Counterfeit Money
Jun 12th, 2005, 10:00 AM
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Counterfeit Money
While my family was in St. John, USVI last week, we took a chartered boat tour of a couple of the British Virgin Islands. When we arrived at British Customs, the captian took our passports and the fee of $20 per person to clear customs, while we waited in the boat. There were six of us so that came to $120. My husband gave him a hundred and a twenty. The captain came back shortly saying that customs said his hundred dollar bill is counterfeit! The customs agent had actually asked the captain not to tell my husband why they wanted to see him but just to get him to customs. (I guess they were going to nab him and haul him off to jail! LOL!)
Anyway, the agent had him take all of his money out of his wallet and they tested it with a machine. He had three other hundreds, some fifties, and some twenties and they were all fine. Even the "counterfeit" hundred passed the test where they put iodine or whatever it is on the bill to see if it turns dark, but the machine said it was counterfeit. They kept the bill and made a photocopy and gave us a note for our bank, stating that it is counterfeit.
When we got back home, my husband called our bank to see about reimbursement and was told that the bill should have been turned over to the Secret Service and the Secret Service would reimburse us. After I thought about, I began to wonder how someone in a foreign country would even know how to turn it over to the Secret Service. And if the agents did know, I wonder why they didn't say they would do that instead of giving us a letter for our bank. I even began to wonder if a foreign country has the authority to confiscate American money-even if their machine says it is counterfeit. I also began to wonder where those customs agents went for dinner that night!!! LOL!
Have any of you had any experience with counterfeit money? What did you do? Does anyone know what the proper procedure is if you are caught with it? And what, if any legal rights you have?
By the way, the bank did credit our account with $100-not because they had to but, as they explained, because we are good customers.
Anyway, the agent had him take all of his money out of his wallet and they tested it with a machine. He had three other hundreds, some fifties, and some twenties and they were all fine. Even the "counterfeit" hundred passed the test where they put iodine or whatever it is on the bill to see if it turns dark, but the machine said it was counterfeit. They kept the bill and made a photocopy and gave us a note for our bank, stating that it is counterfeit.
When we got back home, my husband called our bank to see about reimbursement and was told that the bill should have been turned over to the Secret Service and the Secret Service would reimburse us. After I thought about, I began to wonder how someone in a foreign country would even know how to turn it over to the Secret Service. And if the agents did know, I wonder why they didn't say they would do that instead of giving us a letter for our bank. I even began to wonder if a foreign country has the authority to confiscate American money-even if their machine says it is counterfeit. I also began to wonder where those customs agents went for dinner that night!!! LOL!
Have any of you had any experience with counterfeit money? What did you do? Does anyone know what the proper procedure is if you are caught with it? And what, if any legal rights you have?
By the way, the bank did credit our account with $100-not because they had to but, as they explained, because we are good customers.
Jun 12th, 2005, 02:41 PM
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Assuming this is a real question (can it actually be?) I would assume you were scammed.
If anyone told me the money I got at my bank was counterfeit - I would take it back to the bank - not hand it over to someone in a foreign country.
If anyone told me the money I got at my bank was counterfeit - I would take it back to the bank - not hand it over to someone in a foreign country.
Jun 12th, 2005, 03:17 PM
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Counterfeit US hundreds overseas are a HUGE problem. It was one of the things that prompted the recent redesign of our currency.
Go to http://financialservices.house.gov/banking/10898gen.htm and get some sense of how much of our currency (mostly in hundreds) is held outside the US.
Go to http://financialservices.house.gov/banking/10898gen.htm and get some sense of how much of our currency (mostly in hundreds) is held outside the US.
Jun 12th, 2005, 04:18 PM
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Yes. The question is real. The boat was the "Pirates Penny" chartered through The Charter Boat Center in Red Hook on St. Thomas, USVI.
http://www.charterboat.vi/index.html
The captain's name was Rick and the mate was Jesse. We did not "hand over" the hundred to British customs. They simply kept it. And we were really in no position to argue with them. If they had refused us entry, we would have been out the thousand or so dollars we paid to charter the boat to the British Virgin Islands in the first place.
