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 Replies: 18 / Views: 4,777 |
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Valued Member
United States
120 Posts |
if you don't have any type of account with the bank you are consider non-customer. Exchanging coins is a service they provide. They are not required to take your coin. They might make exceptions depending which bank you go but it doesn't mean that they have to do it. As far as foreign currency most banks require you to have an account in order to make an exchange.
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New Member
 United States
46 Posts |
I have a bank account with a credit union,but they don't handle very much coinage.
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Moderator
 United States
56855 Posts |
Each bank/credit union have their own rules. Most say you need an account. It costs them to take in and sell you coins and currency,so why wouldn't they charge a non member? After all,they are in business to "make" money. John1  |
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Pillar of the Community
United States
1609 Posts |
Generally, making an account at a bank gives you new benefits and/or takes away restrictions. Every bank is different. For example, one of the banks I go to charges a 5% fee to any non-account-owners that used their coin counter. This fee was reduced to 3% when you became an account owner. Though I would not be surprised if they still denied you when you got an account, I think (I hope!) that they will handle you some rolls if you get an account.
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Pillar of the Community
United States
4211 Posts |
I don't ever get rolls of coins but over heard a bank teller talking to a customer and told them they only provide coins to business customers that need them for change. Every bank is different. Banks have to pay for delivery of their coins.
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New Member
United States
46 Posts |
Okay, I don't need a coin counter, my coins are re-rolled and put back in the original box. Here's a scneiro... A homeless person has been out pan handling all day, they have $20.00 in unrolled coins. They go up to a bank teller's window and ask to exchange their coins for a $20.00 bill. The teller counts the change and they give the homeless person a $20.00 bill. The teller didn't ask the homeless person for I.D., or if he had a bank account.What's the difference between me and the homeless person? The answer is nothing. And I don't understand why it is costing the bank anything. They are just exchanging money. The bank makes their money from your money(the interest) or some type of bank fees(like if you have insufficient funds to cover a check). It doesn't cost them(the bank) anything to exchange funds as long as the balance is the same.  |
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Pillar of the Community
United States
814 Posts |
A few rolls here and there is different from boxes at a time. As head teller, if someone comes in and asks for a couple rolls of this or a few rolls of that, I will always oblige, customer or not.
If you are cashing in rolls, I will direct you to our coin machine. Where you'll pay a 9% fee if you have no account. Under most circumstances we do not accept rolled coin due to having the machine. $20 in loose coin would have to go through the machine and fees charged where appropriate. We are a busy location and manually counting quantities of small chance is time consuming.
Edited by hcmusicguy
07/04/2017 08:28 am
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Pillar of the Community
United States
4333 Posts |
It's part of the reason for the big cashless push and move towards crypto. It costs the bank money to handle coin, whether you are a customer or not. Although I dumped the banks years ago ( I had over a half-dozen accounts and their constant fee increases became costly) even my CU points members to the coin counter when they come in with loose or rolled coin.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Valued Member
United States
154 Posts |
Roger, I'm going to be blunt.
There are a lot of "entitled" coin roll hunters that think that banks should give them coin for free, or exchange coin, or order large amounts. A bank is NOT a coin store. Banks are not required to do those things for non-customers, and sometimes depending on the level of customer. For example, some banks won't order coin unless you have a business account.
Coin does cost a bank money; even if it's a weekly pickup/dropoff regardless of amount, it is still a cost. Banks would be much happier without having to exchange and store large amounts of coin.
What really matters is the relationship. If you know the people, are respectful of their limitations (ie small vault), and build a relationship, you will go farther.
I have banks that will not sell to me without a business account at one branch, and will give me 8 boxes without batting an eye at another. It all depends on who works there and what your relationship is. If another entitled coin roll hunter has messed that branch up by being a jerk, they may not be inclined to help you.
The big question is: do you want to be "right", or do you want to get what you want?
Don't be an entitled roll hunter. The banks don't have to provide a service; find the ones that are willing to, because not all are. Open an account or two if you have to. You have to work within the system; you can't make the system change because you want it to.
Edited by accordselux
07/04/2017 5:31 pm
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Pillar of the Community
United States
4211 Posts |
well said @accordselux.  |
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Valued Member
United States
338 Posts |
To me roll hunting bank rolls is a privilege. I'm certain that this opportunity can be taken away overnight if it's abused by being rude or by going overboard in frequency. I try to visit a willing branch no more than one per month and spend a little time talking to the staff. Remembering the staff's names and thanking them profusely is the least I can do. As Debra mentioned, it helps to have several accounts including a business account. But, respect is absolutely key.
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Moderator
United States
188629 Posts |
Quote:
And I don't understand why it is costing the bank anything. They are just exchanging money. The bank makes their money from your money(the interest) or some type of bank fees(like if you have insufficient funds to cover a check). It doesn't cost them(the bank) anything to exchange funds as long as the balance is the same. Can I come to your place of business and dump my rolls off for cash? I did not think so. Banks have to pay the employees to handle the coins. They have to pay armored carrier services to ship coins. Also, have you seen interest rates lately? This is why they have raised fees and/or cut services. Banks are a business not a public service. |
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New Member
United States
46 Posts |
I return only a box of coins once a week. I can't afford $1,000 boxes of coins. At first, the bank I went to, exchanged my box of coins and sold me boxes of coins no questions asked. Then it all changed, some tellers would reserve me a box or two but some tellers won't. Then, the last time I went by, they asked for a bank account.
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Rest in Peace
10197 Posts |
Roger, I'll be even more blunt, You sir are a "user", period. It ain't your "right" to get something for nothing, period! All the advice and responses here point to the answer, it COSTS financial institutions (a business) money to keep and exchange money, why, because it IS a business. Hope you learn and grow up some before the real world gives you the sucker-punch... Get a bank account then, or do what others do get from one return to another. Most banks here don't accept customer wrapped, has to get spun. If you don't like the bank return...there's always Coinstar.  Edited by Crazyb0
07/05/2017 3:05 pm
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Forum Dad
United States
24161 Posts |
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What's the difference between me and the homeless person? The answer is nothing. No, the difference is monumentous. You are wasting the banks time and money so you can make a profit and they get nothing. The homeless person is just trying to cash in some coin to make it easier to get something to eat, which they may not have had for days. Sorry to be another one that's blunt, but your analogy is pretty silly in my opinion. |
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Replies: 18 / Views: 4,777 |
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Posted 07/03/2017 02:28 am
