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#2204870 - 02/01/19 11:09 PM MUT Money with POD
missmarybrewster Offline
Junior Member
Joined: Nov 2018
Posts: 30
On a stage near you
So a member came in today with 4 mutilated bills; all were laminated and/or heavily taped.

We do not have physical drawers at our branch, just the cash PODs. The PODs will not physically take the currency.

Are we required to take the bills? I was told to turn the member away, which I did.

But if memory serves me right, do we as a credit union have an obligation to take them for the FED?

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General Discussion
#2204884 - 02/02/19 04:31 AM Re: MUT Money with POD missmarybrewster
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,243
Illinois
It's the Bureau of Engraving and Printing's problem. Send your member here.

https://www.moneyfactory.gov/services/currencyredemption.html
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#2205086 - 02/05/19 04:30 PM Re: MUT Money with POD missmarybrewster
missmarybrewster Offline
Junior Member
Joined: Nov 2018
Posts: 30
On a stage near you
Follow up:

So the member was told we would NOT accept the bills. Member proceeds to deposit the bills into the ATM, which the ATM accepts.

Now.....

Do we still have to credit the member, even after being told we wouldn't accept them?

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#2205109 - 02/05/19 06:06 PM Re: MUT Money with POD missmarybrewster
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,971
Galveston, TX
No - I am sure your depositor's agreement most likely allows you to refuse any deposit. I would call the customer and return the deposit and think about revoking their ATM privileges.
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#2205190 - 02/06/19 03:23 PM Re: MUT Money with POD missmarybrewster
missmarybrewster Offline
Junior Member
Joined: Nov 2018
Posts: 30
On a stage near you
Thank you rlcarey

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