Banks Throw Away The Foreign Coins?

Waredu,

That assumes the bank has an in house coin counter. None of the BoA branches arround me has one. Its rolled or loose, so if its missed or rolled, they have a record of it.

I've mentioned this in the past. If your bank still has such a counter, your lucky. They are slowly being discarded as a waste of money and time.
By me Bank of America and Chase and possibly some others no longer have coin counting machines. If you bring in any form of bulk coins they are placed in a plastic bag with your info on it, sent out somewhere to be counted, the results are entered into your account. And there is a charge for this service which is deducted fom the total. No account? Your sent a check and that too is a charge and that too is deducted from the total. If in rolls, there is still an addtional charge for someone to open them too.
A Bank of America officer was telling me that there are plans to add additional charges for any slugs, washers, foreign coins, etc mixed in with those coins.
So if your in an area where they still have coin counting machines, don't get to use to them. They are vanishing fast.

My thought exactly!

This was at a bank of america branch. I don't see how it would differ from state to state. They say they throw em out. Not send them out. WOLF

Throw them out! What an insult! Whetever happened to a good old fashioned exchange rate?

I buy and sell pounds, loonies, yen and euros all week long, albeit online. But, isn't there branches that handle foreign money? Like at international airports?

Just to bring some additional insight to this


The bank's policy is going to vary bank to bank, trainer to trainer, location to location, etc.

We hate forgein coins because they obvouisly aren't US coins. They put us out of balance at the end of the night. It's really not too big of a deal though as petty loses uner $1 aren't that big of a deal especially when noted that they are due to forgein currency.

One easy trick would be to just pass it back to the customer. You open a roll with a canadian penny in it, fine. The next guy who comes in and cashs a $20.02 check is going to get it

Other times we might put it in a roll of pennys and hide it that way.

Some banks will throw them in the trash. With some banks, even if you find a US coin just laying on the ground you throw it in the trash (though most banks don't operate quite that drastically).

One thing we don't want to do is pocket the coin - especially if it was found in a roll or a customer deposit. The exception to that might be with a coin machine. At the end of a customer transaction with the coin counter, there may be some forgein coins left over. It's probably not quite the right thing to do, but a lot of tellers will slide that into their pockets since the coin was never counted as bank money in the first place. You could play dumb if you got caught and I think at worst you'll just get a slap on the wrist.

I'm sure coin machines are too expensive for small banks but I think the big banks will continue to expand them. I know the US Banks around here used to charge non-customers. As of last year, the machine is now free for everyone (with the hope that non-customers will open an account).

What part of Illinois are you in just carl? I'm willing to see if I can find a bank or credit union for you that has a coin counter in the lobby.

There are literally hundreds of banks in the Austin TX area. And yes, the big boys don't have coin counters in the lobby - but many smaller banks do, and almost every credit union does that I've seen. It's like walking into a grocery store - they all have a coinstar machine.