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 Replies: 16 / Views: 3,552 |
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Pillar of the Community
Canada
9163 Posts |
Went to my Canadian bank (NS) today to deposit $50 in .50 cent and nickel dollars, never dumped .50 or dollars here before. I was told we do not take them. I said they are legal tender why not? No answer.
Asked to see the manager and she said 'we where told not to take them'
I said again that I wanted to deposit it in my account, she came back and said I would have to send them to the main bullion office to get my money. Then she said she would look into it.
Left there and went to a bank down the road where I have bought coins and they have put coins away for me to pick. Plus I do NOT have an account at this bank. She took them gladly.
I'd change banks but it's a big pain in the butt to change all the accounts over.
*** Moved by Staff to a more appropriate forum. ***
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Pillar of the Community
United States
4692 Posts |
Just wondering, why are you posting this?
Edited by jimbucks
03/26/2019 7:34 pm
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Pillar of the Community
 Canada
9163 Posts |
To see if anyone else has this problem in US or Canada.
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Bedrock of the Community
United States
94367 Posts |
Sounds alarming to me, but I'm not a searcher. Is this the case anywhere in the US - can't deposit coins?  |
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Valued Member
United States
318 Posts |
No need to switch banks. Simply open a new account at the other bank and keep it as a savings account. Deposit your coin hauls into that account. I have several accounts open across my area so that I can spread out my junk.
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Pillar of the Community
United States
608 Posts |
Time to open your accounts at the other Bank!
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Valued Member
424 Posts |
I once cashed in a few Ikes because the coin machine doesn't take them. and the bank called me the next day because they found cool coins and they know I'm a collector. Funny thing was I bought them back, at face of course.  Edited by TJLang
03/26/2019 9:22 pm
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Valued Member
 United States
461 Posts |
Bank of America will not take unrolled coins from non-merchants. I have been told Wells Fargo is the same way.
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Valued Member
Canada
402 Posts |
sounds odd but it comes down to your relationship with your bank.....do you ever go in and speak to anyone?
Technically no one has to accept any tender for payment,,,its up to the merchant or the bank BUT since they normally provide coin and change to their commercial accounts, they rarely refuse any customers (as long as they can maintain their minimum trade and committed amounts....unless you are in a remote area.
My own experience is that one bank a teller told me they were instructed to charge for rolled coins to private non commercial accounts ....the next time I was in I was assured by a teller who had dealt with me occasionally before that would not happen if they dealt with me and the manger chimed in that they would never impose that potential charge regardless of HO instructions (ps the info about acceptance of tender came from a call to the bank of canada when I was checking if it was true that the most coin a merchant had to accept in payment was $20....evidently not)
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Pillar of the Community
 United States
6514 Posts |
Quote:
Bank of America will not take unrolled coins from non-merchants. I have been told Wells Fargo is the same way. BoA has recently implemented a policy that they will only accept coin deposits if you bring them in rolled. I miss the old days when banks weren't so cheap. They had a change counter right there and they'd count it while you waited. Along with a few other recent issues with BoA I'm considering changing banks. Any suggestions in the western suburbs of Chicago? |
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Pillar of the Community
Canada
999 Posts |
Mcshilling, was this CIBC? I know they don't take 50 cent coins or nickel dollars from personal experience.
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Bedrock of the Community
United States
20753 Posts |
By me BOA has stopped taking bulk coins not in rolls. Previous policy was to take bulk coins and send them out for counting and then posting results in your account if you have one. Otherwise your sent a check with counting charges and postage deducted. Now new policy is only take rolled coins and in any amount. This is odd since the original reason was to stop all the short rolls from being deposited. Now back to possible short rolls. And all due to getting rid of coin counters.  |
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Pillar of the Community
Canada
9163 Posts |
Quote:
Mcshilling, was this CIBC In the OP I said it was Bank of Nova Scotia and the went to BoM |
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Bedrock of the Community
Australia
21788 Posts |
I always spend my larger denomination coins on gas for my car.
The car's cigarette ash holder is used to store 50 Cents, One Dollar and Two Dollars coins.
I guess that a gas station attendant may object to accepting $500 in coins, but my gas purchases are never more than $50.
If I have large accumulated bulk minor denomination coins, I just pre count them into bank supplied coin bags, which are received by the bank where they are check weighed, before the bank refunds me in notes. I do this once per year.
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Pillar of the Community
Canada
1747 Posts |
I think with the OP issue, is not with regards to depositing rolled coins, the 50 cent / nickel dollars are obsolete coinage in Canada, yes they are still legal tender. however what is the bank supposed to do with $50 worth of coin they can do nothing with.
They cannot ship this low amount out, they would have to wait until they got a bag of $1000.
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Moderator
United States
189053 Posts |
Not sure about Canada, but Legal Tender laws in the US only apply to settling a debt. Unless you are paying a bank loan, they do not have to take a single cent from you, account or not.
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Replies: 16 / Views: 3,552 |
Posted 03/26/2019 7:53 pm
