Don't accept any R200 notes

[SilverNodashi]

Please note that the banks will not accept a R200 note from 01 June 2010.

Exchange any R200 notes that you have before 31 May 2010.

Do not except any R200 notes after 31 May 2010, you won’t be able to do anything with the R200 note. Customers can only exchange R200 notes at the branch up to R5000. If they have more, they need to go to the Reserve Bank directly. All R200 notes that customers have from 01/06/10, will have to be exchanged directly at the Reserve Bank.

There's about R1 million rand's worth of R200 counterfeit notes circulating right now and it's recommended that any business refuse to accept a R200 note. I've seen a few shops recently, both in Eastgate & Greenstone with signs saying they won't accept R200 anymore.

Please see the following references:
http://www.iol.co.za/index.php?art_i...2526202C509736

http://www.newstime.co.za/rs_headlines.asp?recid=5408

http://news.iafrica.com/sa/2398465.htm

[desA]

Thanks for the good advice.

[twinscythe12332]

ar ATMs still letting people draw 200 rand notes?

[eitai2001]

From what I understand at the moment, is that this only applies to the old R200 note, not the new one

[Dave A]

Just how good are these counterfeits? It gets a bit scary when the banks are getting duped too.

Makro has got a counterfeit note detector for around R300.00. According to the box, it highlights the UV sensitive print, the watermark and the metal strip. We don't handle much cash at all, but at that price I was tempted anyway.

[tec0]

I share your concern; if counterfeit money is getting so good that notes have to be redesign in this day and age imagine how good counterfeit money will be in the very near future. Also with card cloning becoming a real problem, what will be considered as a safe transaction?

I know that “new” Australian bank notes use special materials and printing equipment for their money.

[SilverNodashi]

I couldn't shop @ Fruit & Veg in Rustenburg with a R200 note that I got from the ATM around the corner. The garage where the ATM was didn't want to take it either....

[adrianh]

200 Notes

The notes in question are legal tender till 12PM Mon 31 May. From then on they have to be returned to the reserve bank. The problem is that the shops don't want to be stuck with a wad of R200 notes on 1 June that they are obliged to return to the reserve bank. I think the best solution is to try and steer clear of cash for the next couple of days or to draw cash at the teller (This way you get to choose the denomination)

BTW: The post office also doesn't accept R200 notes.

[twinscythe12332]

the really terrible thing is that banks are still allowing 200 rand notes to be drawn. I got 2 the other day, and wasn't very impressed. however, they were accepted at specsavers...

[eitai2001]

This only affects the old R200 notes ... the new one with the new coat of arms shouldn't be affected ... no reason for shops not to take them.

[desA]

In SE Asia, the vendors use a specal marking pen which shows up black if the note is counterfeit. Some also use ?UV? scanners.

[IanF]

Go to the Reserve Bank website and click on Posters and the R200 TV Advert. I downloaded the first link and printed out the A3 poster and have it on the wall. One of the easiest things to check is the micro printing in top right of the notes. I have an 8 times magnifying glass we use to check printing and you can see the micro printing. One other thing is check the diamonds on the bottom of the note all the new series have these. 1 diamond for the 10 2 for the 20 3 for the fifty 4 for the 100 and 5 for the 200. The old series don't have that and that is the 200 note they are withdrawing.
You can't refuse to accept the new notes so just make sure you check carefully even if it slows down the process.

[helpwithdebt]

Bank's exchange policy

It seems that the banks are not all on the same page with the exchange policy of the R200 notes.

We tried to hand in a lot on Thursday and the following happened.
FNB: They said they will only accepts R1000 worth per day. But we can deposit as much as we want into our account and it will be settled.??? what is thye difference then? Why would I have them with me? Because I dont want to have that money in my account!

Nedbank: They will only take notes signed by Chris Stals and that have "Suid Afrikaanse Reseve Bank" in front and the serial number at the bank. They said to us all the other notes are fine even after 31 May. We asked what happens if the businesses wont accept after 31 May (which they wont). The teller (behind 3 inch glass said) just bring those guys to me and I will help you.

IDK, going with the flow for now

Good luck

Stefan

[Dave A]

FNB: They said they will only accepts R1000 worth per day. But we can deposit as much as we want into our account and it will be settled.??? what is thye difference then?

The cash deposit fee might have something to do with that

[helpwithdebt]

Cash deposit fee

Hi Dave

That was our thinking as well. But if you weigh the cash on hand in "funny" R200's with the time left to hand them in vs losing all the banking fees and driving from Limpopo to the Reserve bank (as we dont have an office here) it is better to just pay the charges.

Bank vs us = banks win with a unanimous verdict.

LOL. While i am maoning, I see there is something about the internet..... let me go there

Enjoy

Stefan