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 Replies: 19 / Views: 3,902 |
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Valued Member
United States
359 Posts |
Lately I have found it very difficult to obtain coin rolls at face value from banks. The bank that I do have an account at charges $0.15 per roll with or without an account. I went to 2 other banks that I don't have an account at (an have been getting rolls at for a few years at face) and was told that there is now a fee anywhere from $0.25/roll to 10% of face to purchase rolls. There are 2 other banks in the area that have recently started to charge too.
My question is, how many of you are able to consistently able to get coin at face value? Also, do many of you have accounts at numerous banks just to purchase and dump coins?
At this point it seems that I need to have numerous accounts and hope they don't start charging (like my current bank does). I understand that if I don't have an account they really don't have an obligation to bend over backwards for me, but only a few years ago it seemed as though they would, times are changing..
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Moderator
 United States
56855 Posts |
I have one bank that I am a member of where I order four boxes of cents at a time for many years now and have had no problems as of yet, fingers crossed. I also go to a bank that I am not a member of about every two weeks and ask for two boxes of cents and have always got them. I also have had my niece get me four boxes of cents from a bank she is a member of once. If they start charging my only option other then paying is to ask my brother in law if he can get them for me because he has a business account. You should check all the banks near you and find one that will not charge you if you become a member. John1  |
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New Member
Canada
23 Posts |
Very bizarre that they are charging you over face value for coins even though you are a member. That has not happened to me here yet in Canada, but I would change banks if that happened to me. I have an account with a bank that has to branches in my city, and then I also ask my parents to deposit coins at their bank they are a member of, which has four branches in my city. In my opinion, the more banks/branches you have available to you the better since you don't have to keep bringing your coins back to the same branch each week. Right now, the branches sees me only once a month and vaguely remembers me...which is the way that I like it.  |
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Pillar of the Community
United States
2224 Posts |
I purchase about $100 face per week in cents from various sources, not all banks that I have accounts with. I am yet to be charged extra for any of them, but the OP's post is very disturbing. Hopefully this does not become a national trend, but with federal regulations eating into banks' profits, they are turning to generating revenue from any source possible.
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Rest in Peace
United States
4078 Posts |
Quote:
Very bizarre that they are charging you over face value for coins even though you are a member  Are they charging the time to roll? Or greed? Either way, bull. Open a new account that serves your needs. |
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Valued Member
 United States
359 Posts |
Thanks for the replies. Sounds like family can help bridge the gap and help you spread the coins (purchased and returned) over more banks. Not too much of an option at this point.
My main bank is crazy with fees, if I didn't have everything already set up through them they would be on their way out the door. Although on a positive note, they do serve as a dump bank fairly well, so I can't complain about that. No charge for that yet.
I may consider opening an account at a bank that can offer coins at no additional charge. That may be my only option at this point. If I have to pay more than face, I might as well just start buying single coins to fill the album, not quite the same "found it" felling though..
I was at the one bank today that I have purchased coins at face before, I was at the counter, talked with the teller and as she was half way to the vault she turns around and said, I have to tell you that we charge for coins, $0.25 per roll. That was the end of that order. I think she may have been thinking. I really don't want to haul this stuff out of the vault, so I will actually enforce the charge. No big deal, it was a legitimate charge, I wasn't a member, one more bank off the list.. Now where can I find a free checking account somewhere...
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Rest in Peace
United States
4078 Posts |
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Pillar of the Community
United States
1450 Posts |
Try your local credit union. My savings and loan are not charging yet but they limit me to 5 rolls of coin they will take at a time.
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Pillar of the Community
United States
4333 Posts |
Times are changing because banks are tired of dealing with roll hunters. I have multiple accounts and have never been charged a fee for the hobby. I'm lucky so far in that respect. All that I can say is shop around. There are banks out there happy for your business, fee-free.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Moderator
United States
189053 Posts |
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Times are changing because banks are tired of dealing with roll hunters. True, and it will only get worse for roll hunters. This is the time to enjoy roll hunting because it will eventually come to an end. |
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Pillar of the Community
United States
8517 Posts |
Banks are getting big time fed up with roll hunters. I didn't realize how many there were in my own small community until I tried to buy a box of pennies at a bank that I don't have an account at. They told me that they now save their penny rolls/boxes for business account customers. They did have an old bank bag with 25 bucks worth of loose pennies and offered that to me. I snagged it and got some nice wheats and my first Indian find. It was kinda funny, I asked her if there were a lot of roll hunters and she gave me "the look", lol. You could tell they were all disgusted with roll hunters.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
Edited by 52Raymo
05/15/2012 2:26 pm
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Pillar of the Community
United States
950 Posts |
I cant find any bank that is willing to give me coins from their counter machine, but, I get a box a week from my TCF branch and usually a box a week from a Wells Fargo too. They used to give me a hard time but not as much lately. I have noticed that it really all depends on how you approach the teller.
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Rest in Peace
 United States
1380 Posts |
Some banks locally (and I've run into it elsewhere in the country) charge a monthly fee to business accounts to get change (rolls). My current bank tried it once, until I threatened to go across the street.
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Pillar of the Community
United States
2224 Posts |
This is probably a case where the larger the area that you live in the better the chance that you don't have to pay a premium. Within a 20 mile radius I have about 250 banks, and that is probably the reason why I have never had to pay a fee.
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Pillar of the Community
United States
809 Posts |
I get rolls of coins at face value all the time....like a roll of pennies costs 50 cents....how and why would they charge you more than 50 cents?....it says 50 cents on the wrapper! You guys need to get new banks,it sounds like they just dont like you.Find a bank that wants you as a customer.  |
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Pillar of the Community
United States
950 Posts |
One could compare this situation to a fast food place. Yeah, drink refills, ketchup and napkins are free, because most people take just a few per visit. If you ask for 50 packets of ketchup, 20 drink refills and 200 napkins a day 3 0r 4 times a week, it will cost them more than they make off of your business. I completely understand why banks charge for coins. I dont agree with it, and I dont pay for them myself, but I understand.
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Replies: 19 / Views: 3,902 |
Posted 05/14/2012 4:35 pm
