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Wells Fargo Now Charging for Dumping Coins

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Pillar of the Community

United States
2258 Posts
 Posted 09/10/2010  7:13 pm Show Profile Bookmark this topic Add SDcoinguy to your friends list Get a Link to this Message

so my wife, who now has some more time on her hands, went to dump $500 in halves at our wellsfargo branch was told "that because of so called "collectors" brining in a lot of coins, we now are charging $7.50 for every time you dump"..


first bank of america, now wellsfargo... all I have left is Chase.. I know there a few other banks, but its not worth the hassle of joining up there...

Pillar of the Community
United States
938 Posts
 Posted 09/10/2010  7:24 pm  Show Profile Bookmark this reply Add scotty11 to your friends list Get a Link to this Reply
SDcoinguy, was she attempting to exchange them for cash, or making a deposit? I only ask because they might waive the fee if it were a straight deposit.

I've never had a problem with the BOAs, or Chase up here. I know nothing at all about Wells Fargo.
Pillar of the Community
United States
2258 Posts
 Posted 09/10/2010  7:26 pm  Show Profile Bookmark this reply Add SDcoinguy to your friends list Get a Link to this Reply
straight deposit...

yea, lady said it was a new implementation.. all branches will be getting onboard.. same thing happened down here 6 mon ago with BofA
Pillar of the Community
United States
669 Posts
 Posted 09/10/2010  7:32 pm  Show Profile Bookmark this reply Add Americanamafia to your friends list Get a Link to this Reply
my boa does not charge me to dump coins, perhaps it is a CA thing?
Pillar of the Community
United States
938 Posts
 Posted 09/10/2010  7:46 pm  Show Profile Bookmark this reply Add scotty11 to your friends list Get a Link to this Reply
Maybe time to find a new bank?...maybe a credit union, or some other "smaller-type" bank? (just thinking out loud here) So Cal is a heck of a lot bigger than the central valley. Might be why I haven't encountered any hassels yet. I can forsee it reaching me in the near future though.
Pillar of the Community
United States
507 Posts
 Posted 09/10/2010  7:48 pm  Show Profile Bookmark this reply Add Deltron to your friends list Get a Link to this Reply
Harris recently did this to me as well.. Any transactions over $100 and you get slapped with a fee. Luckily PNC does not charge me when I offload my halves, at least for now. =S
New Member
United States
5 Posts
 Posted 09/10/2010  7:51 pm  Show Profile Bookmark this reply Add sportcenter to your friends list Get a Link to this Reply
if it's $7.50 per dump (rather than per $500) then it might be time to consolidate your dumps..heh, it would be worth $7.50 to watch the tellers process 10 boxes worth of halves.
Pillar of the Community
United States
2713 Posts
 Posted 09/10/2010  9:04 pm  Show Profile Bookmark this reply Add fioti to your friends list Get a Link to this Reply
I think the practice of chargeing will soon become commonplace. My Home Fed. is hinting that. Maybe it will still be free if you have megabucks there. They make money off ours.
New Member
United States
22 Posts
 Posted 09/10/2010  10:12 pm  Show Profile Bookmark this reply Add walrus to your friends list Get a Link to this Reply
One bank in our area has what they
call"The Penny Arcade."
You can take any amount and denomination(s)
and feed them into this thing.It counts and
then prints a receipt upon your entering done.
You then take the receipt to a teller and
exchange it for paper and any amount under
a dollar.There's no charge for this,nor do you
need to have an account.
Ken
Valued Member
United States
94 Posts
 Posted 09/10/2010  10:32 pm  Show Profile Bookmark this reply Add oldno7 to your friends list Get a Link to this Reply
I went with my sister in law to her credit union in Indianapolis and they are charging 7% to take change. They said most of the banks had started charging. Luckily, I still have an account at a different credit union there and they were happy to take the change with no charge.
New Member
United States
6 Posts
 Posted 09/10/2010  10:52 pm  Show Profile Bookmark this reply Add Mattyj78 to your friends list Get a Link to this Reply
Here at one of my banks in UT they have a change counter in the lobby called "Coin X-change" sounds like the same thing as the Penny Arcade, its free and counts all change except Eisenhower dollars. Lets hope its stays free!
Valued Member
United States
285 Posts
 Posted 09/10/2010  11:11 pm  Show Profile Bookmark this reply Add albumcollector to your friends list Get a Link to this Reply
I use PNC as well and I am glad they don't charge. I really hope they don't start.
Pillar of the Community
United States
687 Posts
 Posted 09/10/2010  11:34 pm  Show Profile Bookmark this reply Add RollHunter to your friends list Get a Link to this Reply

Quote:
Harris recently did this to me as well


That's been their policy for a few years as far as I know - but if you're in Harris territory, you're probably in TCF territory and they have coin counters all over the place.
Valued Member
United States
127 Posts
 Posted 09/10/2010  11:53 pm  Show Profile Bookmark this reply Add cutepenny to your friends list Get a Link to this Reply
I have been with Wells Fargo for years and they have never charged for returning coins.
Pillar of the Community
United States
9171 Posts
 Posted 09/11/2010  09:53 am  Show Profile Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
As I have said before, most banks don't like roll of box searchers because having to handle all of that coin costs them money. They have to pay a fee to get it and another fee to get rid of it. And if they let it sit it takes up vault space and is a dead asset that isn't earning money. If they count and roll it themselves there is the cost of supplies, wear and tear on the machine and maintenance on the machine. If they send it out for counting they probably have to pay a fee for that as well. Banks would normally like to handle as little coin as possible. Roll and box searchers mess that up something fierce. Hence to recover expenses and to discourage the practice, they add on fees.

Those banks that aren't charging the fees are probably in an area that is a coin sink. (some areas are coin sinks, th banks can never get the coin they need for their average weekly business form coin coming in from depositors. SO they are constantly having to order more coin shipped in. Other areas are coin sources. Banks in those areas are constantly getting more coin in over the counter than they need and so are constantly shipping coin back out to the Fed.) A bank in a coin sink area is glad to have coins coming in from depositors because that is that much less they have to order from the Fed and pay fees for. A bank in a source area sees it as more coin to have to pay fees to send back.
Pillar of the Community
United States
2258 Posts
 Posted 09/11/2010  11:57 am  Show Profile Bookmark this reply Add SDcoinguy to your friends list Get a Link to this Reply
that does make sense. I know that the bank I usually take CRW from are very happy to have me take it from them. and the bank I tend to dump at(depending on the denomination) is more or less happy. it seems that they hate halves, but dont mind dimes or pennies.. I may have to revert back to dimes soon.
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