Education on Money!

Yesterday I received a lesson in US dollars from our local bank in Loreto, Bancomer BBVA.

I sent my secretary to deposit three one hundred dollar bills into my business account. She returned with her copy of a front and back photocopy of one of the bills that she had to sign and provide her address, telephone number and id number for.

This particular bill was issued in 1974 and although it passed the fake bill pen test, it did not have the strip inside. My bank tells me that from 1985 onward, all US bills have the strip present, but bills issued prior to 1985 some have it others dont yet they are still not conterfeit.

Bancomer tells me not to accept bills older than 1985.

So now what I have to do is, check for the strip, do the pen check and now check the year.

This is in Loreto and I would imagine all business will be doing this soon as we have only one bank.

The bill in question was deposited and credited to my account but sent to a department in Mexico City where after one month if found to be a fake, will be deducted from my account. I guess they can come up with whatever conclusion they want huh? When asked if I can take back the bill and exchange it, the bank said no that they must keep it out of circulation!

Remember in Mexico it is illegal to tear, write on or deface money in any way. This is why if you try and purchase something with a bill that has a mark or irregularity on it the merchant often will not accept it.

So when traveling to the baja remember to bring real money and bring new money!

We get lots of fake stuff here in the "good ole USA" too...

Lots of FAKE bills pass the pen test and we NEVER get them back from Bof A either...they won't allow them back in circulation

DON"T TAKE $100 bills

When they started the change of the $100 bill, they did say that at some point in time, all of the older stuff would not be accepted anymore. Never did hear a timeframe for it tho.