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Hard To Believe: Ontario Man Surprised After Bank Refuses To Accept His $1,000 Bills

 
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Author Previous TopicReplies: 11 / Views: 571Next Topic  
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 Posted 12/05/2020  12:26 pm Show Profile   Bookmark this topic Add doctorman1941 to your friends list Get a Link to this Message
*** Moved by Staff to a more appropriate forum. ***

https://toronto.ctvnews.ca/ontario-...j19GGcv0m0Vg
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 Posted 12/05/2020  12:53 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
The bank was being difficult. They should have taken them and sent them to the Bank of Canada, as a service, which will always redeem them. The guy found another bank that would take them.
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 Posted 12/05/2020  12:59 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
We must be among a very small number of countries that have never de-monitized any federally-issued coins or currency.
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 Posted 12/05/2020  2:14 pm  Show Profile   Check SPP-Ottawa's eBay Listings Bookmark this reply Add SPP-Ottawa to your friends list Get a Link to this Reply
He should have taken them to Metro Coin & Banknote... Jared will alway buy a $1000 banknote.
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Canada
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 Posted 12/06/2020  9:51 pm  Show Profile   Bookmark this reply Add Paisa to your friends list Get a Link to this Reply

Quote:
He should have taken them to Metro Coin & Banknote... Jared will alway buy a $1000 banknote.


Don't be too sure. I have tried selling $1000 bills to dealers including the one mentioned and I was very nicely told not interested. Granted it was before the pandemic but it was after the BOC had announced that they will no longer be legal tender.

I actually had one of the less printed ones from landscape series - it was in EF/AU condition and still there was very little interest.

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 Posted 12/08/2020  10:00 pm  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply

Quote:
Don't be too sure. I have tried selling $1000 bills to dealers including the one mentioned and I was very nicely told not interested. Granted it was before the pandemic but it was after the BOC had announced that they will no longer be legal tender.

I actually had one of the less printed ones from landscape series - it was in EF/AU condition and still there was very little interest.


Dealers will only buy $1000 bills in high grade uncirculated condition. Anything less than perfect condition is not wanted because there is no demand for them. So why would dealers pay $1000 for something that will just sit on the shelf for a long time. Any dealer dealer would do better by putting $1000 in a GIC.
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 Posted 12/13/2020  4:44 pm  Show Profile   Bookmark this reply Add Coinsplus to your friends list Get a Link to this Reply
I know a few collectors that will sell them more to people of the underground economy!. Have 10 of the pinks is easier than having a bundle of 100s.
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 Posted 12/13/2020  6:34 pm  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
The criminal or underground economy does not generally want a 1000 bill that"s hard to use, just look at US where the raids net 100 bills by the skid loads. I remember when the 1000 was legal tender, big box stores often refused them for payment
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 Posted 12/13/2020  11:37 pm  Show Profile   Check ryurazu's eBay Listings Bookmark this reply Add ryurazu to your friends list Get a Link to this Reply
that to me is silly if the government has print that it is legal tender then is should be legal tender, if the bank refuse then they should be liable for refusing. I would tell the bank you should pay your taxes in these notes hahahaha,or the fines wink wink, no need for any underground economy.
Edited by ryurazu
12/13/2020 11:39 pm
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 Posted 12/14/2020  02:52 am  Show Profile   Bookmark this reply Add That coin dude to your friends list Get a Link to this Reply
That is a tough bank
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 Posted 12/28/2020  8:44 pm  Show Profile   Check Wade's eBay Listings Bookmark this reply Add Wade to your friends list Get a Link to this Reply
did the customer have an account there?

I've been at the same bank for 35 years, and I can still get rolls/boxes of cents from them (along with 50c and nickel $1s) because of my long term relationship (they make money off of me) and because it's a PITA for them to deal with these coins (and $1000 notes).

this isn't news... it's just one guy complaining about a single experience
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Canada
204 Posts
 Posted 12/29/2020  12:04 am  Show Profile   Bookmark this reply Add cdngmt to your friends list Get a Link to this Reply
I remeber being quite surprised by the Bank of Canada informing me that no vendor is obliged to accept any form of legal tender and that included banks.
The point was on at least one discussion board a few years ago...
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