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 Replies: 26 / Views: 119,743 |
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Bedrock of the Community
United States
20753 Posts |
When talking to a officer of one of the banks I go to we discussed the stopping of coin counting machines. Some of the reasons he mentioned are people used to come in and purchase a bag of coins. Then a few days later they would bring them back. Then a few days later the same people come back and try to buy another bag of coins. They do this to look through them for their collections. Each time they do this a teller has to stop what they are doing, usually go to a vault, get the bag for the customer. Sometimes those bags are heavy and a guard has to stop what he is doing to assist. Now the nest day that person comes back with that bag of coins to be counted so the teller has to lock up everything again, take the bag to the coin counter, if heavy ask someone else to assist again.
Meanwhile look at the line of people that have REAL banking buisness and have to wait for that person that does this all the time. Who pays for that service? How do you tell real customers to just wait since this person is here again with his bag of coins?
Then too there are many that bring in rolls of coins. They think they are outsmarting the bank since every roll is short a coin or two. And some of the rolls have washers in them. Each roll must be opened and the coins counted. Who pays for that service?
As the bank official pointed out he works for a company like many other people and his company is the bank. That company is here to make a profit, not loose money to accomodate coin collectors.
He said I'm sorry but that is just one of the reasons Bank of America in this area stopped coin counting machines and this will spread to other banks if people keep playing around.
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Pillar of the Community
United States
797 Posts |
Around here (Indiana) numerous Chase banks have coin counters and there is no charge as long as you hold an account there. I can see it from a business standpoint how banks don't like it when people come in and get boxes/bags of coins and then return them after they have picked through them, but often times it is somebody who just wants to cash in a collection of pocket change that they have accumulated or saved. I guess if I was a bank I would note it in people's accounts when they use the counter at any branch and then if they use the counter excessively (whatever definition that might be) I might impose a fee.
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New Member
United States
10 Posts |
I grew up in MN and had a Wells Fargo bank account. All Wells Fargo's in my area had coin counters that us bank customers could use for free. Then I moved to CA and no Wells Fargo's have coin counters. They only accept self counted and wrapped rolls. Not sure why it's different. The ones back in MN still have the counters so its not like they just happened to take them out of all their banks right around when I moved.
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Valued Member
United States
397 Posts |
This is why I take my coins back to a different bank. I pick them up at Wells Fargo - they look at me a bit funny sometimes and ask why I want them. I just tell them the truth - my son and I collect coins. So, they go to the vault thinking I'm weird. It's ok, because if they really knew me...  Then I dump them at a Capital One that has one of the coin counters in the lobby. The teller there asked me where I got all of my change. So I told him Wells - and that my son and I collect coins. He just smiled and said ok. He thinks I'm weird too. Oh well. I also make it a point to go dump early on Saturday - the bank is fairly empty so the noise doesn't bother anyone. And I usually take my son (he likes emptying the reject bin). Then I go to Wells and get my new boxes. Wells doesn't seem to mind selling them to me and Capital One doesn't seem to mind my dumping there. I did ask if the tellers had to empty it or if Brinks did. Brinks does. So - as long as I don't jam the machine (like I did my first time) and I don't disturb anyone or hold up their lines - they're ok with it. I've even got them opening the door for me and calling me by my first name now. I haven't quite had the courage to ask if anyone else does the same thing. I'm going to have to find out if the counter takes halves soon. Providing I can get Wells to order me some boxes, that is. |
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Bedrock of the Community
United States
20753 Posts |
AND here is something else to think about. Not sure if it was here but somewhere I was reading that many people that have used coin counting machines suspect they were cheated. Now think about that. You have a large amount of coins. You take them to a bank or place that has a coin counter. Some may charge you for that service and some may not. So they tell you that there was $24.44 in your coins. HOW DO YOU KNOW THAT IS ACCURATE? What if that machine was set to short you? HOW DO YOU KNOW?
