In response to knowledge intelligence agency SAS Analytics, $100 payments account for 34% of paper foreign money in circulation within the U.S. and 82% of its worth.
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Briefly, most of our paper cash is in a whole lot — by a mile — however that doesn’t imply there’s by no means a foul time to walk into a bank branch and ask for one.
Whether or not you want a recent, crisp C-note to place in a birthday card, a marriage envelope or simply to stash in your emergency money pile at dwelling, you’ll wish to decide your second.
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A Observe In regards to the Curious, Cumbersome and Crime-Fueling C-Observe
The Wall Avenue Journal and the New Republic are amongst a number of publications which have just lately reported on a peculiar financial irony. Though the $100 invoice is much and away the commonest observe — it surpassed even the ever-present $1 invoice in 2016 — it’s the least generally used, by far.
ATMs don’t inventory a whole lot, many retailers don’t settle for them and the mere sight of 1 makes register clerks attain for the counterfeit-detection pen. Look in your pockets. It’s doubtless you’re not holding any a whole lot, and neither is the overwhelming majority of upright residents.
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Bye, Bye, Benjamin?
As a part of a longstanding marketing campaign to cease printing and even recall current $100 payments, the New Republic wrote, “Benjamins are the favourite foreign money of criminals and nearly nobody else.”
Wealthy tax evaders, corrupt overseas officers, cash launderers, counterfeiters and different unhealthy actors hoard them, however the law-abiding lots hardly ever use them aside from abroad journey or particular events.
Way back to 1976, an economist named James Henry referred to as for an finish to the $100 invoice in an article in The Washington Month-to-month as a result of — even almost a half-century in the past — it was the popular foreign money of organized crime and tax evaders nearly completely. In 1945, the Treasury stopped printing $500 and $1,000 payments; and, in 1969, it recalled all remaining $1,000 payments, $5,000 payments and $10,000 payments due to their overwhelming prevalence in cash laundering.
That leaves simply the mighty C-Observe on the prime of the hill.
Briefly, there’s no invoice fairly just like the Benjamin, and asking a financial institution for one isn’t like asking for some other denomination. Right here’s when to keep away from doing so.
Keep away from Peak Banking Hours
Michael Ashley is a monetary planner and the founding father of the private finance web site Richiest, however he spent years as a financial institution worker at Wells Fargo and Citi, two of the most important monetary establishments within the nation and the world.
“I might advise towards requesting $100 payments at a financial institution department throughout peak hours, notably throughout busy mornings or lunch rushes,” he stated. “Such instances sometimes witness a excessive quantity of transactions and buyer inquiries, resulting in longer wait instances and potential frustration for each prospects and employees.”
Monday and Friday are historically busy days, and in keeping with Chron.com, banks rent part-time tellers to complement the employees throughout the peak lunch rush Ashley talked about from 11 a.m. to 1 p.m., so don’t go then. Additionally, keep away from Saturday mornings and conventional paydays like the primary and final of the month.
Keep Away When the Financial institution Is Low on Money
Banks handle fluctuating money provides, and also you wish to keep away from strolling in and asking for a $100 invoice simply earlier than the armored truck pulls up with a recent stock of foreign money when the vault is operating dry.
“It’s additionally greatest to keep away from asking for $100 payments throughout instances of money shortages, akin to after weekends or holidays, when the department could also be within the means of replenishing its money reserves,” Ashley stated. “This can lead to delays and inconvenience for each the client and the financial institution employees, as fulfilling such requests may require additional effort and time. As an alternative, think about planning your go to throughout quieter intervals, akin to mid-morning or mid-afternoon on weekdays, to make sure a smoother and extra environment friendly banking expertise for everybody concerned.”
The Fallacious Time Is Any Time You Don’t Name Forward First
In response to the Washington Submit, the regulation requires banks to maintain a modest amount of money readily available, sometimes between 3% and 10% of their deposits. Small banks might need lower than $50,000 in money at any given time, whereas giant banks might need $200,000 or extra.
Relying on whether or not they’re flush or anxiously ready for a sorely wanted replenishment, the financial institution merely won’t have any a whole lot readily available. There’s a simple repair. Name forward and ask if they’ll fulfill your request earlier than you head all the way down to the department.
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This text initially appeared on GOBankingRates.com: I’m a Bank Teller: 3 Times You Should Never Ask For $100 Bills at the Bank
