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 Replies: 47 / Views: 7,161 |
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Pillar of the Community
United States
603 Posts |
Some banks won't take pre-rolled coins from a customer, and if they get rid of free counting machines for account holders, they shouldn't be in business, imho. They need to take one or the other.
Banks made their money in the old days buy lending to the community, (think Bailey's Savings and loan in it's a wonderful life). They used account holders money to fund the loans, and paid a interest on it for the use. Now however it is no longer enough to make a profit, with steady long term growth, but PROFIT, and heck with the future. Back when banks first started charging for ATM usage, I heard of one that planned on charging a fee on customers if they accessed their account more than 5 times a month, via ATM OR Clerk. Who does that affect? Perhaps a bartender or waitress who doesn't like to keep their tips around the house, but not "important people".
Cole, I agree you should close your account with a smile, after saving up a LARGE amount of coins. I don't think however that writing a letter will help, the powers that be will not care, because if their profits fall next quarter, they can lay off more employees (further degrading morale of the ones remaining) or figure out a few new fees to tack on to the remaining customers to make up the lost revenue.
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Pillar of the Community
United States
2589 Posts |
I guess the banking industry is more restrictive in canada to new operations, in the united states you just need $100,000 to charter a bank. There are countless small banking firms that only have 3 or 4 branches and thats it.
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Pillar of the Community
Canada
1082 Posts |
That's what I figured, but I don't look at it as a "restrictive" thing at all. Maybe it flies in the face of the American notion of free enterprise and all that, but the idea has always been to protect the customer, the existence of FDIC insurance and it's Canadian equivalent notwithstanding.
One other plus is our Interac system -- I can use my bank card at any store anywhere in the country that allows payment using my ATM card, which automatically deducts the funds needed right from my account. Because there are so few banking establishments, having such a system is a cinch. It seems that almost every store has an Interac terminal, which means not having to worry about having actual cash on hand for everything.
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Pillar of the Community
United States
1026 Posts |
Some banks stopped taking rolled coins because of the scam where people would short them one coin per roll.
When I was in Texas last winter I was getting ready to leave and took $30.00 of rolled pennies in the teller said you must put your account number on them I said I have no account here just a Winter Texan and adding $$$$ to your local economy.
They said well what if these are short then we can't get our money from you I said not being smart well here is two dollars that should cover it but I know there is 50 cents in each roll.
She well I have no way of taking that $2.00 she then said she could take them this time but not to bring in any more.
I guess banks are like any business and they are always looking at was to make more profit and cut costs.
I can't even get any of my banks here to get me half's so feel happy at least you can get them.
I can understand myself why a bank would not want $ 1000.00 in half's every other day I was surprised to here of any banks that would put up with this myself.
I hate to say it but I also think it is going to get harder to get the rolls of new coins in the near future like the new pennies and the new National Park Quarters next year as allot of banks are starting to consider this an unnecessary cost of there time and tellers time.
But I hope we can keep getting these as I have been lucky enough that my bank usually at least gets rolls of all the new coins so far.
Edited by Brucec
06/14/2009 11:22 am
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Rest in Peace
United States
1943 Posts |
I have been roll hunting for many years now and have not had any experience this bad. My bank has many branches in my town and I always bought my rolls from 4 branches and dumped them all at one other branch. The worst I ran into was when I was told by my account manager at the branch I use for my business that the regional manager wants me to start using the branch with my business accounts only. So now the branch with my business account will order me rolls and give me their bags to put the coins in to send them back to Brinks. I keep loose coins around so when I pull a coin from a roll I replace it then throw the loose roll into the bag. That way the amount in the bag is always the amount from the box. If I take a bag of $100 of nickels to the bank they immediately deposit the money into my account, no waiting. It's a nice system for me and in return every couple of months I ask my account manager what would be a god day to bring pizza in and supply 2 large pizzas for the girls that day. It makes for a nice relationship. Reading this thread makes me appreciate my branch even more.
