When I came back from Germany, months ago at this point, I was carrying around a couple hundred dollar bills from my mom paying me back for her portion of the hotel room. All I had was these when I went to a pho place in the Tenderloin, and was not expecting them to take such large bills. They said that they would, and I was so glad that I took a torn $20 bill as part of my repayment. I always remember being told that any more than 50% of a bill (and this was obviously more than half, around 60% including the entire right serial number, Jackson's whole big head, and 3 digits of the left serial) is legal tender, so I figured it would be fine.
Unfortunately, that's not the case in practice. They wouldn't take it at my local market, at the parking lot of the A's game, at the tollbooth on the Golden Gate Bridge, etc. But they all had the same answer, just go to a bank.
Well, I was home sick from work today, and when the cleaning lady came, I needed to scram for a couple of hours. A couple of hours on a weekday afternoon when banks are open. I went to Bank of America to handle a check I'd had sitting around for ages, and they said that you need an entire serial number from one side and at least 4 digits on the serial number on the other side, but I should contact the Treasury Department. Bank of the West said that they need both serial numbers off the bill, but I should go to the local Federal Reserve building. Chase said that they need at least 3 corners of the bill, and that I should go to the Fed downtown.
Well, I know enough to know that the Fed isn't the right answer. (It's not like they have a teller desk out front to handle people trying to return a torn $20 bill.) And I did a bit of research at this point to figure out if the Treasury Department could actually handle it. They can, through the
Mutilated Currency Division (can't find an official .gov site), but every website I went to seemed to suggest that it's a hell of a lot easier for the banks to handle this than for a private citizen.
So, I went downtown, figuring that at least this would be a story to tell if it didn't work (and there was a movie theater nearby which is the perfect place to hide out on a hot day). And I remembered that I was going through the financial district. I went to the sub-basement of the Bank of America, where the teller told me that they need the entire bill. And I got $20 worth of angry in her face because I realized that bank tellers were totally arbitrarily making up the standards that they needed. Wells Fargo needs both serial numbers. And finally, the guy at Chase, who seemed totally cavalier and just didn't care (probably because he wasn't handling his own drawer), stuffed it in an envelope and down a deposit tube and spit me out a fresh crisp $20. The irrational anger boiled off into irrational happiness.
But, let this be a lesson to all of you: don't take torn currency. It's legal tender, but that means that nobody will take it and people will send you to the Federal Reserve building to try and trade it in.