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Bank of America will (stop|continue to) Accept $1 bills (lemmy.dbzer0.com)

submitted 3 weeks ago by CosmicTurtle0@lemmy.dbzer0.com to c/mildlyinfuriating@lemmy.world

19 comments fedilink hide all child comments

Which is it?!

This headline came up in my news feed, from a very dubious source so I decided to investigate.

Headline after headline, many from identical sources, about how Walmart and Bank of America are either going to stop taking $1 bills or keep accepting them. The headlines read like a FUD article and I refuse to click through to read the details.

I can't find a reputable news source for this story so I'm assuming it's fake news.

It shouldn't be this easy to manipulate news feeds.

top 19 comments

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[-] bstix@feddit.dk 98 points 3 weeks ago

The actual story is that the bank will stop accepting or exchanging damaged bills.

[-] Nougat@fedia.io 85 points 3 weeks ago

That sounds like a bank that shouldn’t get fresh bills from the mint, then.

[-] CosmicTurtle0@lemmy.dbzer0.com 60 points 3 weeks ago

It's one of the jobs of a bank though. They are supposed to exchange damaged bills and then exchange them with the mint, who then destroys them.

Honestly we need to get rid of the $1 bill generally but that's a completely different post all together.

[-] daggermoon@lemmy.world 27 points 3 weeks ago

How we gonna get rid of the $1 bill? We can't even get rid of the penny.

[-] Vorticity@lemmy.world 10 points 3 weeks ago

Honestly we need to get rid of the $1 bill generally but that’s a completely different post all together.

What do you replace them with? Coins have been tried and rejected by consumers a few times now.

[-] L0rdMathias@sh.itjust.works 7 points 3 weeks ago

Add a new currency called the buck which represents 1000 dollars. Over the next~200 years of inflation abolish the cent as a fraction of a dollar. When you reach a breaking point again, reintroduce a cent as a bill that represents 1000 bucks. Rinse and repeat every new inflationary super cycle.

[-] CosmicTurtle0@lemmy.dbzer0.com 5 points 3 weeks ago* (last edited 3 weeks ago)

When the $1 coins were released, most stuff in vending machines were still within the cost of a dollar. Thought I'm not disagreeing with your comment. Coins, for the most part, are relegated to coin jars and aren't really "spent" in the same way that bills are.

The problem is that coins generally are just so inconvenient. I only hold onto them for the rare occasion where I need to feed a meter.

Edit: This conversation reminded me of a great YouTube video on the subject of how the shape of money makes it useful

[-] ayyy@sh.itjust.works 2 points 3 weeks ago

That would be communism!

[-] MehBlah@lemmy.world 19 points 3 weeks ago

Their plan is to not do their job. Check.

[-] tomatolung@sopuli.xyz 8 points 3 weeks ago* (last edited 3 weeks ago)

The BEP can still accept them, but I'm curious if BofA is actually doing this and if it'll stand up. More FAQ's can be read here

What is considered mutilated currency?

Mutilated currency is currency which has been damaged – to the extent that: (1) one-half or less of the original note remains; or (2) its condition is such that its value is questionable. Currency notes can become mutilated in any number of ways. The most common causes are fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying.

What is not considered mutilated currency?

Unfit currency for redemption is currency which is unfit for further circulation because of its physical condition such as dirty, defaced, limp, torn, or worn. Unfit currency should not be forwarded to Bureau of Engraving and Printing for redemption, but may be exchanged at commercial financial institutions.

[-] bjoern_tantau@swg-empire.de 46 points 3 weeks ago

Even without reading them I'm pretty sure that it goes like this:

Idiot thinks that they will stop accepting the bills and posts the news.
Several other idiots blindly copy those articles.
Person with more than two braincells actually checks what's going on and thus posts the reduction to mitigate the harm.

[-] spankmonkey@lemmy.world 27 points 3 weeks ago

I think step 2 might be done by AI now instead of humans, because AI can blindly copy articles faster.

Step 4 would be AI blindly copying the person with more than two braincells, whcih is why there are duplicates of both versions.

[-] Aatube@kbin.melroy.org 8 points 3 weeks ago

Step 4 would be AI blindly copying the person with more than two braincells, whcih is why there are duplicates of both versions.

Either that or it's a syndicated story

[-] CanadaPlus@lemmy.sdf.org 2 points 3 weeks ago* (last edited 3 weeks ago)

Ah yes, the old style of automation. Why spend a trillion flops doing what 100 can?

[-] candybrie@lemmy.world 1 points 3 weeks ago

Marketing isn't a fan yet. Give it a year, and then we can sell it as efficency.

[-] BossDj@lemm.ee 1 points 3 weeks ago

Yup, they blindly post whatever article because they all bought that article from the same source

[-] AshMan85@lemmy.world 9 points 3 weeks ago

I thought they have to accept legal tender

[-] fubarx@lemmy.ml 7 points 3 weeks ago* (last edited 3 weeks ago)

Losing the all-important male stripper customer base.

Obligatory:

[-] ATDA@lemmy.world 1 points 2 weeks ago

Y'all worrying about a dollar while I'm over here waiting for chase to cash my 10mil check

this post was submitted on 04 Nov 2024

282 points (100.0% liked)

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