How to Replace Money With Damages?
Anytime you think about cash, you're likely to get a picture of brand-new paper bills. Or stacks of crisp, fresh banknotes. But what exactly happens to worn-out currency, bills covered in graffiti, torn, or probably those at the verge of their life cycle?
The US Department of Treasury handles over 22,000 requests to redeem damaged money every year. These requests often total crazy values, with some years reaching about $35 million! The figures aren't as surprising, though. After all, money can incur damages quite easily.
Maybe your dog chewed up a few hundred bills, or you ran some jeans with cash through the washer. If you have such currency, it's wise not to get rid of it just yet. It may still be worth something and probably eligible for replacement. DoNotPay can help you redeem your damaged money.
What is Damaged Currency?
Damaged currency is money mutilated to the extent that only half or less of the initial bill remains. It could also be a worn-out note in terrible condition, such that it has uncertain value. There are several common causes of money damages. They include:
- Rodent, insect, or animal damage
- Deterioration or petrification by burying
Qualifying for Damaged Money Redemption
According to the Bureau of Engraving and Printing, you can only receive full value redemption for your damaged money if:
- Undoubtedly more than 50% of the bill is identifiable as U.S. currency alongside enough fragments of relevant note security features, or
- 50% or less of a U.S. paper bill is present, and the method of damage and the supporting evidence satisfy the BEP on the non-existence of missing portions.
Packaging Damaged Money
Despite the currency already being damaged, it's likely to bring about more damage through improper handling. In other words, how you handle the damaged money as you prepare to package and mail could help preserve it. And that could see you get the total value of the damaged money back.
For instance, if the currency incurred damage while rolled up, don't try to straighten it out. And if it was straightened out initially, don't attempt to glue, tape, fold, or roll it. Regardless of how you alter the currency, you risk causing additional damage, which could also cut it as defacing money, something that's deemed illegal by the law.
Can You Redeem Damaged Money by Yourself?
Assuming you can effortlessly identify the authenticity and value of a damaged bill, your local bank can have it replaced. However, that only applies to paper bills with more than half their size preserved. And if that's the case, carry the damaged currency to your local bank and request for damaged currency evaluation and replacement.
But what about a case where the bill is severely damaged? Or instead, has less than half its contents remaining? In such cases, you may have to contact the U.S. Treasury Bureau of Engraving and Printing requesting currency examination. That often applies to burnt paper bills whose damage is undoubtedly not synthetic or intentional. Nonetheless, the redemption of damaged currency is nothing less than a time-consuming process, typically taking between 12 and 36 months to complete.
DoNotPay Can Help Redeem Damaged Money Fast
Again, you'll have to send the U.S. Treasury Bureau of Engraving and Printing a formal request for currency examination and replacement to redeem damaged money. The first thing you'll do is fill out the bureau's claims form. Otherwise, they won't consider your request.
Now we all know how hectic and annoying filling government forms sometimes proves to be. But the good news is that DoNotPay is here to help. Answer a set of straightforward questions through our chatbot, and we will automatically fill and generate the claims form for you. As soon as the document is ready, you'll only need to download and sign it before mailing it to a provided address along with your damaged money.
Here’s what to do:
- On DoNotPay's search tab, type Redeem Damaged Money to access the product.
- Enter the total amount you wish to redeem in dollars.
- Elaborate on the occurrence that resulted in the money being damaged and when it happened.
- Give your contact details.
- Confirm everything you've stated is correct.
And that's all! DoNotPay will process the information and generate the claims form for you. After which, you'll only need to download, print, then mail it to the BEP along with the damaged currency for evaluation.
Why Use DoNotPay to Redeem Damaged Currency
- Fast – We'll handle the time-consuming procedures involved.
- Easy – Leave the tedious government form to us.
- Successful – Relax and let us help you in redeeming your damaged currency.
Other Services by DoNotPay
DoNotPay helps people redeem damaged money, but it can do much more than that. DoNotPay also features other products that could prove helpful in varying scenarios. Some of these products include:
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|Contact government representatives||Creating Passport Photos|
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