Banks refusing to cash $100 bills and travellers cheques

Banks penalising American tourists –  Don McGreevy


Áine Ryan

WESTPORT’S many older American tourists are being penalised by the banks who are refusing to cash large notes and Travellers Cheques. Westport Newsagent and Bureau de Change operator, Don McGreevy (pictured) told The Mayo News yesterday that it was‘very unfair’ and not good for tourism that banks are no longer cashing 100 dollar bills or Traveller Cheques for tourists.
Mr McGreevy, who is the incoming president of the Mayo branch of the Convenience Stores and Newsagents Association, said that tourists are now forced to lodge such monies and cheques into an account and wait for clearance before they can access their holiday funds.
“It is mainly older people who carry money this way and I believe it is part of the policy of banks to force people to transact through credit cards or digitally. Already today (Monday) I had frustrated tourists coming into me complaining that banks in Shannon, Galway and finally, Westport ,will not cash their 100 dollar bills or their Travellers Cheques,” Don McGreevy said.
He continued: “We change the 100 dollar bills for them after doing a series of security checks but for the last week, due to instructions, we are no longer cashing Travellers Cheques. The banks are claiming that this new process is to deter the increasing number of fraudulent notes and cheques in circulation.”
A spokesman for one of the banks confirmed to The Mayo News that widespread fraud was the main reason for this measure.
He said: “Sometime in the past the fraudulent 100 dollar bills flooded the retail market and this preventive measure was taken. More and more Travellers Cheques are becoming a thing of the past as they are also open to serious fraud.”