Does reserve Bank accepts damaged notes?

1 ANSWERS

1. Banking Expert
   

   If the damage to the banknote consists of wear, tears, sticky tape or staples, marks or defacement, and the banknote is complete, it can continue to be used. The damage has no impact on the value of the banknote. The same applies if there is a piece missing which is less than 20 per cent of the banknote or there is heat damage which affects less then 20 per cent of the banknote. These banknotes are called unfit banknotes. While unfit banknotes can continue to be used, the RBA asks banks, other deposit-taking institutions such as building societies and credit unions, and cash centre operators to remove these banknotes from circulation when they are returned to them. You can assist in the removal of unfit banknotes from circulation by exchanging them at your bank, credit union or building society. If 20 per cent or more of the banknote is missing, the banknote is incomplete. You can take incomplete banknotes to the RBA branch in Sydney or Canberra or to most banks, building societies or credit unions who will reimburse you a percentage of the banknote’s face value equal to the percentage of the banknote remaining

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