The $50 invoice isn’t almost as widespread as different denominations. The truth is, it is on monitor to be be the least-printed invoice in 2024, even behind the $2 be aware. However in the event you occur to have a $50 invoice in your pockets, don’t fret: You’ll be able to nonetheless use it just about wherever.
Rumors are circulating on-line this week that the federal government is retiring the $50 invoice and that some banks have stopped accepting them as of final month.
However Cash investigated this declare, and we will report that it’s four-Pinocchio, pants-on-fire false.
First, this is a take a look at the declare: In accordance with one weblog publish, “The Federal Reserve of the USA has introduced that sure $50 payments will stop to be accepted at banks and ATMs nationwide… Main monetary establishments akin to Financial institution of America, JP Morgan Chase, Wells Fargo, and Citibank will cease accepting $50 payments with particular descriptions.”
Cash reached out to these 4 banks, and all of them stated the claims a few $50 invoice coverage change are incorrect.
- Daniel Castorina, a spokesperson for Chase, says he checked together with his staff and might verify it is not true. They’d by no means heard something about this, he provides.
- Don Vecchiarello, a spokesperson for Financial institution of America, replies in an electronic mail: “The assertion about $50 payments will not be correct.”
- Julia Tunis Bernard, a spokesperson at Wells Fargo, says, “Our branches and our ATMs settle for $50.”
- Lastly, Colin Wright, a spokesperson at Citi, says in an electronic mail, “This isn’t true.”
No, $50 payments are usually not going away
A Federal Reserve spokesperson declined the chance to remark however directed Cash to a number of on-line articles that verify $50 payments will proceed to be handled as “authorized tender,” indefinitely.
“It’s U.S. authorities coverage that every one designs of Federal Reserve notes stay authorized tender, or legally legitimate for funds, no matter after they have been issued,” in line with the U.S. Forex Schooling Program’s web site.
A few of the articles concerning the purported finish of the $50 invoice’s life talked about that older notes particularly could be affected “because of the launch of recent designs and fashions for foreign money notes” in an effort to “modernize the financial system, guaranteeing that the foreign money in circulation is up-to-date and safe.”
Nevertheless, a continuously requested questions publish shared by the Federal Reserve spokesperson refuted this assertion.
“You would not have to commerce in your old-design notes for brand spanking new ones. All U.S. foreign money stays authorized tender, no matter when it was issued,” the FAQ reads.
One other one of many current articles alleging the retirement of the $50 invoice made reference to coverage adjustments relating to mutilated or broken payments. However the U.S. authorities hasn’t introduced something about that, both, and the Division of the Treasury’s Bureau of Engraving and Printing (BEP) continues to supply free mutilated foreign money redemption companies.
In accordance with the federal authorities, personal companies are free to simply accept — or not settle for — no matter U.S. foreign money they please. Barring a state regulation that claims in any other case, which means a cashier can flip down your $50 invoice, however it isn’t all that widespread.
In on-line boards, some followers of the $50 invoice say they’re keen on it as a result of it tends to be accepted extra continuously than the $100 invoice, which might be an excessive amount of for companies to interrupt and there is a higher loss concerned if a Benjamin occurs to be counterfeit.
It’s onerous to inform the place all these rumors originated. So far as Cash is conscious, there have been no adjustments involving the invoice $50 in current months. The invoice’s present design entered circulation 20 years in the past, on Sept. 28, 2004. (Maybe that anniversary has one thing to do with the false claims?)
Over time, there have been a number of unsuccessful efforts to take former President Ulysses S. Grant off the invoice — most notably in 2010 when Rep. Patrick McHenry, R-N.C., launched a invoice to place former President Ronald Reagan on the be aware citing polls of students that rank Grant within the backside half of all of the presidents. However this proposal did not acquire a lot traction.
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