Florida Banking April 2022

DID YOU KNOW? DID YOU KNOW... that paper currency is recycled when it's worn out? Our nation’s bills are refreshed nearly every day. The Federal Reserve takes old money out of circulation when it is dirty or worn out. Banks send excess currency in armored vehicles to one of 28 Fed cash offices located around the country. The

Fed then sorts the cash to cull unfit bills. Approximately $36.4 million in shredded money is given away by the Money Museum as souvenirs each year. In the past, the remaining unfit bills were burned or taken to landfills. Now, the Fed recycles nearly 90 percent of the money that is destroyed. The money is shredded and compressed to reduce the volume of waste and reduce landfill dependency. We no longer burn the bills as the inks may be harmful to the environment. Shredded, recycled cash now ends up as mulch, compost, potting soil, fuel pellets, and even insulation for homeowners.

ADVERTISING DIRECTORY

COMPANY

PHONE

WEBSITE

PAGE

19

American Bankers Association

800-266-5377

www.aba.com/StonierFL

21

First National Bankers Bank

800-275-4222

www.bankers-bank.com

2

ICBA Securities

866-843-4222

www.icba.org/securities

5

Moecker Auctions, Inc.

954-252-2887

www.moeckerauctions.com

15

Pacific Coast Banking School

425-278-0250

www.thepcbs.org

17

PCI

800-430-7241

www.pcibrands.com

FBA offers a wide selection of quality educational webinars about a range of banking focused topics. Visit www.FloridaBankers.com and select the Education tab to learn more, see a full list of current offerings and register.

WWW.FLORIDABANKERS.COM APRIL 2022 — 31