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 Replies: 53 / Views: 8,369 |
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Valued Member
74 Posts |
I remember when these first came out some posters here said no problem cashing them in. They even said retail merchants would take them.
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New Member
 29 Posts |
Wsdcoims: Wow, a couple of hours to complete the transaction! Did it take that long to figure out the procedure or to fill out the forms because it was such a large amount (100coins)?
Do you think if you went in for second deposit now it would take just as long?
Also do you think one can deposit at an RBC if they don't have an account with them?
Thanks for letting us know.
I'm only trying to deposit a couple of coins. It would take me at least half a day to open an account with RBC (if necessary: still to be determined) and then go through the whole process with the forms!
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New Member
29 Posts |
Jsinger21: How long did it take you to cash your coins in? Did you have to fill out those forms too?
John100: what about you?
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Pillar of the Community
Canada
5324 Posts |
There is a another scenario for the banks, a few years ago at a far away town with no TD bank, walked into a CIBC, no accounts with them, would not exchange 100 bills for 20.00 bills because no CIBC account. Back then very few merchants accepted the 100 bills due to counterfeit problem. As with these coins, unless you have an account at this branch they can always debit you latter. Neat experiment, my guess now 0 for 20, but still good luck!
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Pillar of the Community
Canada
5324 Posts |
They phoned head office, got the RCM procedure, and accepted the deposit, took about 10 minutes or so, was told latter by teller the coins were sent with the torn and old bills. but this was done at my home branch. |
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New Member
29 Posts |
Tell me about it John100. Most merchants won't even accept 50$ bills, let alone 100$ bills in my area unless they are the new polymer ones.
John100: Do you recall how lond it took to cash in your 300$ worth of coins?
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New Member
29 Posts |
Tks John100. Disregard my last post. Just saw you already replied.
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Pillar of the Community
Canada
871 Posts |
To answer your question... I didn't have an account at RBC. I walked into head office near my work and went to the business teller line. The teller looked at the coin, went to the back to the "cage" and spoke to the head teller and came back and took them. Only thing they asked for was my name for bookkeeping purposes.
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New Member
29 Posts |
Jsinger21: Nice. So no forms to fill out for you. Thanks for the info.
Many different scenarios posted so far.
Hope more of you post your experiences.
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Valued Member
Canada
373 Posts |
How much were you guys exchanging? I am looking at cashing out some of my $100 for $100...
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Rest in Peace
Canada
1360 Posts |
Well, I for one, hope that lots of you, return thousands of these coins, and they get melted. It can only improve the rarity of the remaining ones. A big Thank you.
ps... why did you buy them in the first place, if all you want to do is spend them, you could have had less trouble at Tim Hortons with your original $20 bill.
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Pillar of the Community
Canada
5417 Posts |
I've never tried doing this. If I really needed to I'd rather take them to a dealer who would give me at least face.
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Pillar of the Community
Canada
815 Posts |
No financial institution has to take these, and the PROCESS is to encourage, not trump the banks reluctance. Most won't, though the mint gives them a percentage off the top too. Bottom line is, these coinsare de facto non-currency.
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New Member
29 Posts |
Taro-Chan: one member exchanged 300$ and another 2000$ worth of coins so far (see previous posts). I tried cashing in 3 coins with no luck yet. Dcadon: Really? Don't think people will be returning thousands of them and I wonder if RCM melts them? Why did you buy some, knowing the 250000 mintage? Certainly not for rarity. Personally, I bought three of the first series because they were interesting and it was a new concept. I was able to purchase more of the reindeers for some reason. The limit restriction was lifted. Just trying to see how easy it is to cash in at banks as an experiment. |
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Pillar of the Community
Canada
5324 Posts |
These coins are like a nickel dollar, or 50 cent, most banks will refuse deposit unless you are a valuable regular customer, unless mandated by government why would you create more work for a walk up one time customer. The 100.00 bills are legal tender, yet the CIBC refused to exchange them due to no account and I kind of understand
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Replies: 53 / Views: 8,369 |
First Page
Posted 04/07/2014 10:36 am
