Counterfeit money

EGuitarStar · 20 Dec 2014 at 14:05

I cannot find a straight answer on this so I've come to the next best place on the Internet, GD!

As a business or retailer am I required by law to retain counterfeit notes?

The Bank of England says:

1. Retain the suspect note without putting staff at risk
2. Give the customer a receipt, explaining that the note will be handed to the police. Explain that suspect notes subsequently discovered to be genuine will be returned.
3. Call the police and hand them the counterfeit note; or take it to a police station later if requested by them. They will send the suspect note to the National Crime Agency (NCA). Counterfeit notes are subsequently sent to the Bank of England for analysis.

Cosimo · 20 Dec 2014 at 14:09

I can't see a reason why you should not do the above unless of course you are up to no good.

Captain · 20 Dec 2014 at 14:11

Check the note and if it's fake, don't accept it?

EGuitarStar · 20 Dec 2014 at 14:16

Cosimo said:
I can't see a reason why you should not do the above unless of course you are up to no good.

Well what if someone decides to get angry and annoyed that we are keeping their fake money and it is useless? I don't want staff getting hurt or abused at.

We do use UV lights and pens to check notes but I've been told we have to retain them if we find any fake notes.

EGuitarStar · 20 Dec 2014 at 14:17

Clov!s said:
Check the note and if it's fake, don't accept it?

But then I fall into the category of "circulating counterfeit money" which carries a prison sentence of up to 10 years.

Moothead2 · 20 Dec 2014 at 14:18

EGuitarStar said:
Well what if someone decides to get angry and annoyed that we are keeping their fake money and it is useless? I don't want staff getting hurt or abused at.

We do use UV lights and pens to check notes but I've been told we have to retain them if we find any fake notes.

Call the police.

Captain · 20 Dec 2014 at 14:19

EGuitarStar said:
But then I fall into the category of "circulating counterfeit money" which carries a prison sentence of up to 10 years.

And how are they going to trace a note back to you? I worked in retail for a few years and was always told to reject any notes that were fake, though i didn't as I hated the job.

What size notes do you check? Just £20 notes and £50?

Mynight · 20 Dec 2014 at 14:23

EGuitarStar said:
Well what if someone decides to get angry and annoyed that we are keeping their fake money and it is useless? I don't want staff getting hurt or abused at.

We do use UV lights and pens to check notes but I've been told we have to retain them if we find any fake notes.

Number one does say without putting staff at risk.

Do you have cctv? We used to just give their image to the police if they got arsey over us taking it (who can blame them though).

EGuitarStar · 20 Dec 2014 at 14:24

Clov!s said:
And how are they going to trace a note back to you? I worked in retail for a few years and was always told to reject any notes that were fake, though i didn't as I hated the job.

What size notes do you check? Just £20 notes and £50?

We have now started to check all notes but recently we have had trouble with £20 notes.

EGuitarStar · 20 Dec 2014 at 14:26

Mynight said:
Number one does say without putting staff at risk.

Do you have cctv? We used to just give their image to the police if they got arsey over us taking it (who can blame them though).

Yes, we have CCTV.

I've just stuck up a easily visible notice today so hopefully it'll help.

spoffle · 20 Dec 2014 at 14:35

EGuitarStar said:
Well what if someone decides to get angry and annoyed that we are keeping their fake money and it is useless? I don't want staff getting hurt or abused at.

We do use UV lights and pens to check notes but I've been told we have to retain them if we find any fake notes.

The problem is that just because someone has a fake note, doesn't mean they know it's fake. So to retain it, you are effectively taking their money and keeping it, because as far as they're concerned, they're down the value of the note.

I know I wouldn't just accept a shop keeping my money because it could be counterfeit, and I would certainly getting it back. I've experienced receiving counterfeit money through legitimate channels before, and I'm certainly not going to take the hit on that.

Efour · 20 Dec 2014 at 14:44

Even when i've been questioned for fake pound coins, there was a huge glut of them a few years back, i always wanted to keep it because i didn't want to be a quid down. It was almost my duty to pass it on - utterly stupid but what can i say ?! If it was a £20 and ii was unaware, id be quite irked.

Tefal · 20 Dec 2014 at 14:48

What would stop a dodgy shop clerk going "yeah this is fake I gotta keep it " an pocketing it I reckon a lot of older people would just give up the money

EGuitarStar · 20 Dec 2014 at 15:18

spoffle said:
The problem is that just because someone has a fake note, doesn't mean they know it's fake. So to retain it, you are effectively taking their money and keeping it, because as far as they're concerned, they're down the value of the note.

I know I wouldn't just accept a shop keeping my money because it could be counterfeit, and I would certainly getting it back. I've experienced receiving counterfeit money through legitimate channels before, and I'm certainly not going to take the hit on that.

Well the Bank of England states that we as a business or retailer have to keep it and then pass it on to the Police.

I understand that the person that had the note may be unaware that it is fake and would be out of pocket. I cannot see anywhere where it says how the person will be reimbursed if at all should they have a fake note.

Mynight · 20 Dec 2014 at 15:29

They wont afaik. Hence most people try and pass it onto someone else.

dowie · 20 Dec 2014 at 15:38

EGuitarStar said:
Well what if someone decides to get angry and annoyed that we are keeping their fake money and it is useless? I don't want staff getting hurt or abused at.

We do use UV lights and pens to check notes but I've been told we have to retain them if we find any fake notes.

EGuitarStar said:
1. Retain the suspect note without putting staff at risk

Click to expand...

you've posted your answer in the first post???

dowie · 20 Dec 2014 at 15:39

Mynight said:
They wont afaik. Hence most people try and pass it onto someone else.

yup and hence it is a good thing the retailer takes it off them

Cosimo · 20 Dec 2014 at 15:40

EGuitarStar said:
Well the Bank of England states that we as a business or retailer have to keep it and then pass it on to the Police.

I understand that the person that had the note may be unaware that it is fake and would be out of pocket. I cannot see anywhere where it says how the person will be reimbursed if at all should they have a fake note.

They will only be reimbursed if it is later found to be genuine:

Counterfeit notes are worthless. It is a criminal offence to hold
onto or pass on counterfeit notes. If you suspect a note is
counterfeit, take it to the police as soon as possible. They will
give you a receipt and send the note to the Bank of England for
analysis. If the note is genuine, you will be reimbursed.

From the guide to note checking:

http://www.bankofengland.co.uk/banknotes/documents/kyb_lo_res.pdf

dowie · 20 Dec 2014 at 15:42

spoffle said:
The problem is that just because someone has a fake note, doesn't mean they know it's fake. So to retain it, you are effectively taking their money and keeping it, because as far as they're concerned, they're down the value of the note.

I know I wouldn't just accept a shop keeping my money because it could be counterfeit, and I would certainly getting it back. I've experienced receiving counterfeit money through legitimate channels before, and I'm certainly not going to take the hit on that.

they were already down the value of that note, the retailer hasn't changed that

how are you not going to take a hit on it - someone is at some point down the line when it gets found, if you're caught passing it on and the next person is sharper than you and spots it then I don't think you've got any grounds to get upset - they caught you out either knowingly or unknowingly passing on a fake note, they're not going to accept it and they have no reason to give it back to you

mattyg · 20 Dec 2014 at 15:45

EGuitarStar said:
Well the Bank of England states that we as a business or retailer have to keep it and then pass it on to the Police.

I understand that the person that had the note may be unaware that it is fake and would be out of pocket. I cannot see anywhere where it says how the person will be reimbursed if at all should they have a fake note.

But they are already out of pocket. Its fake.

They are no more out of pocket than they were before trying to pass it off as legit.