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Torn $5 Polymer Bank Notes

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  • Jul 2nd, 2022 2:31 pm
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Feb 20th, 2018 2:55 pm
apvm [OP]
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Feb 20th, 2018 2:55 pm

Torn $5 Polymer Bank Notes

I have a torn $5 polymer bank note, someone cut the corner of it with the serial number, there should be two and now only one. I tried to deposit it at TD and they wouldn't accept it because one serial number is missing. So I just deposit it at an ATM and see what happens. According to Bank of Canada, I may have to send it to them for examination before they will send me another $5. Anyone has experience? TIA

For those who are curios: I am a volunteer of a non profit organization and that $5 bill is among the donations that we received and I am just trying to find a way to cash it.
Last edited by apvm on Feb 20th, 2018 2:55 pm, edited 2 times in total.
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Feb 20th, 2018 3:11 pm
Cheapo-Findo
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Feb 20th, 2018 3:11 pm

Walmart machines will take it, I had a torn 20 and Walmart kiosk took it after few tries.
jackrabbit000 wrote: ↑ Try spending it instead. I bet someone will take it.

WOULD SOMEBODY THINK OF THE CHILDREN!!!
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Feb 20th, 2018 3:22 pm
User455957
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Feb 20th, 2018 3:22 pm

Pass it on, like someone passed it on to you.
Feb 20th, 2018 3:28 pm
apvm [OP]
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Feb 20th, 2018 3:28 pm

I don't really want to pass it on to someone else, in any case I deposited it through an ATM. Just in case they send it back, I am wondering if anyone send a torn bill back to Bank of Canada for a new one before? Thanks again.
Feb 20th, 2018 4:26 pm
LonesomeDove
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Feb 20th, 2018 4:26 pm

Why did you accept it in the first place? If you did not notice it at first it must not be an obvious cut. I don't know why the bank did not take it because 90% of the bill is still intact. Its not like it was half a bill. I would have tried a different bank or passed it on. Someone passed it you, pass it to someone else.
Have a nice day!


Feb 20th, 2018 9:37 pm
Clacker
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Feb 20th, 2018 9:37 pm

AFAIK the BOC rule is that you will get reimbursed as long as you have 51% of the bill or more in your possession.
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Feb 21st, 2018 12:00 am
thewhopper
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Feb 21st, 2018 12:00 am

kneevase wrote: ↑ OP, sounds to me like it's time to go to the strip club!
Yeah $5 got you a dance in the 80's.
Feb 21st, 2018 8:44 am
Deepwater
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Feb 21st, 2018 8:44 am

kneevase wrote: ↑OP, sounds to me like it's time to go to the strip club!
thewhopper wrote: ↑
Yeah $5 got you a dance in the 80's.
Won't even buy a beer anymore.
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Feb 21st, 2018 10:01 am
jookid
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Feb 21st, 2018 10:01 am

just give it one of those homeless beggars or the salvation army. Seriously, we're talkimg about 5 bucks not 500
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Feb 21st, 2018 10:49 am
apvm [OP]
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Feb 21st, 2018 10:49 am

LonesomeDove wrote: ↑ Why did you accept it in the first place? If you did not notice it at first it must not be an obvious cut. I don't know why the bank did not take it because 90% of the bill is still intact. Its not like it was half a bill. I would have tried a different bank or passed it on. Someone passed it you, pass it to someone else.
I am a volunteer of a non profit organization, this $5 bill is among the donations that we received, TD won't accept it because one of the serial numbers is missing, it should have two at the bottom of the bill.
Feb 21st, 2018 11:06 am
coolintheshade
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Feb 21st, 2018 11:06 am

jookid wrote: ↑ just give it one of those homeless beggars or the salvation army. Seriously, we're talkimg about 5 bucks not 500
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They’ll find a place to accept it if it takes the rest of their life :lol:
Feb 21st, 2018 5:34 pm
UrbanPoet
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Feb 21st, 2018 5:34 pm

Kiraly wrote: ↑ Sending mutilated notes to the Bank of Canada requires registered mail ($9.85) or courier, not worth it for a $5 bill. I'd have deposited it using an ATM too.
Get your branch to send it.
They can include it with their regular ship out of mutiliated bills.
But most branches are lazy and do this once in. Blue moon... but its a good kick in the butt bc mutilated always builds up bc too lazy to ship out to b of c. Lol
Jul 2nd, 2022 1:29 am
DiamondDallasPage
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Jul 2nd, 2022 1:29 am

Clacker wrote: ↑ AFAIK the BOC rule is that you will get reimbursed as long as you have 51% of the bill or more in your possession.
Link?
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Jul 2nd, 2022 11:58 am
Clacker
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Jul 2nd, 2022 11:58 am

I don't have a link it was the rule we used in the bank I worked in for several years, hence why I said "AFAIK".
Jul 2nd, 2022 12:11 pm
Holystone
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Jul 2nd, 2022 12:11 pm

I also read somewhere about this 51% rule. I assumed this was to safeguard against someone cutting the bill in two and then claiming a replacement against each.
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Jul 2nd, 2022 2:31 pm
CalgaryBen
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Jul 2nd, 2022 2:31 pm

I can't find an "authoritative" Canadian source that confirms anything -- the Bank of Canada site seems to be cautious about actually quantifying the amount that needs to be present. You can read about the note redemption/replacement service at https://www.bankofcanada.ca/banknotes/b ... #mutilated

Everything I've read about needing 51% to 2/3rds is hearsay and does not come from authoritative sources.

One source I found (which doesn't make it true/correct just because it's published) is The Great Canadian Trivia Book (Ray & Kearney, 1996, p 91-92), which states:
Torn bills are worth full value if three-fifths of the note remains intact. If between two-fifths and three-fifths is intact, the bill is worth half its value, and if you have less than two-fifths of the bill, it is worth nothing."
However, they don't even cite their sources, other than crediting "a manager of operations for the Bank of Canada".

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