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 Replies: 45 / Views: 7,355 |
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Bedrock of the Community
United States
20753 Posts |
The coin collecting boom has finally done it. I've got accounts in 5 different banks in my area. All are eleminating coin counting machines. Bank of America told me that as each one breaks down, they will be eleminated and if you have coinage and you want to add it to your account, they will take it, send it to a main office, eventually it will be counted and the amount will be entered into your account. This could take up to 2 weeks. Two Chase banks said they also have stopped all coin counting even if you have an account. Charter One said they stopped accepting coins almost a year ago. One local TCF bank said they still take coins but only if entering into your account and that too will stop by the end of the year. I spent a lot on gas for my car going to a bank that will take a bag of coins even for my account. All now say they will only take rolls of coins but will also not pay for them until they are sent somewhere to be verified as to the amount. Way, way to many short rolls being sent to banks. One teller said a person gave them hundreds of rolls of pennies with one missing out of each roll. His total savings was only about $1 and now barred from that banking system. Could have been a jail sentence but the amount didn't warrant grand theft.
So just what are you plans if your banks start stopping receiving coins? I wonder what will happen to companies that deal with coins such as a laundromat?
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Moderator
 United States
6563 Posts |
Looks like we all need to invest in stock with CoinStar
I'm not sure what'd I do. I search halves mostly. I try and spend as many as I can but I still always have hundreds laying around. If the bank won't take em.....I'm kinda burned
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Pillar of the Community
United States
2602 Posts |
That is truly ridiculous for banks not to handle the coins. Absurd! That is part of a bank's job. They are just not taking responsibility.
Over the years banks have done a lot of things to cut corners, like covert tellers to automated teller machines, charge fees from the teller machines, charge 10 cents a roll to get rolls of coins, and drastically increase the spread between savings interest rate and loaning interest rate. I'm sure you can think of others. Despite more than a decade of record profits, banks are hurting right now due to the housing crisis. Maybe by not taking coins it saves them time and personnel costs? But a coin counting machine doesn't really take that much time, does it. It also is unethical (maybe should be illegal) for a bank to put a two week hold on your coin deposit. They are making two weeks' worth of itnerest on YOUR money!
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Moderator
 United States
187702 Posts |
Sounds like a good time to start a new, truly customer oriented bank. There seems to be a market for it. I do enjoy my credit union, but I have never attempted to dump a large amount of coins on them either, so I have no idea how they would react. I typically use my "dump" change for my morning food run; I have no problem spending $5 in change and they have no problem taking it.  |
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Pillar of the Community
Canada
965 Posts |
I've always had to roll my own coins when taking them back to the bank. It limits how many I can search each week, but at least it keeps it manageable for both me and the banks. Unfortunately, now I have to have my account number on each denomination (except the nickels and cents), so I may just invest in a stamp to make that easier for both me and the tellers. Fortunately, my relationship with the tellers at the banks I use is very good, so unless something drastic happens, our little arrangement will continue for the time being.
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Pillar of the Community
United States
666 Posts |
Bank's are in business to make money. I use my local Bank of America as my dump bank. I go through about 2 boxes a week of various denominations, but I also reroll all the coins I return. At first the tellers wanted me to write my name and account number on each roll. I had the manager come over and we had a discussion. We discussed all the services which I currently use BOA for (mortgage, car loan, CDs, savings and checking, etc...) and came to the conclusion that it would be OK for me to continue to dump coins at this branch and that I wouldn't need to write my account number and name on each roll.
It's amazing what the implication of changing banks can do, provided the bank is making money off of you. Sometimes they just need to be reminded.
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Pillar of the Community
United States
7123 Posts |
I will spend the rolls at wal mart or other stores or at the gas station .
Its not a problem especially on the weekends some of the smaller stores and gas stations are glad to have the extra rolls of coin .
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Pillar of the Community
United States
1840 Posts |
My local bank stopped counting change for free just this month. Frankly it seems like it is just part of the evolution of banking.
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Pillar of the Community
United States
671 Posts |
Quote:
My local bank stopped counting change for free just this month. So the guys at the top make even more profit...  |
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Pillar of the Community
United States
5953 Posts |
I have had trouble on two occasions dumping boxes of Half dollars at the supermarket Branch of my bank. They have claimed that there was no room in the vault for them. This is probably true so I let it pass and move on. I had the hardest time last year dumping $1000 in Half dollars at Vegas of all places. Only my longtime patronage at the Stratosphere enabled me to convince the cage boss to take them. Harrahs,Riviera,Sahara all refused though they had no problem taking them a year previously. (no more saving half dollars to fund my Gambling their loss not mine.)So far I have not had any problems with the two high street branches of Wells Fargo I use. When I get home we will be giving Chase a test as we opened an account solely for depositing our metal detector coin finds. Lets see how they react to several hundred dollars in change over a year.
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Pillar of the Community
United States
1026 Posts |
Well Commerce Bank here a new bank well maybe 5 years now started by being totally unusual.
They are open 7 days a week yes even Sunday from 11Am till 4PM
They give stuff away all the time.
Employees open the door for you, they some times walk out with an umbrella when it I raining and walk you in.
Very customer oriented and as you can guess that bank has grown but still are customer oriented.
They have FREE coin counting machines hope it stays that way as I also get allot of rolls and take allot of coins back. You do not have to be a customer either to use there coin counting machine.
I would think they have to take coins do not have to count them but being a representative of the National Bank they have to except US currency and coins are US currency.
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Pillar of the Community
Australia
1040 Posts |
We don't have this problem here. All our currency is uniform across the denominations. You simply put your coins into plastic bags provided by the bank that state what denomination and amount should be in them, and the bank weighs them, no counting involved.
The only time they will count a bag is if the weight is out.
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Rest in Peace
United States
1729 Posts |
Frankly, I rarely check rolls - jeez, you guys have that much time on your hands? - but so far in this thread I've seen a lot of situations that remind me why I've been with credit unions for the last 25 years or so. I dearly love my present credit union. which has branches and shared service centers with other unions around the city and has helped me tremendously with my personal financial planning. As you say, banks are in business to make money; credit unions are owned by the members. Knowing that, I wouldn't be too quick to complain about banks which have learned new methods of making money. It's what they do!
Oh, and in my next lifetime I wanna be the Coinstar man ...
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Moderator
United States
187702 Posts |
 I love my Credit Union. I have been with them for over 20 years now!  |
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Pillar of the Community
United States
1151 Posts |
Here is a weird idea, put a coinstar in the bank, then just take your receipt to the teller. |
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Pillar of the Community
United States
869 Posts |
I have a bank called First Federal Savings and Loan. It has a coin counting machine inside owned by them. As a customer you don't get charged for using it either. They are always happy to take my coins. The other banks I go to is Washington Mutual and they don't seem to mind one bit. I always put a X on the rolls I have searched so I don't buy them again.
Edited by coindexter
08/01/2008 01:24 am
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Replies: 45 / Views: 7,355 |
Posted 07/31/2008 10:59 am
