Why a shocking number of Australians are accidentally burning their cash in the TOASTER – and how they’re getting their money back
- Increasing number of Aussies burning their banknotes in electrical appliances
- Toasters are used as a temporary hiding place for cash later accidentally burnt
- People who heat damage their banknotes can lodge a claim for reimbursement
- The Reserve Bank of Australia use a policy to determine value of the singed cash
A shocking report has revealed a growing number of forgetful Aussies are burning their hard-earned banknotes in their toasters.
The Reserve Bank of Australia (RBA) said an increasing number of banknotes stored or hidden in electrical appliances are being damaged.
Residents forget the banknotes are inside the temporary hiding places and burn the money while trying to make a piece of toast, the report revealed.
Aussies who burn cash by accident can submit a damaged banknote claim to the RBA who use a policy to determine the value of the singed banknotes.
A shocking report has revealed a growing number of forgetful Aussies are burning their hard-earned banknotes in their toasters (pictured, heat-damaged banknotes)
The claimant will be reimbursed the assessed amount, with the RBA spending $44million on 110,000 damaged banknotes claims from 2014 to 2021.
The report also found several people had burnt their cash during efforts to ‘sanitise’ the banknotes during the Covid-19 pandemic.
Households used a microwave, boiled the cash in water or used a hair-dryer in an attempt to kill any germs that were lingering on the money.
However, in many instances the banknotes were partially or completely destroyed.
The Reserve Bank of Australia (RBA) said an increasing number of banknotes stored or hidden in electrical appliances such as toasters are being damaged (stock image)
The RBA spends an average $5.5million a year on about 14,000 claims with these numbers dropping due to the Covid-19 pandemic.
The report found that heat-damaged banknotes are ‘relatively common’ and make up about 30 per cent of the claims lodged with the RBA.
The number of claims has steadily declined to about 10,000 a year since coronavirus first arrived on Australian shores in 2020.
About 80 per cent of the claims in relation to damaged banknotes were valued at $50 or less, with the median value of a claim $30.
An Reserve Bank of Australia report has found that heat-damaged banknotes (pictured) are ‘relatively common’ and make up about 30 per cent of the claims lodged
Aussies claimed reimbursement for mostly torn or ripped cash with the majority of claims for a single damaged banknote.
Following the devastating Black Friday bushfires in 2019-2020 those with fire-damaged banknotes were urged to hand in the cash to receive a payout.
Those affected were advised to place what was left of the damaged currency into a zip-lock bag labelled ‘bushfire’ and take it to a bank.
The cash was then forwarded to the reserve bank with the processing time to vary depending on the amount of cash and how damaged it is.
The increased use of electronic currency likely saw a reduction in the claims.