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Pillar of the Community
United States
2600 Posts |
pyrbob, that is an excellent point. I take donuts in for the girls at my dump branch, always treat them like royalty (as the deserve) and try to never be an infringement on them. If they are extremely busy, I turn around and leave and comeback later. They appreciate it. I am always trying to make this a win win situation. Yes, it is their job, but in a lot of ways they have control over my continued success dumping coins.
Jim
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Rest in Peace
United States
2668 Posts |
Huh, used gum. I was 16 once. No, honest! They don't even sell gum at Disneyland. Anyone care to tell why? Uh, near the main entrance or in their parking lot........  |
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Valued Member
United States
417 Posts |
A coin machine is not a lobby decoration! Your credit union has horrible customer service and you should set them right  These people have to understand that by putting a coin machine in the lobby, it WILL get full and they will need to change the bags. About a year ago, my credit union got a new coin counting machine for the lobby (as opposed to taking buckets of coins in the back and running it through the machine for customers). Well, I brought in a bag of nickels and the machine #*&@^@ up badly; coins got stuck in it, nickels were counted as every single denomination (~$100 in nickels turned out to total $150), they had me along with 3 others try to turn this 'nozzle' inside the machine to get it loose but it wouldn't budge. Long story short, the machine was down for about 2 weeks, one lady joked that I would have to pay for the replacement if it broke (it was repaired), they haven't treated me any different....it's become a joke between us, and they don't run away if a bag needs changed. P.S. Saw that you live in Orange County, CA. I live in Orange County, FL and you have three times the population than here, so no doubt your bank must change bags on a regular basis, unless residents in your city boycott small change. It doesn't make sense why they would be so rude. I've got $.77 in an account at another bank, and they are always cordial if asked for rolls or whatnot. It's just severely bad customer service. Edited by florida
06/25/2009 03:51 am
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Valued Member
United States
323 Posts |
So YOUR the one looking through all the rolls in florida!! I live in winter springs and also look through rolls, lol
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Valued Member
United States
417 Posts |
 Beware if you're getting rolls from the Airport area along 436. |
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Pillar of the Community
United States
619 Posts |
Dropping coin counters is just one of the many ways the banks will cut costs.
All banks in our area do not answer direct customer phone calls -- too labor intensive. Each has a central call center (800 number) that handles calls. And even then, you must wade through all the computer options to get to a human being. If you get that far, you can then try to get that human being to transfer your call to a human being at the branch that you deal with. If they refuse to pickup, you must email or leave a message.
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Pillar of the Community
United States
2130 Posts |
I guess what they say about New Yorkers isn't true: I have a business account with a bank that has 2 branches close by. They are always accommodating when I want rolls to search. They order 1 box of halves or any other coin I want, I pick them up & search them, then I just take them to another bank that I don't belong to & cash them in. Then my bank will order another box for me. I also take care of my tellers: They like the new LP1 & LP2 when I bring them in some in 2x2's. I have another bank (CU) that I don't have an account with and talked to the manager about ordering coin rolls. No problem. He called me on Tues. and asked if I would be interested in unc. Presidential dollars. I told him yes, & he will call when they arrive. I may just open an account at that branch. |
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Pillar of the Community
United States
4870 Posts |
Do banks really have the right to refuse US currency?
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Pillar of the Community
United States
3294 Posts |
The way I understand it, unless you already owe a debt to them, they can refuse whatever payment they want.
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Moderator
 United States
188770 Posts |
As far as I know, that is correct.
If you walk into a store with a $100 FRN to pay for a pack of gum, they can make you leave the gum on the counter and walk away.
If they refuse it when you settle the debt (where no stipulation of acceptable payment was made), then they have no standing in court when they try to claim that debt.
Edited by jbuck
07/02/2009 5:13 pm
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Replies: 47 / Views: 7,161 |
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Posted 06/13/2009 12:38 pm