Bookhall, thank-you for the information. I didn't know counterfeit hundreds were such a problem overseas. That does explain British Customs having a machine to determine if money is counterfeit.
http://www.charterboat.vi/index.html
The captain's name was Rick and the mate was Jesse. We did not "hand over" the hundred to British customs. They simply kept it. And we were really in no position to argue with them. If they had refused us entry, we would have been out the thousand or so dollars we paid to charter the boat to the British Virgin Islands in the first place.
Bookhall, thank-you for the information. I didn't know counterfeit hundreds were such a problem overseas. That does explain British Customs having a machine to determine if money is counterfeit.
Jun 12th, 2005, 04:55 PM
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Where did your husband get the $100 bill in the first place? Was it from the bank?
I am so surprised the bank reimbursed you. I have a retail business and have always found the banks to be absolutely indifferent on the rare occasion when I have deposited a counterfeit bill. They never give it back (I'm not saying they should) but never would they reimburse me either.
I am so surprised the bank reimbursed you. I have a retail business and have always found the banks to be absolutely indifferent on the rare occasion when I have deposited a counterfeit bill. They never give it back (I'm not saying they should) but never would they reimburse me either.
Jun 12th, 2005, 06:59 PM
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We have occasionally gotten counterfeit bills from both of our banks (we own a business and do a lot of banking with them) and each time we have gone back immediately when we knew it was counterfeit (always discovered by another bank) and they have given us back our money. The money in question was turned over to the Secret Service or FBI (can't remember which one) and they have contacted us and asked us about it and that's all that happened. The bank have said they have no idea where they got it either - but I must say the bills we have gotten have been very good. I never would have known.
Jun 13th, 2005, 12:13 AM
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The problem, of course, is not limited to 'overseas'. I was speaking to a bank representative just last week who mentioned that there was a recent influx of this problem in our area of 'lil old AL!
It's on the nightly news every few months.
Sunshinesue: We chartered the Pirates' Penny for a 'Day Cruise' 2 years ago. I believe it was the same captain and crewmate!
They are a highly reputable company, according to friends in STT! A class act, in my opinion!
We had just pulled off from 'Cooper Is.', where we had lunch & I had attempted, unsuccessfully (closed..island time)to ck out a small shop. Suddenly, it dawned on me that my cc wasn't with me! They radioed (sp?) ahead, turned the boat around and let me search my previous path! No luck!
They let me sweat alittle bit (husband was in on it), then revealed they had found it on the boat! It had fallen off the high seat,where we had been sitting
near the captain!
Had to tip big for that one! Whew! Belle.
It's on the nightly news every few months.
Sunshinesue: We chartered the Pirates' Penny for a 'Day Cruise' 2 years ago. I believe it was the same captain and crewmate!
They are a highly reputable company, according to friends in STT! A class act, in my opinion!
We had just pulled off from 'Cooper Is.', where we had lunch & I had attempted, unsuccessfully (closed..island time)to ck out a small shop. Suddenly, it dawned on me that my cc wasn't with me! They radioed (sp?) ahead, turned the boat around and let me search my previous path! No luck!
They let me sweat alittle bit (husband was in on it), then revealed they had found it on the boat! It had fallen off the high seat,where we had been sitting
near the captain!
Had to tip big for that one! Whew! Belle.
Jun 13th, 2005, 03:36 AM
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Joan, the $100 came from our bank. My husband cashed a large check there before we left, for cash for the trip. Initially, the bank said the Secret Service reimbuses for counterfeit money after it has been turned over to them (of course we couldn't do that because we didn't have the bill) but they called the next day to say they were crediting our account with $100 as a courtesy.
OldSoutherBelle, This money came from north Florida-real close to lil ole AL!
OldSoutherBelle, This money came from north Florida-real close to lil ole AL!
Jun 13th, 2005, 03:49 AM
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I also did not think you got reimbursed by anyone for counterfeit bills. That just would not make sense. Then anyone could print bills in their basement and turn them in for the real thing.
I am guessing the reality is that the bank did do it as a coutesy (as you stated in last post). How would bank know which bills they gave you when you cashed a check - I doubt they kept list of serial numbers.
I have always been under the impression that the last one holding a counterfeit bill is the one the bears the cost - sort of holder beware. I think that is why stores refuse higher denomination bills.
