How to Redeem Badly Damaged Money

 

Every one of your hard-earned dollars counts, so it's likely you don’t' want to lose any of your money due to damage. If you have paper money that is extremely damaged, Victory State Bank, Staten Island's only community-based business bank, wants you to know that you can redeem it with the U.S. Treasury Department's Bureau of Engraving and Printing.

Examples of damaged paper money include bills that are less than one half of the bill, or in such a condition that you are unable to tell the denomination of the bill.

EXCHANGING MONEY AT YOUR BANK

If you have paper money that is dirty, defaced, torn, or more than half of the original size, you can take it to your local bank to exchange it for a bill that is in better shape.

If you have any coins that are fused, melted, or mutilated in any other way, you can send them to the U.S. Mint for evaluation. You can exchange other coins that aren't severely damaged at your local bank.

WHAT IS MUTILATED CURRENCY?

According to the Bureau of Engraving and Printing, mutilated currency is currency which has been damaged to the extent that it's condition is such that its value is questionable. Such currency must be forwarded to the Bureau of Engraving and Printing for examination by trained experts before any redemption is made. One example of mutilated currency may be bills missing relevant security features.

 Currency can become mutilated in any number of ways. The most common causes are: Fire, water, chemicals, and explosives; animal, insect, or rodent damage, and petrification or deterioration by burying.

 

Note: Due to the federal holidays and the Bureau of Engraving and Printing’s Year End Shutdown, no in-person deliveries of mutilated currency will be accepted Thursday December 24 through January 1.   In-person deliveries will resume on January 4, 2016.

 

For more information about redeeming mutilated currency, visit the Bureau of Engraving and Printing online,

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

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