Starting in October 2024, shoppers at Walmart will need to be extra cautious when using cash. The retail giant announced a new policy that will no longer allow damaged or worn-out dollar bills at checkout. This change comes as part of an effort to combat the growing problem of counterfeit money circulating in the U.S. economy, a move that is expected to affect many customers.
Why is Walmart Doing This?
This isn’t an attempt to push customers toward credit card use. Instead, it’s aimed at tackling the rising number of counterfeit bills in circulation, which have increased by an alarming $70 million. As counterfeiters get better at producing fake currency, businesses are taking steps to prevent fraudulent transactions.
What Dollar Bills Are Affected?
Under this policy, Walmart will refuse any dollar bills that are damaged or excessively worn. Over time, bills can become “mutilated,” losing their defining features such as corners or distinctive color. These damaged notes are harder to authenticate, making it riskier for businesses to accept them. A bill that has been through the wash, faded by time, or exposed to extreme conditions will likely be rejected.
What Can You Do If Your Bill is Damaged?
If you have damaged or worn-out currency, don’t worry—it’s still considered legal tender. You can exchange it at a bank for a new bill of the same value. A bank teller will check the authenticity of your note and replace it with a fresh one.
How to Spot a Fake Bill
With the rise of counterfeit currency, it’s important to be able to spot fake bills. Here are some tips to help you:
- Material: Real U.S. bills are made from a cotton-linen blend and feel distinct. If the bill feels too smooth or stiff, it might be counterfeit.
- Watermark: Genuine bills have a watermark visible from both sides of the note. If it’s missing or doesn’t align with the portrait, it’s likely a fake.
- Security Thread: Larger bills (starting with the $5 bill) include a vertical security thread that says “USA” when held up to the light. Counterfeit bills often lack this feature.
- Color-Shifting Ink: Real bills have color-shifting ink that changes from copper to green when tilted. Counterfeiters struggle to replicate this feature, so it’s a good sign your bill is real if you see it.
- Serial Numbers: Look for evenly spaced, correctly aligned serial numbers. Fake bills often have misaligned or uneven serial numbers.
- Fine Print: Real currency has tiny text along the edges that’s hard to replicate. If the text is blurry or smudged, the bill could be counterfeit.
Final Thoughts
While Walmart’s decision to stop accepting damaged bills may be inconvenient, it’s part of a larger effort to ensure the integrity of the U.S. currency system. To avoid any issues, it’s a good idea to carefully check the cash you receive and ensure it’s in good condition. And, if you find a bill that’s seen better days, take it to the bank for a replacement
FAQ: Walmart’s New Policy on Damaged Dollar Bills
1. Why won’t Walmart accept damaged dollar bills starting in October 2024?
Walmart is implementing this policy to help combat the growing problem of counterfeit money circulating in the U.S. economy. Damaged bills are harder to authenticate, and this move aims to protect both consumers and retailers from accepting counterfeit currency.
2. Which dollar bills will Walmart no longer accept?
Walmart will reject any damaged or excessively worn-out bills. This includes bills that are missing corners, faded, or have been exposed to moisture or heat, making them harder to verify as authentic.
3. What should I do if I have a damaged bill?
If you have a damaged bill, you can still exchange it at a bank. Banks will replace worn-out bills with new ones of equal value after confirming their authenticity.
4. Can I still use damaged bills at other stores?
Other stores may also follow similar policies regarding damaged or worn bills, as it’s becoming more difficult for businesses to verify their authenticity. It’s always a good idea to check with each retailer beforehand.
5. What if I unknowingly accept a counterfeit bill?
With over $70 million in counterfeit bills circulating, it’s important to check your bills carefully. If you receive a fake bill, you can report it to the authorities, and it’s typically up to the retailer or bank to handle the situation.
6. How can I tell if a bill is real or counterfeit?
Here’s how to spot a fake bill:
- Material: Real bills have a distinctive cotton-linen blend texture.
- Watermark: Genuine bills have a watermark that matches the portrait.
- Security Thread: Larger bills (starting with $5) have a vertical security thread embedded in the paper.
- Color-shifting Ink: Real bills change color from copper to green depending on the angle of light.
- Serial Numbers: Authentic bills have evenly spaced, aligned serial numbers.
- Fine Print: Real bills have fine, clear text along the edges.
7. How can I prevent my bills from becoming damaged?
To keep your bills in good condition, avoid exposing them to moisture, heat, or harsh conditions. Store them in a safe place, and try not to fold or crumple them unnecessarily. If you have worn-out bills, exchange them at a bank for new ones.
8. Is it true that counterfeit money is on the rise?
Yes, counterfeit money is a growing issue, with an estimated $70 million in fake bills circulating in the U.S. To protect yourself, make sure to inspect the cash you receive carefully and report any suspicious bills.