| Author |
 Replies: 47 / Views: 7,162 |
|
|
|
Valued Member
United States
327 Posts |
Quote:
Huh?
This topic gets more surreal as you scroll down.
Oh yeah, banks should fund your roll hunting habit. You would change your tune if you were the one trying to balance the books.
Enjoy it while you can. Lets review: OP is 16 years old. How many 16 year old do YOU think have more than $250 in the bank? Darn few, I'll tell you. While they are getting to loan his $250 out at 6,7,or 8 percent, he's getting what, .05 percent back? Next, young Mr Cole is 16, which means that pretty soon, he's going to be entering the real world where people have car loans, need bank accounts to hold their earnings from real jobs, etc. How likely is Mr Cole to use this particular bank-where he's just been treated like a second class citizen because he's not a large depositor, with all the revenue he can and will generate as a productive member of society? Pretty unlikely. Next, how great did that look to everybody else in the branch at this time? If I saw my credit union's tellers-and most especially the manager-treating a 16 year old kid in this manner, I'd have their name and be on the phone to company HQ just that fast. There's a bank on EVERY CORNER these days, and poor customer service and rudeness of this type is INEXCUSABLE. I would bet that the manager just took over about, oh, a month ago or so ago, you know, when people started being rude to him. Obviously, there's a real problem with the banking industry. Kabiye Lady, maybe if banks were working on keeping customers happy, growing savings accounts deposits, and keeping an eye on growing new customers like young Mr Cole here into long term customers, they might not have such a problem balancing the books. Edited by SPQR
06/12/2009 07:52 am
|
|
Moderator
 United States
56855 Posts |
Cole317, I'm sorry to here about your experience with "that" financial institution. Please let us know how it all turns out> John1  |
|
Pillar of the Community
United States
2541 Posts |
Go straight to the CEO with the name of the branch manager. When in doubt, throw people like that right under the bus!
|
|
Pillar of the Community
United States
4085 Posts |
Quote:
Next, young Mr Cole is 16, which means that pretty soon, he's going to be entering the real world where people have car loans, need bank accounts to hold their earnings from real jobs, etc. How likely is Mr Cole to use this particular bank-where he's just been treated like a second class citizen because he's not a large depositor, with all the revenue he can and will generate as a productive member of society? Pretty unlikely. This in my opinion is why the bank made a major mistake here. If there is an issue with the coin machine, at the very least handle it politely and professionally. There is no reason to be so nasty about it. Bill Gates and Warren Buffet were 16 once too. Ken |
|
Pillar of the Community
United States
1745 Posts |
|
|
Valued Member
United States
245 Posts |
I have a secret, so please listen to this very closely.
Banks are in business to "use" you and make money from your money, not lose money.
Gone are the day's when Banks goal was "helping people". Did Banks really ever help people?
A credit union is just a pretty word for a Bank!
|
|
Pillar of the Community
United States
1807 Posts |
Sorry Cole317 for your sour experience with that bank. I would (as others have suggested) deposit your coins into your account and then withdraw them later. But remember, don't stoop to their level of rudeness.
|
|
Pillar of the Community
United States
2589 Posts |
As a bank teller I have some experiance on the issue. Some banking institutions actually prefer younger customers to older ones. There are two ways banks make money, through fees and through loans. Loan driven banks try to attract customers with large amounts of money that remains stable in the account. These are the generally the banks that give the highest rates on savings accounts and cds. The second type of bank actually likes to have customers with delinquent accounts. This is becausse these customers generate revanue through the fees associated with overdraft, and account maintance, as well as atm fees. Many banks today are moving closer to being fee driven rather than loan driven because the mortgage rates are currently to low to make any real profit off of the loans. Credit Unions tend to be loan driven rather than fee driven, but usually have smaller customer bases than regular banks. This means that the loss of even a dozen customers can result in a visible loss of revanue to the company. I'm more than certain that writing a letter to the banks president threatening to spread bad publicity would solve the issue.
-XoG
|
|
Pillar of the Community
United States
1007 Posts |
Whatever anyone else says, that was very rude and unprofessional of the employees to treat you that way. I've had a few similar stories but not with banks. What I did was write a letter (no e-mail or phone calls, a written letter) to the president or CEO of the company and inform then of the situation and how you were treated. I guarantee you will get a response and better treatment in the future. Customer service is #1. If you are friendly and polite to them then you should get equal treatment.
|
|
Pillar of the Community
United States
2520 Posts |
Quote:
OP is 16 years old. How many 16 year old do YOU think have more than $250 in the bank? Darn few, I'll tell you. While they are getting to loan his $250 out at 6,7,or 8 percent, he's getting what, .05 percent back?
