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Risks Of Using $100 Bills

Sunday, August 15, 2010 - 9:59 AM
Clark Howard's August 13th show notes had this useful advice regarding cash:
Clark has a rule: He never carries anything larger than a $20 bill. Why? Because bills larger than that have a much higher chance of being counterfeit.

[...]

once someone accepts a counterfeit bill, the liability becomes theirs, and it immediately becomes a felony to pass them on to anyone else.

Clark referenced this LA Times article in which a man cashed a postal money order at a post office and received 8 $100 bills. He found out when he was trying to use one of those bills, that all were counterfeit. The man is out $800 even though he had a receipt from the post office for the money order.
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Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Sunday, August 15, 2010 - 10:25 AM
Clark's advice is a sound one. I never carry more than 40 bucks in my wallet (usually much less) with only 20 dollar bills or smaller. There's really no need for me for larger bills as most payments are done via plastic.
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darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 632
2. Sunday, August 15, 2010 - 2:54 PM
When I was in the bank a customer had a counterfiet $100 bill in their deposit. The teller realized it was counterfiet and it was put in a plastic bag and the secret service was called. The man was out of his money. It has happened with gas station deposits also they said. One station had 6 of them in one deposit. The station was out the money also. The secret service takes the money, checks for finger prints and keeps it.

They usually catch them because of cameras at the gas station registers. The cameras at the pumps or on the light poles can most sometimes pick up license plates numbers and sometimes even the faces of the people in the car.

 
2
t1945t19452 posts since
Aug 15, 2010
Rep Points: 4
3. Sunday, August 15, 2010 - 8:45 PM
Can't you write any money you've lost to counterfeits off on your taxes?  I heard that somewhere....
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zapetazapeta10 posts since
Jul 10, 2010
Rep Points: 21
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