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Thread: Why do they record $100 dollar serial numbers

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    Dave & Imp is offline DI Member
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    Default Why do they record $100 dollar serial numbers

    I was in the bank today, and I noticed when they gave me some $100 USD bills that someone had already recorded each number on the small post-it type papers. The teller cut off the appropriate set of numbers and taped it on other paper work of my paperwork. I notice that western union also records each bill serial number going in and out. Any one know the purpose of this? Because it is manually done I wonder if the information is ever really used.

    Second question is; do they not trust computers here. It seems like after they do all the computer input, then they manual write things down also. I see the fellows is Jolibee go over huge spread sheets that are manually written out.

    It would seem as long as transactions take to complete here, that all this double work and manual work just slows down the process, but maybe it helps the employment picture here to keep people busy.

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    expatron is offline DI Member
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    Since there are dollars going in and out of the teller's drawer and the serial number isn't scanned by any computer.

    Over the years there have been many bogus bill's around. I always ask them to record the numbers to protect myself just in case one or more of them are refused by the money changers. I was once given 2 bogus hundred dollar bill's as change from a resort, luckily they replaced them.

    Having the numbers recorded by the bank is proof for you and the bank that any returned bill was issued by them. I even sometimes ask for a copy before I leave the counter.

    Ron




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    Dave & Imp is offline DI Member
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    Quote Originally Posted by expatron View Post
    Since there are dollars going in and out of the teller's drawer and the serial number isn't scanned by any computer.

    Over the years there have been many bogus bill's around. I always ask them to record the numbers to protect myself just in case one or more of them are refused by the money changers. I was once given 2 bogus hundred dollar bill's as change from a resort, luckily they replaced them.

    Having the numbers recorded by the bank is proof for you and the bank that any returned bill was issued by them. I even sometimes ask for a copy before I leave the counter.

    Ron
    Wow, the concept that a business or bank would actually do something to help me to prove that they had given me something defective never crossed my mind. It seems like it is such self protective business world here. Thanks.

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    ChMacQueen is offline DI Member
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    Its not them protecting YOU at all. Its so they have a record of the bills they gave you incase YOU come back with a fake bill 2 minutes later saying they just gave it to you. Its also so when you give them bills they know who it came from incase any turn out to be frank so they know who to take action against. This is why if you give them any US Bills they record your passport number.

    It has nothing to do with protecting you, just them protecting themselves from you. Just in odd occasion it works for you as well.

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    mntnwolf (01-22-2012)

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    expatron is offline DI Member
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    I disagree completely, I have spoken with many bank managers over the last 14 years. They all say it is to protect you and the bank, according to what I have always been told straight from the horse's mouth. they will exchange a fake bill if you bring it back as long as they know it came from them. depositing dollars with them is risky for them because the tellers don't have a high level of training to detect fake money. So I agree they should get the depositors ID for obvious reasons. If a fake bill is accidently given to a bank I don't think they will take sever action other than rectifying the problem. On the other hand if a person is knowingly passing fake stuff it could be very different.
    Ron

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    mntnwolf (01-22-2012)

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    Manzanita's Avatar
    Manzanita is offline DI Member
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    The US Federal Reserve is the only entity allowed to print counterfeit US currency and they don't take kindly to anyone trying to muscle in on their racket.

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    Knowdafish (01-27-2012)

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    ChMacQueen is offline DI Member
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    As supporting evidence for my statement I shall put forth "People's Exhibit A". The list of times that a Philippine company had the interests of the customer at heart as top priority. Notice how its just a blank piece of paper? I rest my case! hehe.

    Seriously though when does a Philippine business ever do anything to protect the rights of customers? Everytime I have seen that challenge they fail and the odd time that it just happens to coincide it seems they are disappointed you come out on top.

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    Dave & Imp is offline DI Member
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    Default Lively discussion for a simple question

    Thanks for all you input on the subject. I realized that every time I made a transaction in US Dollars they did have my passport information on record, except at the Money changers.

    I can also understand the training that is not afforded to bank tellers ability to discern foreign currency. When I took a document off my banks internet site, filled it out and took it in to them..they acted like it was counterfeit, and it took about 30 minutes to take the information off of their form and put it into their system They then told me it would be 3 days and my internet link would be up...well of course 5 weeks later and many nasty emails by myself something happened., but not enough so I chose to close out the account. I will not say what bank, as I think it would be removed but they only seem to have one branch in Dumaguete, near Siliman College.

    I do think the serial number thing just happened to protect us, the consumer by accident, as we have all experienced the typical consumer level of protection here in the Philippines.

    Thanks again

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