Walmart explains real ‘policy’ after shoppers confused by rumors certain bills will no longer be accepted in store

There is no impending policy change, according to WALMART, which has put an end to escalating reports that it will cease accepting damaged banknotes in December.

The announcement follows several false claims that claimed the retail behemoth intended to cease accepting damaged bills as part of a larger initiative to combat counterfeit money.

According to the false claims, Walmart made this decision in response to the U.S. Secret Service’s reports of an increase in counterfeit currency, which made it more challenging to authenticate damaged currency.

After The U.S. Sun inquired on Monday, a Walmart representative refuted the reports.

According to media reports in recent weeks, Walmart and other businesses, such as Target and Costco, were concerned that they would become the target of counterfeiting schemes.

Customers are advised not to fear, though, since the allegations are untrue and the company has not changed its policy.

WHAT TO DO WITH DAMAGED BILLS

If customers are worried that the currency they are holding is destroyed, they have many options.

If someone has “mutilated” US cash, they should get in touch with the US Department of Treasury’s Bureau of Engraving and Printing (BEP), according to the Federal Reserve.

“Mutilated” currency is defined by the central bank as notes that have been “damaged to the extent that one-half or less of the original note remains, or its condition is such that its value is questionable.”

The public can redeem disfigured currency for free through the BEP.

It is recommended that individuals fill out and sign an online BEP form in order to make a free request for a mutilated currency examination.

Through their website, businesses, financial institutions, and individuals can get in touch with the BEP.

People should visit their local bank branch to swap their notes for free if they have minimal damage, such as minor tears or dirt.

In the past, the US Mint accepted partial and twisted coins for full face value.

But the redemption program for mutilated coins from the US Mint has been shut down for good.

The US Mint claimed in a statement that it was now “increasingly difficult and time-consuming” to authenticate damaged coins.

“In addition, the volume of coins submitted for redemption greatly increased, and counterfeits have been increasingly identified both in imported coins intercepted by law enforcement and in large submissions to the redemption program,” the United States Mint stated.

“The result of these changed circumstances is that there is currently no financially responsible way to ensure the integrity of the redemption program and to meet the full level of demand.”

PROTECTING OUR MONEY

The Bureau of Engraving & Printing claims that as Federal Reserve notes are a worldwide reserve currency, they must satisfy a number of special requirements, one of which is the prevention of counterfeiting.

According to the government agency, it employs a variety of overt and covert security measures to guarantee that cash is secure for usage by commercial banks, merchants, and consumers.

According to the report, there are over 10 million banknote processing machines in the world, and the validity of the cash is regularly checked.

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