You know what really frosts my flakes?
Apparently, banks don’t exchange damaged money anymore.
This rant comes from Grandpa Grumpy supporter Randall in Arizona, who recently discovered just how complicated it can be to replace a damaged $20 bill.
A while ago, Randall withdrew some cash from his Bank of America branch. Mixed in with the money was a $20 bill that had been ripped in half and taped back together.
No problem, right?
He was standing in front of the teller who had just given him the damaged bill. Surely the teller could take it back and hand him another $20.
Nope.
Instead, the teller politely explained the bank no longer exchanges damaged currency and handed Randall a copy of BEP Form 5283.
Because nothing says “simple financial transaction” quite like receiving a government form with a number.
Randall learned he needed to mail his damaged $20 directly to the Bureau of Engraving and Printing.
But you can’t just send them the money. Oh, no. This is the federal government we’re talking about.
The two-page form wanted his bank name, routing number and account number.
He also had to provide his address, how long he had lived there, the amount of money being submitted and when the currency was damaged.
Then he had to explain exactly how the money was damaged. If the story was too complicated to fit on the form, he could attach another sheet.
Since when does replacing a ripped $20 bill require a congressional investigation?
Then Randall had to get the paperwork notarized and mail everything to Washington, D.C. via registered mail. After all, it is currency, so it must be sent securely.
And here’s my favorite part.
Sending that damaged $20 by registered mail costs about $21.50.
Now we’re doing government math!
Don’t worry. If he got confused by the process, Randall could always consult three pages of instructions explaining how to fill out the two-page form.
Then, after the government receives everything, Randall had to wait six to eight weeks for the money to be deposited into his bank account.
Or, if all that sounds inconvenient, he could personally deliver his damaged currency to the Bureau of Engraving and Printing in Washington, D.C.
Perfect!
Just buy a plane ticket, book a hotel, grab an Uber and personally deliver your torn $20 bill to the federal government.
I’m Grandpa Grumpy. Somehow government has created a complex system where replacing a damaged $20 bill costs far more than the bill is worth.
I wonder what would have happened if Randall just got into his car, went to the drive-thru and tried to deposit the damaged $20 back into his bank account?
What are the chances the teller would tell him the bank can’t accept damaged currency?