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Does Bank Take Torn Notes



Assessment of Claims. The Bank will give reasonable consideration to claims made in respect of banknotes which have been damaged accidentally. In making our assessment we take into account a number of factors. A key consideration for the Bank is that we should not knowingly pay out twice on the same banknote. The average lifetime of paper currency ranges from 4.5 years for $10 bills to 15 years for $100 bills, according to the Federal Reserve.


A paper note isn't actually made of paper; it's 75% cotton and 25% linen and can withstand about 4,000 double folds before it tears. Even so, replacing damaged bills is no small expense for Uncle Sam. As per RBI, a mutilated note is a note of which a portion is missing or which is composed of more than two pieces. Mutilated notes may be presented at any of the bank branches. The notes so...

Does Bank Take Torn Notes - Rowan Casino

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