Listen to this post
RANGELY I Last week, the Rangely Area Chamber of Commerce announced that counterfeit $20 bills had been located in Rangely, and, according to chamber director Kristen Steele, similar fraudulent money has been reported in Vernal, Utah, as well.
Steele is concerned about the impact of the counterfeit money on our rural economy.
“If one of our businesses believes they have received counterfeit money and they go to the bank and it, in fact, turns out that they are counterfeit, the business is not going to be reimbursed; they will be out that money,” she said. “If this continues to happen several times, they will likely have to raise the price of goods to compensate for the loss.
“When prices start going up, people are more likely to then shop online or out of town, where they can get cheaper deals,” she said. “This then means less money staying in our community, which, in turn, will result in less tax-dollar support for our schools and neighborhoods, roads and infrastructure and police and fire departments.”
Steele advised local businesses to watch for counterfeit bills and recommended use of the counterfeit pen, which allows employees to quickly identify any counterfeit bills.