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 Replies: 64 / Views: 9,763 |
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Pillar of the Community
United States
818 Posts |
The only coin rolls I ask for are customer wrapped half dollars. I never order boxes, and I don't dump thousands of dollars into the machines each week. In fact, I have 2 bank accounts, and one of the banks that has a coin counter I only use for change that builds up over time. Remember: you want the bank to think when you come in "Hey look who it is!" rather than "Oh no, not THIS guy again!"
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Pillar of the Community
United States
997 Posts |
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Still wish I could dump pennies in a coin counter other than Coinstar, but oh well, they are the only ones I have problems with in larger quantities now, so I no longer get 4 boxes at a time of them.
Same here. I actively use the iTunes store for apps, music, TV and movie media so I dump at CoinStar and get Apple Gift Cards in return. When out iTunes account gets low I buy boxes of coins, search them and return the junk to CoinStar. CoinStar may also have some no-fee gift card options for other places as well, so there is that option if it works for you. Since the machines are everywhere these days it is worth looking at anyway. My banks out here no longer have public coin sorters, before I moved both my bank and my credit union did so I have no problems. |
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Pillar of the Community
United States
7620 Posts |
Banks are in business to make money. If they feel you are costing them money then they'll do things to make you "go away".
Business 101.
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Moderator
 United States
188560 Posts |
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I can't cite the law, I was told by more than one bank that it was the case. I would not take them at their word. Trust, but verify.  |
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Pillar of the Community
United States
513 Posts |
http://www.treasury.gov/resource-ce...-tender.aspx Legal Tender Status I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal? The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: " United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues." This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy. Well, that's what the US Treasury Department says, anyway
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Pillar of the Community
1325 Posts |
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CoinStar may also have some no-fee gift card options for other places as well, so there is that option if it works for you. Since the machines are everywhere these days it is worth looking at anyway. Oh yes, they have no fee Best Buy e-gift certificates, but I don't want to sit there with a fax paper thingy that fades with too many pennies to stock up on batteries and the occasional DVD. Quote:
I would not take them at their word. Trust, but verify. I am not really going to look a gift horse in the mouth. I already am poking a hornets nest trying to get a bag of large dollars. For more clarity on the law it was said above or on the previous page. Quote:fistfulladirt: http://www.treasury.gov/resource-ce...-tender.aspxQuote:
Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. Middle School taught me that States can make their own laws above and beyond the federal law, and most do. I would hope the bank knows WHY it must take rolled coins. That isn't my job. |
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Moderator
United States
188560 Posts |
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I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal? No. There is no debt until after the purchase, and most purchases are paid up front so there is never a debt to be paid. Quote:
For more clarity on the law it was said above or on the previous page. You clarified nothing. I can find no State law stating that banks must accept ANY rolled coins as a deposit. Nothing. Nada. Zip. So until you can cite the actual codified legislation, I will continue to believe that your claim is incorrect. I am prepared to admit I am wrong once the evidence is provided.  (I will admit I did not look too hard because the burden of proof is on you.) Quote:
Middle School taught me that States can make their own laws above and beyond the federal law, and most do. True, but you must know that Federal law always supersedes State law. |
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Pillar of the Community
1325 Posts |
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True, but you must know that Federal law always supersedes State law. Most of the time. Quote:
Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. @Garoyn Here politics come into play for and against the laws. Say a collection of poor persons meets one demographic of ethnicity, then such as not taking cash could be discriminating based on ethnicity. There is where it becomes a sticky subject and when it comes up, those things are surely looked at. Even the Fed Government doesn't like being paid in "legal tender" for debts, because there was that person that had to pay taxes somewhere and paid in bags of quarters. They weren't happy, but couldn't legally refuse the coins as payment for the debt under "legal tender" as you quoted above and others have said. Its all just weird politics. It would be too easy to say the people MUST use the cash printed/minted by the country if that is how someone chooses to pay, but instead I can require you to pay in living chickens!, so long as it is not a debt. (before anyone offers me living chickens for services, I do NOT accept chickens living or otherwise unless delivered as fingers from KFC with KFC honey mustard dipping sauce and a large side of taters and gravy.) Quote:
no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. Edited by shadz
09/23/2015 5:28 pm
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Pillar of the Community
United States
4333 Posts |
@shadz - that is great!
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Moderator
Australia
16830 Posts |
I would point out that, even if a state had laws requiring banks to accept all forms of cash for deposits, this still wouldn't require them to accept coins for exchange from non-account-holders. If you don't hold an account with them, you can't make a "deposit".
I have said it before: Banks are in the business of providing money to their customers. They are not in the business of supplying coin collectors with the specific kinds and types of coins or notes they demand. As far as banks are concerned, money is fungible: one form of money should be just as good as any other form. They are under no legal obligation to supply the money in a particular form demanded by their customers, though many will make some attempt to do so in the interest of customer satisfaction. They are under no obligation whatsoever to comply with a non-account-holder's demands to exchange one form of money for another.
There are places that are in the business of taking your money (in whatever form to choose to give to them) and giving you the specific coins or types of coin you demand in exchange. These places are called "coin dealers". Be prepared to pay a premium to use their services.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United States
513 Posts |
 with Sap |
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Pillar of the Community
1325 Posts |
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I would point out that, even if a state had laws requiring banks to accept all forms of cash for deposits, this still wouldn't require them to accept coins for exchange from non-account-holders. If you don't hold an account with them, you can't make a "deposit". Never said they did. No idea where anyone would have got the idea. I was responding to the portion I quoted. It was already reponded to but not believed what the Dept of Treasury says clearly on their page. Which contradicted the "banks don't have to take coins as even deposits", which clearly isn't true. With that said, you can check state laws, ask a city offical to find out what the local banking laws are and see if you are lucky to live in a state where banks cannot refuse coins in one way or another for a deposit, then walk outside after depositing the cash you wanted form the ATM. Point being, States CAN pass laws regarding what banks can or cannot do, and people should check those laws. I wouldn't have known if it wasn't being told be a bank vault teller that my banks have to take rolled coins for deposits. Maybe others can be lucky as well. Either way, make sure you don't dump at the bank you get coins from. |
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Moderator
United States
188560 Posts |
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Pillar of the Community
1325 Posts |
http://www.treasury.gov/resource-ce...-tender.aspx Quote:
There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. Very first question answered by the United States Department of Treasury. (You know the signature on the dollar bills? Secretary of the treasury?) How many times does it have to be posted? This has been quoted nearly a dozen times in this thread and you still dispute it?
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Moderator
United States
188560 Posts |
Are to talking to me? I am not saying that a State law cannot fill a void left by Federal legislation, I am saying that when they conflict, the Federal law wins. You said "Most of the time." The truth that it is all of the time. I am not saying that there is a Federal law that banks do not have to accept rolled coin, which if it existed would override any State law that says they do. Again, you said "State law requires banks to accept ANY rolled coins as a deposit." My problem is that you have never provided actual evidence for such a law, only anecdote. Please, cite the law or move on. |
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Replies: 64 / Views: 9,763 |
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Posted 09/23/2015 2:31 pm
