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What's Your Experience Cashing In Your 20for20 S At The Bank?

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New Member
29 Posts
 Posted 04/06/2014  5:12 pm Show Profile   Bookmark this topic Add DragonMaster to your friends list Get a Link to this Message
Hi everyone,

I'm a long time lurker, first time poster.

Just wondering if everyone can post their experiences whilst trying to cash in their 20for20s or 100for100s at the bank.

Personally, I tried to cash some at two local branches, just for fun, with no luck. In fact, the tellers and managers looked like deer caught in headlights when I showed them my coins.

If any one was successful in cashing their coins please post and share the specific branch locations.

I'm in the Montreal area. I'll give it another try, at different bank and let you know how it goes.

So far the TD at 2155 Boulevard Roland-Therrien, and Scotia at 2235 Boulevard Roland-Therrien were unsuccessful.
Pillar of the Community
Canada
4984 Posts
 Posted 04/06/2014  5:30 pm  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
The only way a bank will take these coin in on a deposit is at your own branch, it,s extra work for the employees with no advantage for a walk in client. Once you explain the procedure to your branch reps, they will accept these coins as customer service.
New Member
29 Posts
 Posted 04/06/2014  6:03 pm  Show Profile   Bookmark this reply Add DragonMaster to your friends list Get a Link to this Reply
Thanks John100,

But what do you do when your bank flat out says NO! I explained to them that there was a procedure but they wanted nothing to do with it. I understand that it's extra work for their employees, but that's what they're paid for, to work. LOL. It's not like we're asking them to do something totally different from what's in their job description.

I read a long time ago that some people had better luck with RBC. I don't have an RBC account.

Think if I go to an RBC as a walk in client they'll do it?

Anyone else have better luck.....?
Pillar of the Community
Canada
3707 Posts
 Posted 04/06/2014  6:42 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply
there is other topics that address this issue repeatedly, check them out..
Valued Member
Canada
405 Posts
 Posted 04/06/2014  7:35 pm  Show Profile   Bookmark this reply Add sherwooddavid to your friends list Get a Link to this Reply
I don't think I'd have any trouble cashing them in at my bank(RBC). If I did there would be one large withdrawal before I walked out the door !LOL
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Canada
4984 Posts
 Posted 04/06/2014  7:42 pm  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
Most of us are being robbed by the charter banks in Canada by their endless fees, if you are young and not have much business with your branch try your parents branch, I doubt you will have any luck just walking into a strange bank and asking them to do you a favour. I have deposited 300.00 worth of reindeer into my local TD in the GTA about 8 months ago.
New Member
29 Posts
 Posted 04/06/2014  7:52 pm  Show Profile   Bookmark this reply Add DragonMaster to your friends list Get a Link to this Reply
Thanks silverwolf, but I don't think this topic was discussed (i.e. post which banks specifically have accepted your 20for20s and which have not). If I'm wrong please point me in the right direction and sorry.

You're right John100 I guess it's easier if you already have an established relationship with a bank. I think though, most of us don't.
My goal is to try to single out the banks that are already aware of the procedure for exchange to make life easier for those who want to do it.

Anyone else willing to share their experience.....
New Member
29 Posts
 Posted 04/06/2014  7:56 pm  Show Profile   Bookmark this reply Add DragonMaster to your friends list Get a Link to this Reply
Sherwooddavid: I hope so too. If you ever try let us know how it goes.
Valued Member
Canada
405 Posts
 Posted 04/06/2014  8:10 pm  Show Profile   Bookmark this reply Add sherwooddavid to your friends list Get a Link to this Reply
If I ever tried it I wouldn't go to my own RBC branch because they know me and there wouldn't be any problem, I'd take them to the TD or BOM across the street where I'm a stranger...that would be the test !
I agree John100, the bank fees are endless!
Pillar of the Community
570 Posts
 Posted 04/06/2014  8:42 pm  Show Profile   Bookmark this reply Add mts to your friends list Get a Link to this Reply
DragonMaster, what coins are trying to cash in? Maybe someone would like to buy them out?
Edited by mts
04/06/2014 8:42 pm
New Member
29 Posts
 Posted 04/06/2014  9:07 pm  Show Profile   Bookmark this reply Add DragonMaster to your friends list Get a Link to this Reply
Mts:Just trying to test if my bank, or any bank for that matter, will exchange some 20for20s and how easy it is to do so.
I was trying to exchange the reindeers. I'll sell you a couple if you want them. But still going to try and see if I could exchange some.

Btw: John100, true bank fees are endless. Try opening an ING account. No fees.
Pillar of the Community
Canada
3167 Posts
 Posted 04/06/2014  10:06 pm  Show Profile   Bookmark this reply Add noahs-numismatics to your friends list Get a Link to this Reply
[quote]ING/quote]

Soon to be Tangerine

@DragonMaster: make sure to let us know if you are successful!
Pillar of the Community
Canada
4984 Posts
 Posted 04/06/2014  10:28 pm  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
I bash the banks for being greedy like charging business customers a fee for depositing cash, ect. but if I managed a branch I would not accept 20 for 20 coins except for existing customers because it creates much paperwork and the cost of sending the coins back. Hard to do business with only an online bank, my guess if you experiment trying to cash in these coins at random banks you will be very disappointed, maybe 1 in 20 if your are lucky, good luck!
New Member
29 Posts
 Posted 04/07/2014  09:48 am  Show Profile   Bookmark this reply Add DragonMaster to your friends list Get a Link to this Reply
Just tried another bank. BMO at 500 Avenue Victoria refused to cash them in also.

John100 hope you're not right about 1 out of 20.

So far it's 0 out of 3.
New Member
Canada
41 Posts
 Posted 04/07/2014  09:59 am  Show Profile   Bookmark this reply Add wsdcoins to your friends list Get a Link to this Reply
I've mentioned this on numerous forums, and multiple times.

RBC has a special partnership with the Royal Canadian Mint. They know how to accept these back. Other banks can do this as well, but most won't know how.

Simply walk into any RBC bank and tell them you want to cash in uncirculated coins.

They'll usually ask a branch manager etc. as the tellers won't know.

I have an account with RBC with barely anything in it (A few hundred at most) and have a transaction occur (whether withdrawl or deposit) once in a blue moon. I've gone to the branch itself only for the deposit of these coins.

The branch I went to was in a suburb, so its not even the downtown branch, they simply called their headoffice and they sent em over some forms they needed to fill out.

For those claiming its not worth the banks time to do this. The Royal Canadian Mint pays the banks a fee of something like 5% of the face value when accepting these in as deposits (per one of the forms, I can't rememeber the exact % value).

It could take time, but it will get done. Mine took a couple hours, but then again I walked in with 100 coins.
Pillar of the Community
Canada
871 Posts
 Posted 04/07/2014  10:01 am  Show Profile   Bookmark this reply Add jsinger21 to your friends list Get a Link to this Reply
2 branches said no. Only branch that accepted them was RBC head office in Toronto. Funny enough, they knew what it was.
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