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Montreal Man Has $800 In Rolled Change, But Bank Won't Deposit It

 
 
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Valued Member
Canada
408 Posts
 Posted 09/18/2019  08:59 am Show Profile   Bookmark this topic Add Cdncoins to your friends list Get a Link to this Message
Is this a sign of times to come? From personal experience CIBC has changed the two closest branches to me to "advice" and no longer have traditional tellers that will give or deposit rolled coins.

https://ca.news.yahoo.com/montreal-...0000115.html
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United States
42673 Posts
 Posted 09/18/2019  09:20 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Wow, that's quite a story - thanks for posting.
Valued Member
United States
186 Posts
 Posted 09/18/2019  09:23 am  Show Profile   Bookmark this reply Add fplagge to your friends list Get a Link to this Reply
Wow! I hope this doesn't spread to other banking institutions.
I wonder how small businesses are reacting to this - Surely they must need to both deposit and request rolled coins from their respective banks.
Pillar of the Community
Canada
4376 Posts
 Posted 09/18/2019  09:30 am  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
The TD has cashless branches for many years, just go to a regular branch they might charge a small fee like 3/4% for the service, the bank is not going to lose a customer over 800 buck, cost them much more to acquire one
Bedrock of the Community
United States
30344 Posts
 Posted 09/18/2019  10:25 am  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
Time for him to find a new bank. Small businesses have a business account that should take and give change to their member.If you do not have a business account,then the bank can refuse the transaction.
John1
( I'm no pro, it's just my humble opinion )
Searched 5+ Million Cents Since 1971
Valued Member
Canada
93 Posts
 Posted 09/18/2019  5:09 pm  Show Profile   Bookmark this reply Add inconnu to your friends list Get a Link to this Reply
So when the other financial institutions adopt this change what do we do with our rolled coins?
Pillar of the Community
Canada
575 Posts
 Posted 09/19/2019  07:49 am  Show Profile   Bookmark this reply Add Alex A to your friends list Get a Link to this Reply
The CTV news story showed protesters holding signs that it is "illegal" not to accept legal tender coins.

What exactly is the legal obligation of the bank for Canadian coins in Canada?
Valued Member
Canada
408 Posts
 Posted 09/20/2019  08:23 am  Show Profile   Bookmark this reply Add Cdncoins to your friends list Get a Link to this Reply
I know that CIBC won't accept 50 cent or nickel dollar coins. Last time I checked those were still legal tender. I think it is up to the bank, but ultimately if they are too restrictive and upset enough of their clients they may end up rethinking their policy.
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Canada
3682 Posts
 Posted 10/14/2019  08:37 am  Show Profile   Check Libertad's eCrater Listings Bookmark this reply Add Libertad to your friends list Get a Link to this Reply
I don't know why he didn't just go around town depositing one roll at a time. How is this news? Sounds like a single lazy teller. Every time I try to give rolls to retailers they distrust me. Is that not the point of a bank, to reassure trust in the monetary system?
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United States
995 Posts
 Posted 10/14/2019  11:04 am  Show Profile   Bookmark this reply Add fortcollins to your friends list Get a Link to this Reply
And they wonder why people are choosing to bank at the First Bank of Mattress or at Home Safe Savings and Loan?

Here in the States, many banks will accept loose coins for deposit, but not rolled coins. I suspect that is because some people stuff rolls with slugs or game tokens or other "filler" materials. Many banks charge a fee to convert coins into currency, because the banks are charged a fee by armored carriers to accept the coins, but banks here generally are willing to eat the fee if the funds are deposited.

There's always Coinstar. I don't know if Coinstar offers the gift card option in Canada, but here in the States many locations waive the fee if the coins are used to buy a gift card.

Another option is eBay. There are many listings for "cheap vacation money" and they seem to trade fairly close to the exchange rate. It's an option for tourists to avoid the price-gouging fees of commercial exchanges.

A final option may be to take the magnetic coins to a metal recycler and ask the recycler to use its commercial electromagnet to magnetize them. They they could be sold on eBay as refrigerator magnets. (That's probably illegal, but I'm reaching here. )
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Australia
13188 Posts
 Posted 10/14/2019  11:02 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply

Quote:
The CTV news story showed protesters holding signs that it is "illegal" not to accept legal tender coins.

What exactly is the legal obligation of the bank for Canadian coins in Canada?


Much the same as it is in most other countries - the protesters are absolutely wrong. Any organization - including a bank - is free to accept or reject whatever forms of currency they wish. To the best of my knkowledge, there are no banking laws or regulations that compel a bank to accept all forms of legal tender money deposited with them.

