THE Bangko Sentral ng Pilipinas (BSP) has reminded banks in Negros Occidental to load their respective automated teller machine (ATM) with new or fit notes, which is mandated under the agency’s clean note policy.
Job Nepomuceno, deputy director of BSP-Bacolod Branch, said they have received several complaints from clients on unfit notes withdrawn through ATM.
Nepomuceno said supervised financial institutions, particularly banks, are mandated to always observe a level of fitness on the bills they provide to clients.
“Unfit notes are those that are crumpled, soaked, and old,” he said, stressing that there is a need to maintain clean currency as unfit notes might be used for illegal transactions.
Counterfeiters’ techniques include putting unnecessary markings and drenching the money to make these look like genuine bills, the BSP official said.
It would also be easy to detect fake money if the bills are clean, he added.
ATM card holders withdrawing unfit notes can exchange them with the concerned banks, or may report the incident to the BSP for necessary action.
Banks with unfit notes are advised to return these to the BSP for replacement.
“We will eventually withdraw these unfit notes from circulation,” Nepomuceno said.
