9mo ago

Bank of America will (stop|continue to) Accept $1 bills

Which is it?!

This headline came up in my news feed, from a very dubious source so I decided to investigate.

Headline after headline, many from identical sources, about how Walmart and Bank of America are either going to stop taking $1 bills or keep accepting them. The headlines read like a FUD article and I refuse to click through to read the details.

I can't find a reputable news source for this story so I'm assuming it's fake news.

It shouldn't be this easy to manipulate news feeds.

19 comments

The actual story is that the bank will stop accepting or exchanging damaged bills.
- That sounds like a bank that shouldn’t get fresh bills from the mint, then.
- It's one of the jobs of a bank though. They are supposed to exchange damaged bills and then exchange them with the mint, who then destroys them.
  Honestly we need to get rid of the $1 bill generally but that's a completely different post all together.
  
  How we gonna get rid of the $1 bill? We can't even get rid of the penny.
  
  Honestly we need to get rid of the $1 bill generally but that’s a completely different post all together.
  What do you replace them with? Coins have been tried and rejected by consumers a few times now.
  
  That would be communism!
- Their plan is to not do their job. Check.
- The BEP can still accept them, but I'm curious if BofA is actually doing this and if it'll stand up. More FAQ's can be read here
  What is considered mutilated currency?
  Mutilated currency is currency which has been damaged – to the extent that: (1) one-half or less of the original note remains; or (2) its condition is such that its value is questionable. Currency notes can become mutilated in any number of ways. The most common causes are fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying.
  What is not considered mutilated currency?
  Unfit currency for redemption is currency which is unfit for further circulation because of its physical condition such as dirty, defaced, limp, torn, or worn. Unfit currency should not be forwarded to Bureau of Engraving and Printing for redemption, but may be exchanged at commercial financial institutions.
Even without reading them I'm pretty sure that it goes like this:
Idiot thinks that they will stop accepting the bills and posts the news.
Several other idiots blindly copy those articles.
Person with more than two braincells actually checks what's going on and thus posts the reduction to mitigate the harm.
- I think step 2 might be done by AI now instead of humans, because AI can blindly copy articles faster.
  Step 4 would be AI blindly copying the person with more than two braincells, whcih is why there are duplicates of both versions.
  
  Step 4 would be AI blindly copying the person with more than two braincells, whcih is why there are duplicates of both versions.
  Either that or it's a syndicated story
I thought they have to accept legal tender
Losing the all-important male stripper customer base.
Obligatory:
Y'all worrying about a dollar while I'm over here waiting for chase to cash my 10mil check

19 comments