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 Replies: 84 / Views: 5,459 |
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Bedrock of the Community
United States
12437 Posts |
I just got off the phone with a representative from the legal department of CUNA (Credit Union National Association, Inc.). She informed me that there is no specific law or regulation prohibiting a credit union from selling something in excess of face value when it is an item of a"commemorative nature". She said that the 50 State Quarters and Presidential dollar progams were considered to be of a "commemorative nature" even though they are meant for circulating commerce. What was interesting was the fact that she said that usually when a CU sells something over face, it is enclosed in special packaging. She gave me an example of some of their CUs selling the new quarters as issued and they are packaged in an informational card pertaining to that particular state. She was a little puzzled when I asked about a premium on generically wrapped rolls- she thought that it was odd, but there was nothing to explicitly prohibit them from doing it. Her parting words were "If you don't like the policies of a particular financial institution, you can always take your accounts to another place." Moral of the story- "If we can get away with selling circulating coinage for more that face, there is nothing to stop us from doing it"  |
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Forum Dad
 United States
24171 Posts |
quote:
I do think that "accusations" was a little rough though Bobby.
There is at least one still showing as of this post, and 6 edited posts. Anyways, I'm sorry if it was a little strong and offended anyone. Yes, I'm playing Devil's advocate here, but I do believe what I'm saying to be true. I just don't understand how it can be perfectly legal for anyone but a bank to sell money. If you look at it on the simplest level, it's kinda silly. The only reason they don't, is because the one's that do will be viewed as unethical and lose business. It's funny though, a lot of the same people that would view banks as unethical for it, would fork over a premium to the Mint for the same coins and not think twice about it. |
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Pillar of the Community
United States
1703 Posts |
Legal,illegal,ethical,unethical,if MY credit Union wanted to charge me $3 for a coin I could get at a bank for $1, three blocks away.I would no longer be doing business with that CU. PERIOD.
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Forum Dad
United States
24171 Posts |
quote:
Legal,illegal,ethical,unethical,if MY credit Union wanted to charge me $3 for a coin I could get at a bank for $1, three blocks away.I would no longer be doing business with that CU. PERIOD.
I agree. |
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Pillar of the Community
United States
2254 Posts |
Thanks for the info Bio. The commemorative aspect is very interesting. Bobby, I certainly didn't take offense. I am certainly not easily offended, and I have pretty tough skin. I just thought that the word accusation made it sound like you didn't approve of people voicing their opinions. In a forum read that is. Face to face all is a moot point, as is most of the potential controversy on boards...  The more I contemplate this, the more I see you point of view, regardless of Bio's info. I guess there's potentially nothing stopping them from doing it except the lack of clientele they would have.... It will also be interesting to know if there is a difference between credit unions and banks. I think anyone can open an account at a bank with enough money to "join", but credit unions live by a different set of rules. I know that I can't join some that are out there no matter how much money I have. |
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Valued Member
United States
208 Posts |
Go to a bank like Commerce or Wachovia, mine were glad to exchange rolls of dollars for face value. The hardest part is that the teller has to go into the vault...
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Pillar of the Community
United States
4870 Posts |
It's fun searching a box of nickels.