Next, young Mr Cole is 16, which means that pretty soon, he's going to be entering the real world where people have car loans, need bank accounts to hold their earnings from real jobs, etc. How likely is Mr Cole to use this particular bank-where he's just been treated like a second class citizen because he's not a large depositor, with all the revenue he can and will generate as a productive member of society? Pretty unlikely This sums it up perfectly! No excuse for this kind of behavior from anybody whose job is customer service, manager or dealing with the public! |
|
Valued Member
 United States
248 Posts |
Wow guys, I really didnt expect this kind of help! But hey here's another update on a different bank MAKE IT TWO- My other bank-used to cash in higher denomintations of coins that I actually roll by hand such as half dollars, dimes etc. Just told me that I basically couldn't do it anymore, however they were extremely professional and helpful. First of all, put your self in my position; about 6 months of a routine, and having it end twice in two days, wow what a coincidence|| At this bank I didnt even have an account at, yet they still allowed me to cash in rolls for about a half year, and believe me I did it a lot! the tellers got used to me and eventually it took about 2 minutes to go in and out. BUT today, I got a new teller, I swear she may have been mentally challenged or something because 5 minutes into it she called the manager to help her and here's her words (remember this a NEW teller) "I just cant do this anymore, I'm so sick of counting these rolls" and I'm about to call her out, but the manager says "you know we really can't have the tellers spending this much time on a non-customer" and I tried to explain how I bundle them in like nickles-10 rolls- or $20 so its really fast to count. He agreed and told me maybe if I open an account we could work something out, so I gave him my number and he called me later and talked about it. I'm going to go in and talk to him tomorrow, so i'll tell you how it goes but here's the deal; He treated me so nicely, and like I was an adult. He was on my side and tried to help me in any way possible. this made me even more mad at the CU, I mean honestly, the difference was day and night. This may be the end to my CRHing cause my parents are sick of the whole thing, and this may have ended it. Well this pretty much sucks  You guys have been so helpful and I'm going to write a letter to the uppers and tell them how this branch tried to charge me on their FREE coin counter, and are now shutting down my account. I give updates on that too. thanks again! |
|
Bedrock of the Community
United States
19961 Posts |
Good luck Cole, just remember to be polite. Perhaps my tone was taken out of context in my first post, just stay cool and state your case. I didn't mean for you to come in yelling. You REALLY don't have to tell them what you're doing either. If they ask, tell them you just process a lot of change as part of your business. That's all they need to know. Tell them you will deposit all the coins you bring in. Just get a debit card and make the withdraws so they don't notice as easily. Also, if possible, try to keep the account growing, albeit at a snails pace, by having the monthly balance a buck or two higher each month.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
|
|
Pillar of the Community
United States
2589 Posts |
I'm surprised the second bank allowed you to cash in coins for so long without an account, at the bank I used to work at we would never do that for a customer unless they opened an account or worked for a company that had an account with us. I would assume that the second bank would resume changing your coins for you so long as you had an account there. I keep token accounts with the banks I dump coins at to solve that very problem. Some banks I just maintain the minimum balance on so I dont get fees and can still say I have an account there if asked.
-XoG
|
|
Pillar of the Community
United States
3098 Posts |
Yeah Cole, always smile and ask nicely.
I'm 17 ...still... and at some larger banks they don't take me seriously. You could make a deposit with a large check and then your bag o' coins. What I do is if they refuse me, I'll just say "Really? Citibank has it for free." and they will usually comply. If it's one of my smaller bank accounts, I'll just say, "OK, close the account and cash it out" and that's when they'll count them for me.
ahh... you're in CA, too? It's really hard to find a free coin counting machine here... From what I've gathered there's a few one on every block on the east coast.
**By the way, banks' main revenue is you deposit. I think the federal deposit rate is 10% right now, so if you deposit $1000, the bank is only required to have a minimum of $100 on hand (and believe me, they'll try to keep $99 if they could!) and then with that $900, they loan it out again. If the $900 receiving person deposits that in the bank, then the bank keeps $90, loans out $810.... and so on...
So, $1000 in the bank creates a $10000 power of loan, and with the interest that comes on every loan they take out, the ultra low Fed intrabank rate, the banks are making a killing.
And so the bank can't handle bank runs. They simply do not have enough cash on hand because they loan them out.
YOU the customer, not the debtor, is keeping the bank alive. In any case the bank should try to make you satisfied. Otherwise, take your money out and close your account. Every little bit matters.
And to SPQR, I, for one, do not have $250 or more in the bank. Call me naive, but I don't trust it. My money has to be active. Remember Mary Poppins with the banker trying to get the boy's money? Instead of putting it in the bank or buying the bag of birdseed, he could have invested it and gotten way more than 32! I mean 2p!, including whatever decimal interest the bank offered him.
Edited by wd1040
06/13/2009 02:29 am
|
|
Pillar of the Community
United States
580 Posts |
I guess I am lucky because I have a business account with a bank and that allows me to get rolls and dump them back in and they never bat an eye. But without that set up I am not sure how I would be able to pull it off without getting some sort of resistance from certain tellers.
I wonder how many others run into difficulties like Cole has had.
|
| |
Replies: 47 / Views: 7,162 |
First Page
Posted 06/12/2009 07:46 am
