$10,000 Bill Exchanged For Face Value At Bank

my chase bank had something similar happen last year!

apparently a guy did not pay to upkeep his safe deposit box and the contents went to the banks. apparently, lots of gold eagles, silver etc. crazy! I asked what happened to it and they said it goes back to the fed? or their corp offices? not sure.. but it does not go back into circulation....

Just checked. Whoops. Salmon Chase. Early onset, I guess.

All states have an unclaimed property division. This property is not kept by the bank, it is turned over to the state. It is the duty of the state to find the rightful owner and return the property to them. Sometimes the state auctions the property, but holds the proceeds in trust until it can be returned.

I do not think this applies in either of these cases, this is just like the shows you see on all the cable channels where people buy storage rooms full of stuff, you are renting the space and if you do not pay it is the owners of the space you are renting. The case where the heir cashed them in it wasn't unclaimed either, it was claimed by the heirs and cashed in for face value. Both circumstances do not apply to what was said above. I do believe the banks have to try and find a heir or a rightful owner for a specific amount of time (unlike the storage buildings) but if they can not find them then the contents are theirs to do what they wish with

I used to work for a bank, if the rental fees are not paid for a certain period of time the safe deposit box is opened and the contents given to the state unclaimed property division due to escheatment laws (the same thing happens with bank accounts that have no activity after a period of years). Valuable escheated items are sold at auction and an account is opened with the state unclaimed property division with the proceeds. The heir or owner can then claim the contents of the account if they can prove it is lawfully theirs. The state wins because they essentially get a free loan from the proper owner of the safe deposit box, and the bank wins because they can then rent out the safe deposit box for a paying customer.

I may be mistaken but doesn't the bill go back to the Fed then......it get's destroyed!?

I don't know why MSNBC dredged this story up now but it is actually 6 years old.

The owner of the note died 20 years prior (26 years now). At that time, the heirs opened the box found the high denomination notes and gave them to the bank as a deposit to the estate's account. The bank kept the notes. Chase acquired the bank sometime later. In 2005 or so, Chase asked all its banks to send their collections of unusual notes to New York. That is how the note ended up there and that is when the story broke.

At one time Chase had one of the finenst numismatic collections in the country. It was broken up and sold sometime in the 1970-80s.

They dumped a bunch of high denomination notes in 2000-1 after doing thoro vault searches in anticipation of y2k. The market has never fully recovered.