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 Replies: 35 / Views: 21,746 |
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Valued Member
United States
191 Posts |
There are a lot of Coinstars showing up around here. Its the same idea as the others, counts the change then prints a voucher for cash. It used to cost 7% to cash in the change but recently they up it to 9.2%. Are we really being penalized for spending American coins now?
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Valued Member
United States
271 Posts |
I am an employee of Wells Fargo, not bank but Mortgage. I had been getting 3 boxes of halves a week and had no problem returning them and not being charged. I dont believe it was because I was an employee. I have stopped roll searching for about 6 weeks and plan on getting back on this later this fall. What I do know is that at the local Wells everything is machine counted, bagged and is sent back to the fed. Wells does not roll anything that is brought in, locally at least that is the case. If they do start charging for the counting, well I have a mortgage on a primary house, 2 mortgages on 2 rental properties and 2 lines of credit. Thatll take care of a couple boxes of searching.  |
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Pillar of the Community
United States
4333 Posts |
Most banks that I have talked to are paying to handle coin under a contract. Normally it's not a 'per bag' fee. They have coin and currency delivered week to week. It does not cost them extra to handle coin. It's part of their day-to-day function as a bank or CU.
Good luck dumping quantities at a CU. Some of the vaults are tiny. About the size of refrigerator. Not kidding.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Bedrock of the Community
United States
20753 Posts |
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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...
To late. Around me Chase too now charges for coin purchases and dumping and all due to the same reason. Almost all banks and even credit Unions will be doing this more and more. AND if you bring in rolls, the cost will go up since now they have to pay someone to open those. Not only are the constant acquiring and returning of bulk coins doing this but those that make those short rolls too. Those are the ones poping up more and more with a coin or two missing per roll. Edited by just carl
09/13/2010 10:14 am
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Pillar of the Community
United States
1547 Posts |
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Almost all banks and even credit Unions will be doing this more and more. I wouldn't doubt it. With all the activity, the pendulum may be starting to swing. I'd love to be able to tell him just get them a box of donuts or candy or flowers or balloons or some such thing, but I'm afraid what's really happening, here, is, they're starting to think. And, that's never good... |
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Pillar of the Community
 United States
2424 Posts |
well. I agree with what one person said already, that certain banks order coin already becuase of merchant supply and demand..
it makes sense. the chase bank I go to, already order coin. so if I ask for a box or 2 of pennies or dimes or even halves it does not cost them anything more to order becuase I assume it all comes from one delivery, and one charge. I dont know for sure if the deliveries are weight based or not, I wouldnt think so.
anyway, I will continue to dump at the chase's around me until they start to charge too.
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New Member
Switzerland
46 Posts |
I guess banks are looking for ways to make a profit since they have been hit hard. You can always keep them and use them in Las Vegas. :)
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Valued Member
United States
364 Posts |
I'm really not trying to start any fires, but what did you guys expect? Picking up four or five boxes at a time and what not of halves. That's a lot of load on them (I say this having been one), and they have every right to charge you. I don't think they have a right to refuse you, but charge you for huge coin dumps? Sure.
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Valued Member
United States
66 Posts |
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I guess banks are looking for ways to make a profit since they have been hit hard. You can always keep them and use them in Las Vegas. :) I don't think Vegas takes (or pays out) in coin anymore either.  well, there might be a few novelty machines, but not many... |
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Valued Member
United States
102 Posts |
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I don't think Vegas takes (or pays out) in coin anymore either. well, there might be a few novelty machines, but not many... Kinda takes the fun out of it. Instead of walking around with a bucket of money you get a tiny slip of paper... Though I stick to Texas hold'em these days so I don't miss it too much. |
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Pillar of the Community
United States
1547 Posts |
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well. I agree with what one person said already, that certain banks order coin already becuase of merchant supply and demand..
it makes sense. I don't believe you didn't know that. Look, here's the deal. When it's a small bank or credit union, they may be ordering, "as they go." They simply don't have the retail customers the majors do. When it's a bank like Wells Fargo, the odds are, they're "contracted." What that means to you is, it doesn't cost them any extra each month to order your boxes or to redeem your dumps. The smaller ones, OTOH, may incur a "special fee" when they do that, and, as such, understandably pass that fee onto you. With the majors, however, that's never the issue. Their only issues are the fuss they personally have to go through to accommodate your requests. You've got them thinking, now. That's why they're treating you this way. I've been over this ground, I know. I had a real sweet deal, once, on two boxes a month, from a major. I got a little imposing, and I upped it to two boxes a week. That's all it took. Within only about four or five weeks of that, the "bank policy" is, $25/box! I quit ordering from that branch, and went to another branch, and, guess what? No such "bank policy." Some food for thought... |
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Bedrock of the Community
United States
17884 Posts |
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Most banks that I have talked to are paying to handle coin under a contract. Normally it's not a 'per bag' fee. what does the contract say? It would not surprise me for there to be a maximum limit per trip. Go over that and they might still be charged. Many flat rate contracts work that way. The contract is negotiated based on a certain average sized work load and a "buffer' is added because sometimes the load will go over average. But go over it the average consistently or to a greater than allowed extent and extra charges apply. |
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Locked
822 Posts |
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Are we really being penalized for spending American coins now? Nope, and don't know where you got that idea. That's not what's being discussed here. |
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Pillar of the Community
United States
1547 Posts |
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what does the contract say? It would not surprise me for there to be a maximum limit per trip. Go over that and they might still be charged. Many flat rate contracts work that way. The contract is negotiated based on a certain average sized work load and a "buffer' is added because sometimes the load will go over average. But go over it the average consistently or to a greater than allowed extent and extra charges apply. Conder101, I believe it's tied into weight. I may be wrong. At any rate, while you're operating within their contractual limitations, the contract is absorbing your orders, and you're fine. There may very well be those contractual limitations, though, I agree with you. |
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New Member
United States
42 Posts |
FWIW, I dropped $100 in nickels at a Wells Fargo yesterday and there was no charge. I'd say try another branch somewhere.
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Replies: 35 / Views: 21,746 |
First Page
Posted 09/12/2010 12:01 am
