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 Replies: 25 / Views: 7,144 |
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New Member
United States
19 Posts |
I know little about foreign money. But I recently found a whole box of foreign coins and currency at a flea market which I purchased for $100. I ended up with over 70,000 in peso notes (including five 10,000 peso notes). I took these to a bank and got them converted to U.S. money and walked out with over $6000 dollars in cash. The teller got the bank manager/prez to override/approve the transaction. I still have a checking account with the bank chain (different town) and had to show them my driver's license.
Here's the problem. I have not heard from the bank. But I have done some research on the internet and think the money may actually now be worth less than $100 total. It is my understanding that Mexico reworked their currency in the 1990's and now 1000 "old pesos" are equal to one "new peso". I am not certain but think they are basically worthless. The bank teller and prez did not seem very knowledgeable. I have been taking funds out of my bank account in anticipation of them freezing my bank account.
So what should I do? Wait on them to contact me? Or should I empty my bank account and let them take me to court. Any chance of my keeping the money if we go to court? When they find out, can I expect them to freeze my bank account? And what is the "right thing" to do in this situation? I don't want the bank employee to get fired. Are 10,000 peso notes obsolete now? Would appreciate any help or advice. Thank you.
James
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Forum Dad
 United States
24148 Posts |
quote:
So what should I do?
Give it back. quote:
Wait on them to contact me?
No. quote:
Or should I empty my bank account and let them take me to court.
See above. quote:
Any chance of my keeping the money if we go to court?
I wouldn't want it, if it's not mine. quote:
When they find out, can I expect them to freeze my bank account?
Probably. quote:
And what is the "right thing" to do in this situation?
Give it back. quote:
I don't want the bank employee to get fired.
Then give it back. |
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Forum Mom
United States
5877 Posts |
The first thing I would do is contact the bank and ask if they are aware of the difference in conversion. While they should be aware of the current rate of exchange and be able to do it properly, you do have a responsibility to contact them and be sure that it was done correctly now that you have done some research. If it turns out they were wrong, I think the only right thing to do would be to give the money back. Keep in mind that, even though you did internet research, banking is their profession. You may be wrong about the conversion rate. The right thing to do is to contact them and let them know that you think there may be a problem.
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Pillar of the Community
United States
2703 Posts |
 follow the excellent advice above asap |
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Moderator
 United States
6563 Posts |
IF the conversion rate was incorrect and the bank was at fault it Still is their money regardless of who's at fault. The ethical thing to do is contact the bank and get clarification and resolution to the situation...if there is one. Keep us posted...I'm curious how this pans out. |
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Bedrock of the Community
United States
14454 Posts |
I agree I would definately contact the bank to let them know that you were the one who came in to exchange the currency and that you have done some research and you think they made an error in the exchange rate in your favor. They may strongly suggest that you are wrong and say there is nothing they can do (unlikely) but if you bring your findings to their attention and they are persistent that they were right then I believe you have done all you can do in the matter, but if I were to do nothing my conscious would get the best of me and I couldn't live with myself. Its like one time I gave a store clerk a 20 and she was pretty occupied with other things and thought it was a 50 and gave me to much change back, I didn't realize it until I got back at home but once I did realize it the first thing I did was call the store to tell them they had made a mistake and not to close before I made it back up there (it was very close to closing time by the time I got back home) and it just made me feel better even though I could have used the money at the time I feel I have been blessed 10 fold since that day through various things
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Pillar of the Community
Australia
1262 Posts |
Honesty is always the best policy.
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Valued Member
United States
179 Posts |
I was walking down the street one day and found a wallet laying on the ground. I picked it up and naturally opened it. There was over $3000 in hundred dollar bills in there, along with identification. I asked myself, "If I had lost a wallet with this much money and somebody else found it, what would I want them to do?"
After thinking for a minute I came to the conclusion that I would want the person who found my wallet to teach me a lesson about being careful with my money, so I took the cash and dropped the wallet in the nearest trash can...
{I believe this a Steve Martin joke, but I could be wrong...}
Another life lesson I learned from my mother...
A beautiful woman was walking down the street one day and a man in a limo pulled over and asked her if she would spend the night with him for a million dollars. The woman thought for a minute and said yes. The man then asked if she would spend the nigth for a dollar. The woman became indignant and exclaimed, "What kind of girl do you think I am?"
The mand replied, "I've already determined what type of girl you are, now I'm negotiating."
Are you willing to sell your self respect for a few grand?
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Bedrock of the Community
United States
14454 Posts |
if someone found my wallet with money in it I would just hope they would take the money and use a small amount of it to send me back my wallet in the mail with a no return address because its all the other stuff that can't be replaced not the cash
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Pillar of the Community
Canada
1106 Posts |
It is already making you nervous. Take it back and you will sleep better at night. If you don't it may cost someone their job at the bank, and that person may be supporting a family on that income.
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Pillar of the Community
United States
2703 Posts |
Excellent point, chrycopaul! Losing your job suddenly when your family is counting on you can be devastating. Talk about stress and anguish. Someone may be really hurt by this.
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New Member
 United States
19 Posts |
Thanks, guys. I appreciate all the good advice. I guess I knew what I should do...just looking for confirmation. Words like honesty and integrity come to mind. The hard part is that I have already spent the money in my mind (on bills). I will contact the bank today. By the way, it was a small Chase Bank in Ruston, LA. I live in Texas and was on my way back home from seeing relatives in Mississippi. I have a niece who works in a bank and would not want her getting fired for such a thing. And I think God would frown on my trying to keep the money. I will let you guys know how it turns out.
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Pillar of the Community
United States
1231 Posts |
Any news from the bank, as to whether they used the correct conversion?
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Pillar of the Community
United States
1173 Posts |
Good going, Biscuit. You came to the right conclusion.
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New Member
United States
19 Posts |
Nothing yet. I called that bank 3 times and left my phone number twice. I tried to get the manager/president and he seems too busy to speak to me. I tried to fully explain and told them if there were any problems to call me. I'm not going to keep calling. They don't seem overly concerned. If there was a problem, shouldn't they have caught it by now?
James
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New Member
United States
19 Posts |
FYI, the bank called me today and they do want their money back. I had gotten $6203 for the pesos and a small amount of Spanish pesatas. I need to repay something like $6170. She said I could just deposit the money in my account here in Texas and then call her, and they would deduct the $$ from my account. She acted like it was no big deal. We apologized to each other for the inconvenience and I guess that's the end of it. I have already gotten about $150 for some of the other contents in the box, plus I have a lot left. So I still came out ahead. I have learned a lot about foreign $$. Now I know the difference between old pesos and new pesos...hehe.
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Replies: 25 / Views: 7,144 |
Posted 08/01/2007 8:39 pm
