Walmart and Target in New Jersey May Soon Reject Some Cash Payments

Is the day coming when you can actually go into Walmart, Target, or a local supermarket and be refused a sale because you want to pay with cash?

No. Well... probably no.

But, the day has arrived when you can be turned away because your money is bad - that is, mutilated.

Country-wide money changes going into effect

The Bureau of Engraving, the Secret Service, and the Advanced Counterfeit Deterrence Steering Committee have implemented new guidelines where mutilated money will no longer be accepted by stores, banks, and other businesses.

The news comes from AS.com, which says mutilated bills can be rejected for payment.

The Federal Reserve has these definitions of mutilated or unfit money: torn, worn, limp, dirty, or defaced. There's actually a big long article about what constitutes unfit money. Check that out here.

If you have unfit money

If you have unfit money, the Fed says the easiest thing to do is go to your local bank and ask if they'll exchange your unfit money for better notes.

Banks deal with the Federal Reserve on a regular basis and they can take the lead on this action.

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Have you ever been refused to use the bills in your possession?

We haven't heard of any local businesses exercising the refusal option yet, but it could happen.

Money does wear out. The average One Dollar Bill is in circulation for 6.6 years. The $5 Bill wears out the quickest - its average lifespan is 4.7 years. The Twenty? 7.8 years.

Is it all about the money? Of course it is!