Fake bills prompt strict money policy

Planning on paying the deposit on your meal plan? Interested in starting up a Chats debit account? If you are, make sure you don't bring $50 or $100 bills. Various University departments realized losses during the last few years because of some cash purchases which had been paid for with counterfeit bills. Now the University no longer accepts bills over $20, according to Associate Treasurer Diane-Louise Wormley. The policy officially went into effect last year. Wormley said no students have been caught paying with fake cash. Still, she said the University needs to take precautions. "If we gave the bills to the bank, we would lose the money," Wormley explained. However, according to Commerce Bank spokesperson Joseph Fox, this is not just a University problem, but a situation affecting the entire tri-state region. Gloucester County in southern New Jersey was particularly flooded with the bills, he said. "There are many counterfeit bills going around the Delaware Valley," Fox said. "Many businesses are fearful since they cannot be reimbursed for a counterfeit bill by the bank. If they bring in a $100 counterfeit bill, they lose $100. "Last year, counterfeiting was very prevalent," he added. "I believe it is getting worse." Wormley said that the problem at the University is not just limited to currency, but also includes personal checks and traveler's checks. "When the Secret Service came to do a seminar on counterfeit bills and traveler's checks, we invited area merchants," she said. "We are not unique." But managers of several local stores said they had no problem accepting larger bills, especially since the U.S. Treasury Department began placing magnetic security strips inside all bills with denominations higher than $1. "You would think that a bill with a security strip would be uncounterfeitable," said Tony Hall, manager of Discovery Discs. "The only counterfeit bill we received was a $20." While $50 bills and $100 bills are subject to scrutiny, Fox noted that many of the counterfeit bills received are of lower denominations. "Lots of people think that the bigger bills are being counterfeited," he said. "In actuality, I have seen more $20s than larger bills." Although University City shops appear to be safe, Wormley said that the University does not anticipate a change in its policy in the near future. "I feel we shouldn't open the University to further liability," she said.