3 times you should never ask for $100 bills at the bank

According to data intelligence company SAS Analytics, $100 bills represent 34% of the paper currency in circulation in the US and 82% of its value.

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In short, most of our paper money is in the hundreds – per mile – but that doesn’t mean it’s never a bad time to enter a bank branch and order one.

Whether you need a crisp, new C note to put in a birthday card, a wedding envelope, or just to keep in your emergency cash pile at home, you’ll want to pick your time.

Here’s what you need to know.

A note on the curious, heavy and crime-fueling C grade

The Wall Street Journal and the New Republic are among several publications that have recently reported on a peculiar monetary irony. While the $100 bill is by far the most common bill – it even surpassed the ubiquitous $1 bill in 2016 – it is by far the least used.

ATMs don’t store hundreds, many retailers don’t accept them, and the mere sight of one sends cashiers reaching for the counterfeit detection pen. Look in your wallet. Chances are you don’t have hundreds, nor the vast majority of honest citizens.

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Bye, bye, Benjamin?

As part of a long-running campaign to stop printing and even collecting existing $100 bills, the New Republic wrote, “Benjamins are the favorite currency of criminals and almost no one else.”

Rich tax evaders, corrupt foreign officials, money launderers, counterfeiters and other bad actors hoard them, but the law-abiding masses rarely use them except on foreign trips or special occasions.

As early as 1976, an economist named James Henry called for the end of the $100 bill in an article in The Washington Monthly because – for nearly half a century – it was the currency of choice almost exclusively for organized crime and tax evaders. In 1945, the Treasury stopped printing $500 and $1,000 bills; and, in 1969, recalled all remaining $1,000 bills, $5,000 bills, and $10,000 bills due to their overwhelming prevalence in money laundering.

That leaves just the mighty C-Note at the top of the hill.

In short, there is no note like the Benjamin, and asking the bank for one is not like asking for any other denomination. See when to avoid doing this.

Avoid peak banking times

Michael Ashley is a financial planner and founder of the personal finance website More richbut he spent years as a banker at Wells Fargo and Citi, two of the largest financial institutions in the country and the world.

The story continues

“I would advise against requesting $100 bills at a bank branch during peak times, especially during busy mornings or during lunch hours,” he said. “These times typically witness a high volume of transactions and customer inquiries, leading to longer wait times and potential frustration for both customers and employees.”

Monday and Friday are traditionally busy days, and according to Chron.com, banks hire part-time tellers to supplement staff during the lunch rush hours Ashley mentioned, 11 a.m. to 1 p.m., so don’t go then. Also, avoid Saturday mornings and traditional paydays like the first and last day of the month.

Stay away when the bank is low on cash

Banks manage fluctuating supplies of cash, and you want to avoid going in and asking for a $100 bill just before the armored truck arrives with a fresh supply of currency when the safe is running dry.

“It’s also best to avoid ordering $100 bills during cash-strapped periods, such as after weekends or holidays, when the agency may be in the process of replenishing its cash reserves,” Ashley said. “This can result in delays and inconvenience for both the customer and bank staff, as responding to such requests may require extra time and effort. Instead, consider planning your visit during quieter times, such as mid-morning or mid-afternoon on weekdays, to ensure a smoother and more efficient banking experience for everyone involved.”

The wrong time is when you don’t call first

According to the Washington Post, the law requires banks to keep a modest amount of cash on hand, typically between 3% and 10% of their deposits. Small banks may have less than $50,000 in cash at any given time, while large banks may have $200,000 or more.

Depending on whether they are full or anxiously awaiting a badly needed replenishment, the bank may simply not have hundreds on hand. There is an easy solution. Call ahead and ask if they can accommodate your request before coming to the branch.

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This article originally appeared on GOBankingRates. with: I’m a Bank Teller: Three Times You Should Never Ask for $100 Bills at the Bank