2 minutes by providing some information about yourself and your vehicle and choosing from their tailor-made results. Find offers as low as $29 a month.

Bethan Moorcraft is a reporter for Moneywise with experience in news editing and business reporting across international markets.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.