I'm Usually Nice, However...

I asked our branch manager about this today. He said that so long as the credit union had a license to collect sales tax, it's OK to charge more than face value for coins. He agreed that it's probably not the best business practice, and he wondered how many credit unions know about the sales tax permit. I don't know if the laws are different in other states, but that's the way it is in Indiana anyways.

Rachel

It really doesn't matter if theres one person or 50 people standing in line for rolls of the prez dollars, they are only allowed to give them to you at face value no matter how much of a demand there is. I would go higher up in the credit union and file a formal complaint concerning that teller or whoever she is. Sounds as if shes trying to start her own business on the side. Certainly illegal.

Again, thanks for all the great opinions.

I really appreciate it.

I plan to stop into my credit union either Friday or next Monday, and if I learn anything new I'll report back.

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The mint does it 7 days a week. Same rolls that you get at a bank or a credit union... for a premium... all day long... every day. I have never heard of any law against selling money

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I guess I'm a little confused, and I certainly don't want to start an argument. But are you saying that a bank or credit union can sell a dollar bill for 5 dollars and that's legal? Kind of makes me think that if a branch manager found a radar note or something like that in brand new currency, that they can set it aside and sell it for more than face value? I guess I would agree with that if they replaced it with their own dollar and sold it from home, but I don't see the difference in doing that compared to what they're doing with the dollar coin. I have to believe that something in the whole situation is a "no no"....

I don't think I'm comparing apples to oranges here, but someone can straighten me out if they think I am.

Hey guys, I have a great idea. Lets all take our prez dollars up to Boston and throw them in the harbor, we will show them nasty ol credit unions. Our moto "no capitalism without representation"

Anarchist, Jim

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bobby, I was saying that if the sell at a profit and don't charge sale tax, that would be illegal.

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Not for the Credit Union I bet. They're non-profit and probably don't have to pay or charge sales tax. No non-profit I've ever been associated with ever had to do either.

The banks and credit unions fall under a different auspice than a private business,,

it is their job to distribute coin and currency ,,they are not allowed to to do the business of coin dealer from the offices .

now if an employee wanted to buy those rolls at face value and take them out of the bank ,and sell them then legally and ethically they can do that ,, but under the roof and regulations of the credit union,bank or other similarly licensed entity it is not allowed.

I would have been standing in the CEO's office within minutes of this happening !! they would have to prove to me that it is legal and ethical for this to have happened !! and if they did not want to prove it to me then they could prove it to a Fed auditor.

Metalman

I was making a deposit at my credit union this morning, but the manager wasn't in.

I'll catch her in one day and ask about the selling of coins.

Meanwhile, outside of curiosity, it makes little difference to me as I have two banks which will supply me with all the Presidential dollars I ask for.