If you’re one of those who still uses cash to pay at Walmart, you’re not going to like this news. You better check your wallet carefully before going to the checkout because the largest supermarket chain in the US has changed its cash payment policy and will now reject bills if they are in bad condition.
The reason? Easy: security and fraud prevention. The fact is that more and more counterfeit and damaged bills are circulating, and since the Administration also wants to eliminate counterfeit and damaged bills, Walmart has not wanted to be left behind and has followed in the footsteps of other large stores such as Target and Dollar Tree, which are already applying similar measures.
But what kind of bills cannot be used? What should you do if you have bills in bad condition? Here we explain everything you need to know about this new Walmart rule.
Only bills in good condition: what does that mean?
Bills that have visible damage (such as cut edges, tears, wear and tear, burnt edges, or similar) will no longer be accepted. Remember that to pay at Walmart you have to go to a self-checkout, as the self-checkout machine will automatically reject these bills.
Why has Walmart made this decision?
There are two main reasons behind this measure. The United States is facing a major problem with the circulation of counterfeit bills, so in the not too distant future, new models of bills with new security measures will arrive. As this is a common problem in the United States, Walmart does not want to be affected by it, because obviously the most affected businesses are those that receive large amounts of cash.
On the other hand, the use of cards and digital wallets is much more convenient for everyone and the payment system is also modernized.
Are the banknotes going to be changed?
Yes, the government wants to gradually get rid of the counterfeit banknotes currently in circulation and ensure that only authentic banknotes are used in the future. But they are not only going to eliminate the counterfeit ones, they are also going to replace the old and damaged banknotes, until all the “old” banknotes disappear. This is part of a plan to redesign the banknotes to make them more secure, implementing new security measures to make them harder to counterfeit and much easier to recognize.
The replacement process will be gradual:
- 2028: A new version of the $50 bill will appear
- 2030: The $20 bill will follow
- Then, in the following years, the $5 and $100 bills will also be modified.
As we said, the changes will not only be aesthetic, but will also include advanced security measures to make them almost impossible to counterfeit. These include micro-printed security threads, multi-chrome 3D bands that change colour depending on the angle from which they are viewed, and special inks that can only be seen under ultraviolet light.
So, if you open your wallet and you have a lot of bills and some of them are in bad condition, it is best to get rid of them little by little, you can pay with them in other types of stores, exchange them at a bank if they meet the requirements (have more than half a bill so that it can be recognized) or exchange it at the Federal Reserve if it is very damaged so that they can evaluate it and make it possible to replace it.
We are seeing more and more places limiting the use of bills, and this could be one more step towards achieving a cashless future, although you can still pay in cash, isn’t it more convenient to pay by card or digital payments?
Of course, before paying cash at Walmart you will have to check your wallet carefully!