| Author |
Replies: 36 / Views: 10,822 |
|
|
|
Pillar of the Community
United States
830 Posts |
Wells Fargo got rid of the free coin machines in my area several years ago. So that is old news to me. Been hand rolling them ever since. (halves that is). The problem is the machines cost a fortune to maintain and people do not pay any attention to what they put in or do not care. One manager told me it cost as much as a grand to have a service man come to the bank. So now they put the machines behind the counter where they can monitor what is put in and charge a min. fee of $2.00. A few spoiled it for all.
|
|
Pillar of the Community
United States
2921 Posts |
None of the Wells Fargo branches where I live had them in the first place, so it doesn't affect me personally. Like aristarchus, I just hand roll everything, usually using the same rolls I got the coins in... I'm doing about 35,000 coins a week right now.
CRH Nickeloholic. 1,600,000 nickels searched in eight years! Have found FOUR complete Jefferson sets!
Edited by John77 12/08/2016 10:32 pm
|
|
Moderator
 United States
189767 Posts |
Quote:Quote: My credit union just added a self-serve coin counter kiosk ... Probably bought it from a Wells Fargo Bank cheap. 
|
|
Valued Member
United States
408 Posts |
After Elizabeth Warren got through with them, they, probably, could not afford to service these machines anymore. I don't feel too sorry for them. They never did care for their customers.
|
|
Pillar of the Community
United States
2921 Posts |
Quote: They never did care for their customers. Of the three big banks in my area (the other two are Bank of America and Chase), they have far and away the best customer service. Very friendly people in all of them. They're also the only one willing to order Half Dollars for me, and they don't make a big deal out of me buying lots of coins. The free coffee, water, and candy are also nice perks.
CRH Nickeloholic. 1,600,000 nickels searched in eight years! Have found FOUR complete Jefferson sets!
|
|
Pillar of the Community
United States
1695 Posts |
Quote: I'm doing about 35,000 coins a week right now. Ok, John77, you're living my dream life now! That is an amazing number. I find returning large number of coins to the bank is not generally appreciated, so I keep my "dump" banks separate from my source banks. Also, these nickel boxes are heavy!
|
|
Pillar of the Community
United States
4870 Posts |
I have a story to tell and you will be ROTFLOL...I kid you not. The store where I work has a Coin Star. As you know it takes about 10.9 cent's on the dollar. Anyways we've got people dumping coins in there for less than $2 in change!
|
|
Pillar of the Community
United States
2589 Posts |
Everygood thing comes to an end, though I suspect some time in the future there will be a major bank that reinstates free coin counters.
Free coin counters at major banks (at least on the east coast) were first popularized by Commerce Bank, which used them to drawn in customers and have them defect their accounts from other banks. Commerce also was one of the first major banks on the east coast to have sunday hours, and were open much later than other banks on regular business days. It was all part of founder, Vernon Hill's, plan to aggressively attack the deposit base of other banks to build his own, and it worked well, with Commerce bank seeing massive growth (25% increases in deposit base a year). Commerce was so successful that other medium sized expansionary banks (like PNC) were forced to adopt many of Commerce's practices (including coin counters) to compete. That all came to an end when Vernon Hill was driven out of the company (for self dealing) by the Fed, and it was subsequently taken over by TD. TD Bank has pretty much scrapped Vernon Hill's growth model. I worked at Commerce up through the TD takeover. I suspect eventually free coin counters will make a comeback when some small bank decides to follow Vernon Hill's growth model.
|
|
Pillar of the Community
United States
2921 Posts |
Quote: Ok, John77, you're living my dream life now! That is an amazing number. I find returning large number of coins to the bank is not generally appreciated, so I keep my "dump" banks separate from my source banks. Also, these nickel boxes are heavy! Thanks, aristarchus123! Likewise, I keep my dump banks separate from my source banks as I want no chance of getting those coins back. Though every once in a while they will ask me to bring them coins if they're running low of a certain denomation, in which case I initial the rolls. Yes, 22 pounds or so is how much those boxes weigh! Very heavy! Right now I'm kind of sampling all of the banks around me as my main bank got a shipment of all brand new 2016-D LOOMIS coins last week... trying to find more "hidden treasures" hiding in vaults. :)
CRH Nickeloholic. 1,600,000 nickels searched in eight years! Have found FOUR complete Jefferson sets!
|
|
Valued Member
United States
100 Posts |
In my area, PNC and TD banks both recently decided to get rid of the machines. This, I believe, was in response to a television report that some of the machines at TD were ripping people off (inaccurate totals). PNC quickly followed suit by eliminating their machines, and now it seems that other banks are doing the same.
Fortunately, I also have a credit union which still has a free one (for members), and it is routinely inspected by the Bureau of Weights and Measures.
|
|
Pillar of the Community
United States
1963 Posts |
I know. On a day that the poor machine was having a tough time with my half dollars, the bank manager went up to me and told me the bad news. Where do I order half dollar rollers for cheap? Then again, if I had to spend money on rollers, I would be losing money by roll hunting. 
|
|
Pillar of the Community
United States
1963 Posts |
I just used some blank paper rollers to wrap some halves a few days ago. The bank teller told me to open the rolls up and put them through the machine. Arrrgh! 
|
|
Valued Member
United States
275 Posts |
I just heard about this from a teller, she said by end of January they would be gone. Too bad. Got to rush through some new rolls because who knows when it will be gone.
|
|
Pillar of the Community
United States
2921 Posts |
In a sense, I feel blessed that I never have had the convenience of these machines... I've always done my own rolling, so it's a little hard for me to put myself in the shoes of someone else who has been able to use them. It must be a big change for those of you who have been used to their convenience.
CRH Nickeloholic. 1,600,000 nickels searched in eight years! Have found FOUR complete Jefferson sets!
|
|
Pillar of the Community
United States
1609 Posts |
|
| |
Replies: 36 / Views: 10,822 |