What Can You Do If Your Money Gets Damaged?
If your small business keeps currency of any value in-house, what happens if it gets damaged – in a fire or a flood; an accidental chemical spill, or damage from insects or animals?
The Bureau of Engraving and Printing (BEP) calls this ‘mutilated currency’, and offers a free service where you may be able to receive the full value of the currency.
Every year the Treasury Department handles about 30,000 claims like this, and redeems mutilated currency valued at over $30 million.
Standard claims generally take from six months to 36 months to process, depending on the condition of the currency.