I’m not sure why I’m curious about this, but I’ve always wondered.
I’m not suggesting that the government is tracking us or keeping tabs on who has which bill. I’m just interested in whether banks can verify what happened in case of an ATM error or if someone falsely claims they didn’t receive all their cash.
Hey, I learned the hard way at age 11 that when you deposit money in a bank, it doesn’t go into a little cubby with your name on it like it does at school. I never saw that dollar bill again. Sniff.
Hello, No, serial numbers mainly ensure that cash is accurately moving in and out of the market when it’s first distributed. After that, they hold little significance for the general public, except in rare situations where specific bills need to be traced back to their minting or distribution. In those cases, records are often kept informally as cash moves around. ATM technicians can identify discrepancies by counting the machine’s cash, and an overflow bin catches damaged bills that could cause jams. I have experience working on ATMs.
Hello, Banks monitor the serial numbers on every bill involved in a transaction to prevent criminals, such as drug dealers, from laundering money in offshore accounts. The computing power required to keep track of all those serial numbers is impressive.
Hey,Some cash-counting and dispensing machines in banks can read serial numbers. However, I’m not sure how this information is used or stored, and I don’t believe it’s linked to the individual who withdraws the money.