WILLEMSTAD – There is growing concern among the population of Willemstad as counterfeit banknotes and damaged currency circulate, including those originating from commercial banks and ATMs. Consumers have reported being surprised by receiving fake money or banknotes that are not accepted due to minor damage or tape repairs after withdrawing cash from ATMs.
Entrepreneurs who receive such banknotes are later informed by their banks that they have deposited counterfeit money. The banks subsequently return these notes to the business owner, indicating that they have methods to identify fake currency as well as visibly damaged notes. However, it remains puzzling that these same commercial banks are reintroducing invalid banknotes into circulation.
While there is no evidence to suggest that banks are deliberately re-circulating counterfeit or damaged currency, this situation points to possible shortcomings in internal control systems. If banks can identify counterfeit bills coming from large companies that deposit millions daily, it is deemed unacceptable for these notes to end up in the hands of consumers, according to local reports.
As of now, the Central Bank and commercial banks have not issued any official statement regarding this issue. The reason for the non-acceptance of slightly damaged banknotes, even if they have been repaired with tape, remains unclear. The public hopes for prompt action and clear communication from financial institutions to address this problem and restore confidence in currency transactions.
Consumers are advised to pay extra attention to the condition of banknotes when withdrawing money. If counterfeit or damaged money is discovered, it is recommended to report it immediately to the respective bank. By staying vigilant together, the further circulation of counterfeit money can be prevented, and financial losses for both consumers and businesses can be minimized.
A damaged banknote is still considered valid if its authenticity and value can be established. However, banknotes that have been intentionally damaged—such as being torn or written on—are generally not reimbursed. Additionally, notes contaminated with hazardous substances may be refused for safety reasons.
Shops are not obligated to accept damaged banknotes. While the note technically still holds value, retailers and other businesses have the right to refuse a damaged banknote.