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Pillar of the Community
United States
1213 Posts |
Carl,
All of the banks in my area (Wisconsin) have counting machines. I normally take my bags to a Chase. While I don't count the coins before taking them (that seems like a waste of time) I have a pretty good idea of what's in the bags because I keep track of what I open & put in there. If I'm doing a box of halves and find 5 worth keeping, I pull 5 from my half dollar cup to replace them, so I should have $500 when I take the coins to the banks. Based on my experience, for the most part, the machines are accurate. I have occasionally had it come up with $498 or $499, but I've also had it come up with $501 or $502 so I figure that, on average, it balances out. I think the banks have to balance their books, so if the machine is set to count $500 as $495, then when they balance at the end of the day, or with the Brinks courier that takes the bags for processing, I'd think they'd be short.
This is just my 2 cents, unless my counter is off, in which case it might only be 1 1/2 cents.
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Valued Member
United States
102 Posts |
Suntrust banks around me, none have coin counters. I asked what they could do since I'm an account holder and they said they can bag up my coins, ship it out and have my account credited. Not the best solution but it is free for members.
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New Member
United States
34 Posts |
okiepb,
I used to work for a bank that had a counter and we had a lot business. In my experience, the machine would either be right on or give back a little more in the customer's favor.
As far as balancing, we would ship the bags out with our Brinks shipment. In order to balance, the bag has to weigh within a certain range.
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Valued Member
United States
137 Posts |
I buy bags off the machine at my bank from time to time. (The Credit Union won't sell.)
They sometimes save the rejects (called bypass) for me.
Here's what they handed me on Tuesday:
o Five mangled nickels. I'll tap them with a hammer, and then spend them.
o four nickels with no apparent problem. I noticed that they sometimes reject nickels before 1940 due to weight, but these are modern.
o one 2 peso modern Mexico. Donate to a friend who does mission work in Mexico.
o Canada: two dimes, two nickels, one quarter, all modern. Into jar, for next trip to Canada
o Two Chuck E. Cheese game tokens. Will give to someone with a kid.
o one "angel in my pocket" token. Junk drawer
o one Cascade Car Wash token. Junk drawer
o one ECO car wash vacuum token. I have about forty or fifty of these, but I don't use a car wash.
o one Euro 2008
All for free.
Kinda fun.
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Pillar of the Community
United States
1234 Posts |
I just asked the other day at my bank and they gave me a 1964 Canadian cent and a 25 cent from Barbados. They know me by name and ask if I got lucky on the bag of coins I hand over to them, then I ask for another box and they are happy to give it. I use two different banks and they both have coin counters at all their main branches (the drive up only places don't) I try to get in before the noon rush, and I drop them at the down town branches then go to the branch near the mall to get more new ones. They never charge a fee and will not take any coin rolls.
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Valued Member
United States
337 Posts |
I deal with a large bank that has a counter at only selected branches, and even then they count and credit your account at night. If you deposit the coins it is free.
If your goal is to get dollars for your change, try a casino. They need paper money in your possession in hopes you will put it into a machine, and lose it to them. But, you can just leave with the bills and not play, which I recommend. I do eat their buffets.
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Valued Member
United States
317 Posts |
A blast from the past.
Carl is the only ID I recognize from this thread that's still active.
Didn't a few banks try to use the counters a few years ago but once the machines broke down, they found it just cost too much to maintain so they just got rid of them?
I can just imagine the person that has to empty one of those machines once someone dumps a few hundred bucks in pennies! lololol
Crazy things people do.
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Valued Member
United States
66 Posts |
Several of the credit unions in Texas have counters. Not sure how it would work for non-members but if you are roll hunting it is the only way to go.
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New Member
United States
3 Posts |
In NC, all the state employee credits union locations I have been in have coin counters that are free to use as long as you are a member.
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Pillar of the Community
United States
1234 Posts |
Quote:
What if that machine was set to short you? HOW DO YOU KNOW? Count out $23.67 or any specific amount and see if they are cheating you, I did it and they are being square with me. |
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Replies: 26 / Views: 119,743 |
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First Page
Posted 08/05/2010 11:21 pm