Legal Tender laws in Canada do not say "you must accept legal tender when offered in payment". They merely restrict the amount of coins or notes that may be tendered in payment of a debt. Example: I go to one of those fancy restaraunts where you eat first and pay later and eat a Can$50 meal. I therefore owe the restaurant a Can$50 debt. If I offer to pay this debt in 1 cent coins, the restaurant is legally allowed to say "No we won't take those coins" - even if they don't have signage up saying they won't take such coins - because the Law states that the maximum amount of 1 cent coins I can force someone to accept in payment of a debt is 25 cents worth. They can, of course, voluntarily choose to accept a higher number of coins, up to the full value of the bill. But we're talking legal compulsion here.

The maximum legal tender amounts for each denomination are stipulated in Section 8(2) of the Currency Act.

Note that these legal tender limits apply to any debt, either private (like my restaurant example) or public (like paying a tax bill). In America, which does not have any such limits on the usage of legal tender, paying a tax bill in 1 cent pieces is considered a legitimate (and annoying) form of protest, but in Canada (and in Britain, Australia and most other parts of the world), legal tender laws curtail such protests.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
Valued Member
Canada
338 Posts
 Posted 10/15/2019  11:52 am  Show Profile   Bookmark this reply Add vonigohcr to your friends list Get a Link to this Reply

Quote:
Is this a sign of times to come?


Yes.

With the advent of easier methods to use credit and debit cards (Square, Apple/Android Pay) aligned with a growing reduction in the acceptance of cash (believe it or not, my daughter's piano teacher takes e-transfer over cheques or cash) it won't be long before we will move to a completely cashless society.

I had always thought that flea markets and farmer's markets would be the last bastion of cash but recently I was at a flea market where where 80% of the stalls had Square.

There have been many forum threads on this topic over the last few years... Given the trends, I would be surprised if we still have cash in general use in 25 years... Cheques are almost an endangered species these days, in fact, over the last 4 years, I have only used them to establish a pre-authorized payment plan and not for a direct payment for goods or services. Is cash really that far behind?

It will come in a sneaky fashion... The fees banks charge to handle cash will increase to the point where it will be cheaper for your local general store to take a credit/debit transaction vs. a cash transaction which will force organizations on tight margins to drive to plastic vs. cash. I worry about the disenfranchised in society who do not have access to bank accounts if they lose the ability to use cash.
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United States
2320 Posts
 Posted 11/05/2019  12:27 am  Show Profile   Check canadian_coins's eBay Listings Bookmark this reply Add canadian_coins to your friends list Get a Link to this Reply
@vonigohcr

100% dead on.

I think my wife and I carry about $40 in cash primarily for school events and donations at the food mart. We have no coins since we never use cash to buy things.

We can still use cheques for school deposits (tuition, meals, etc.) but our school modernized and they now prefer electronic payments.
A picture is worth a thousand words.
Pillar of the Community
Canada
1026 Posts
 Posted 11/12/2019  7:31 pm  Show Profile   Bookmark this reply Add 1cent to your friends list Get a Link to this Reply
Banks are under no obligation to accept "legal tender" anything. A cashless society is the dream of not only banks, but governments as well. Get ready for a tax on every transaction.
Valued Member
United States
454 Posts
 Posted 11/15/2019  12:09 am  Show Profile   Bookmark this reply Add jeffbuckes to your friends list Get a Link to this Reply
Hello from your neighbor to the south...

I use cash and coin every day so this thread interests me. My rule of thumb is anything under US$10 is paid in cash. So I haven't needed to deposit coins in several years because I never accumulate them (I spend them). In my state (Massachusetts), merchants are required by law to accept cash and coin (no limits). It's an anti-discrimination law to protect people who can't or won't get a credit card. Anyway, whenever I read about banks or stores refusing cash or coin I get very frustrated.

Sweden recently tried to get rid of cash transactions, but it was a debacle. Here's an NPR article and quote:

https://www.npr.org/2019/02/11/6913...uch-too-fast


Quote:
Despite the popularity of digital payment systems, studies suggest that the majority of Swedes believe that bills and coins should continue to exist, even if they rarely use them.

One survey by the Swedish polling firm Sifo last year suggested that seven out of 10 Swedes still want the option to be able to use cash as well as cards and apps.


And here's a quote from an article on qz.com:

https://qz.com/1679019/swedens-cash...-since-2007/


Quote:
Some complain that banks and shops, rather than consumers, are unnecessarily accelerating the shift. Critics note that Sweden's banks are abandoning paper notes and coins by refusing to accept and process them, and that stores are widely refusing to accept cash payments. The central bank has suggested (pdf) that banks be required to provide ways to accept cash, and the legal obligation for merchants to accept physical money should be clarified. ... Indeed, some worry that new requirements could backfire, should financial institutions start charging fees to deal with paper currency and metal coins. In all likelihood, Sweden will continue to serve as a laboratory for what happens when a society gives up on cash.
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