This whole story sounds odd to me - I am not questioning your truthfulness, but more have doubts about the way it was handled by others along the way.
I am guessing the reality is that the bank did do it as a coutesy (as you stated in last post). How would bank know which bills they gave you when you cashed a check - I doubt they kept list of serial numbers.
I have always been under the impression that the last one holding a counterfeit bill is the one the bears the cost - sort of holder beware. I think that is why stores refuse higher denomination bills.
This whole story sounds odd to me - I am not questioning your truthfulness, but more have doubts about the way it was handled by others along the way.
Jun 13th, 2005, 10:53 AM
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Before I went to Switzerland with Globus tours, they sent a travel package, and one of the advices was: don't take large bills with you, take $50 or smaller. I think it's because of counterfeiting.
When I handed a bunch of $20 bills in Zurich to exchange to Swiss Franks the lady at the counter looked through each one, then put in a machine.
When I handed a bunch of $20 bills in Zurich to exchange to Swiss Franks the lady at the counter looked through each one, then put in a machine.
Jun 13th, 2005, 11:26 AM
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In our case we had gotten money from the bank and went immediately to anothr bank to deposit it and they found the bills to be counterfeit and went went right back to our bank and they reimbursed us after talking to the other bank. This has happened a couple times with both banks giving us counterfeit money. Don't know if they woukd reimburse for everyone but think in our case they know us well and knew we had just been there and they did reimburse us as a courtesy and to keep our business. However, we did not threaten to take our business else where.
Jun 13th, 2005, 12:09 PM
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Gail, odd sounding or not, that is exactly what happened. You make a good point about reimbursement. Maybe the bank representative was referring to banks turning in counterfeit money for reimbursement or maybe he just didn't know what he was talking about.
The bank never questioned that the bill was theirs as they knew my husband had no reason to lie about it. He is a successful CPA with a well-established practise of over 20 years. He is known at the bank and has been dealing with them and other banks in our area for many years. And, quite frankly, losing $100 would hardly hurt us. The bank knows that and knows he is credible and has better things to do than wrangle over $100. There was simply no reason not to believe him.
It just seems to me that we should be able to trust our bank to give us legitimate bills.
Farina, it makes sense to take smaller bills. At least if one is counterfeit, you won't be out as much!
The bank never questioned that the bill was theirs as they knew my husband had no reason to lie about it. He is a successful CPA with a well-established practise of over 20 years. He is known at the bank and has been dealing with them and other banks in our area for many years. And, quite frankly, losing $100 would hardly hurt us. The bank knows that and knows he is credible and has better things to do than wrangle over $100. There was simply no reason not to believe him.
It just seems to me that we should be able to trust our bank to give us legitimate bills.
Farina, it makes sense to take smaller bills. At least if one is counterfeit, you won't be out as much!
Jun 13th, 2005, 12:52 PM
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When I did banking for my daughter week before last (she & her husband were leaving in 24 hours due to a family emergency in Rome) our bank took her check and gave me the cash she wanted. I noted the largest bills were fifties and suggested a few one hundred dollar bills would be good. They advised me that it is hard to use hundred dollar bills in some places, that the largest bill they should have was fifties. So guess, especially after reading this thread, that there are a lot of counterfeit hundred's floating around.
Jun 13th, 2005, 01:32 PM
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One little trick I was taught by a bank teller re counterfeit bills:
"corduroy jacket"
That is, all bills have a portrait on them. Feel the jacket with your fintertip, and you can feel the ribbing like you would if it were corduroy. Works everytime, even when the little black threads have been removed or the bill is old.
"corduroy jacket"
That is, all bills have a portrait on them. Feel the jacket with your fintertip, and you can feel the ribbing like you would if it were corduroy. Works everytime, even when the little black threads have been removed or the bill is old.
Jun 13th, 2005, 05:35 PM
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Traveling in Ireland in 2003, one of our campanions brought his entire travel stash in $100 bills. We had no problem with them being called counterfeit, because no retailer - not one - and very few banks would exchange them. They explained the huge counterfeiting problem and said they just wouldn't deal with $100 bills any more.
