MUT Money with POD

Posted By: missmarybrewster

MUT Money with POD - 02/01/19 11:09 PM

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?
Posted By: BrianC

Re: MUT Money with POD - 02/02/19 04:31 AM

It's the Bureau of Engraving and Printing's problem. Send your member here.

https://www.moneyfactory.gov/services/currencyredemption.html
Posted By: missmarybrewster

Re: MUT Money with POD - 02/05/19 04:30 PM

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?
Posted By: rlcarey

Re: MUT Money with POD - 02/05/19 06:06 PM

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.
Posted By: missmarybrewster

Re: MUT Money with POD - 02/06/19 03:23 PM

Thank you rlcarey