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Valued Member
United States
397 Posts |
DIRECT off the US Mint website under consumer awareness "Hot Topics" The United States Mint has issued George Washington Presidential $1 Coins only to the Federal Reserve. The Federal Reserve has made arrangements with banks and other financial institutions to ensure that these coins are in their inventories up to two weeks prior to the official public release date, February 15, 2007. George Washington Presidential $1 Coins will be available for purchase at face value to all members of the public at their local financial institutions beginning on February 15, 2007. The banks and other financial institutions that have entered into such arrangements have agreed not to distribute George Washington Presidential $1 Coins before this official public release date. The Presidential $1 Coins currently being offered for sale by private businesses, often with a considerable mark-up, are the same circulating quality coins that will be available to all members of the public from their local banks and other financial institutions on February 15, 2007. These are not the proof or uncirculated quality coins that are found in United States Mint proof and uncirculated coin sets, nor are they official "early releases" or "first strikes." The underline is theirs, not mine. Sooooo, somebody is breaking the rules.....  MM |
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Pillar of the Community
United States
2269 Posts |
 The wording seems clear, but does the law work the same way? |
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Pillar of the Community
United States
1151 Posts |
Quote: biokemist6 ___________________________________________________ She informed me that there is no specific law or regulation prohibiting a credit union from selling something in excess of face value when it is an item of a"commemorative nature". She said that the 50 State Quarters and Presidential dollar progams were considered to be of a "commemorative nature" even though they are meant for circulating commerce. What was interesting was the fact that she said that usually when a CU sells something over face, it is enclosed in special packaging. She gave me an example of some of their CUs selling the new quarters as issued and they are packaged in an informational card pertaining to that particular state. __________________________________________________________________________ While at my CU today, they had the Washington dollars P&D in a "collectors card" for $7, a nice little album that holds the 4 Prez dollars being released in '07, whic holds both P & D mints for $5 which I bought and rolls for $25 which I bought one of. The teller asked me if I wanted the collector card also and I said why pay $7 for two coins when I can get 25 for face value. Her response was " but they are in a nice collectors card!!!" I wonder if they, the tellers, make a commission off the sale of these items? |
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Pillar of the Community
United States
2254 Posts |
Sounds like you need to get the email address to the bank manager Gary and send a link to the Mint's topic that Morganman posted. It may be a little less confrontational, and it will still get the point across...
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Pillar of the Community
United States
1283 Posts |
Gary,
I would ask for the name and contact information of the Manager, and what the best times are to reach him/her.
I also suspect this laidy was acting alone, and I love to see crooks get busted. If it's a bank policy, I suspect they're breaking the law (perhaps unknowingly?) and I would call the mint, or the Federal Trade Commission.
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Rest in Peace
 United States
3730 Posts |
Alrighty, I finally got an "official" answer from the credit union. Here's what we have been waiting to hear. Seems as though the Presidential dollars didn't come from the Fed. The credit union is located in a rather small building, and I was told they didn't have space for coins. In fact, it seems as though I am their biggest contributor of coins. So, since they don't order coins from the Fed., and there was some demand for the new dollars, the credit union put in an order with a private vendor. Supposedly the credit union doesn't make anything on the sales, and they do it only for the benefit of members. So, there you have it. The Presidential dollars come from a private vendor, and the premium one must pay for them is profit given back to the vendor. As for me, I'll just keep going to my local bank where I can have as many rolls as I want -- for face value!!  Edited by Gary Burke
03/28/2007 4:41 pm
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Pillar of the Community
United States
4870 Posts |
Very interesting. Even though your CU doesn't get coins from the fed, it just doesn't seem right for a financial institution to charge a premium.
My CU doesn't get coins from the fed either. They do give me a weird look when I ask for a box of nickels or cents. Although I am not collecting the prez dollars, they did tell me they aren't going to get any. As for rolls of new quarters, they suggested a bank who does get their coins from the fed.
Edited by TheForce
03/27/2007 3:50 pm
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Pillar of the Community
United States
819 Posts |
I only had time to read page one of this thread so maybe I missed it on the other pages, but I would contact the State Banking Commission of the state you live in (assumming the USA, otherwise some regulatory agency in the government of where you are) and pose the question to them. Even though they came from a private vendor it is my "gut" feel that they are in the wrong and gave you a "private vendor" cover story. One quick way in situations like that is to ask them to give you a signed receipt for the roll of coins at $25 and itemize the other charges...if they start balking at a such a reciept it is further confirmation to go slow. I bought mine at a local bank for face value. A coin shop I know in Houston is selling them for $30 roll, which is a resonable handling fee. $50 per roll doesn't pass my smell test.
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Posted 03/16/2007 5:15 pm
