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 Replies: 23 / Views: 13,654 |
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Valued Member
Canada
250 Posts |
Almost everyday, I go downtown and get coins from RBC. First they tell me that I should have an account. OK, I open an account. Now they tell me that starting June 1st, they will be charging me 16 cents for every roll that I ask for. Wow, I could not believe it. Can they actually do this? Obviously, I will be closing my account.  |
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Pillar of the Community
Canada
2781 Posts |
yes they can, and when RBC reports another quarterly return in the billions so will every other bank.
i found out the hard way that our business account only allows a limited # of trips to a real live teller (usually only deposit through the drive through atm). $14 fee on the last statement to change a couple of $100s into smaller bills for the till...
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Pillar of the Community
Canada
1354 Posts |
I'm hoping the RBC is paying the people 16 cents for every roll they bring to the bank..... Of course they won't.
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Pillar of the Community
Canada
2366 Posts |
Quote:
Royal Bank of Canada said profit fell 7 per cent in the second quarter Coincidence? |
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Valued Member
Canada
331 Posts |
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starting June 1st, they will be charging me 16 cents for every roll I hope this decision is made at the branch level - I too get coins from my local RBC branch. |
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Valued Member
Canada
54 Posts |
TD is cheaper: 12 cents per roll. I got eight boxes from them as a non-client before they told me this. It appears to be a branch decision at this point as my RBC doesn't charge me. Obviously, for pennies, 12 cents per roll is way too high. I'm wondering if it might be that people are doing a run on the penny and this is a response to that activity. I know I've bumped up my CRH activity with pennies a huge amount since learning of the discontinuation. They seem to be willing to take me on as a client and then reduce/eliminate the fee. But with your story, I'm not sure that would last very long.
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Valued Member
Canada
331 Posts |
I was under the impression I was the only person in my small town who was doing CRH, but when I picked up a box of dimes last week I was told someone had just come in that morning and 'cleaned them out' of pennies. Came as a bit of a surprise, but it might just be penny fever starting early, rather than another full on CRHer. I haven't heard of any fees coming down the pipe at my local branch either. Edit: I just went to the bank to drop off a couple of boxes of pennies and pick up a box of nickels - and they thanked me for bringing them in as their own order of pennies was late  Edited by LaureateBust
05/24/2012 1:45 pm
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Pillar of the Community
Canada
862 Posts |
you guys can still get canadian penny rolls? I tried 2 weeks ago, all I got from RBC is rolls of US penny  |
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Valued Member
Canada
331 Posts |
Yup - seems strange to get entire rolls of American pennies from a Canadian bank, unless a customer rolled them that way for some reason.
According to my teller today, pennies have been coming in more steadily at my branch from the public since the penny presses stopped. I haven't been keeping track of total American pennies in my boxes, but I'd estimate the average to be about 200 per box (8%).
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Valued Member
Canada
56 Posts |
In yesterday for my box of quarters and 2 of pennies and no word about any charges for them. Am limited on amount as to not clean them out of any type of coin, They keep reserve for themselves at all times.
1 roll pennies @0.12 = 6.00 per box or 24%
1 roll of nickels " " = " 6%
1 roll of dimes " " = " 24%
1 roll of quarters " " = " 12%
How do they justify the percentages on the coinage being so different
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New Member
Canada
15 Posts |
RBC is a horrid bank. No wonder profits fell. I personally do not believe other banks will follow suit, not charging for rolls would be a draw for customers.
My BF brought $25 in pennies to the bank & they sat there & counted them all. Never had this happen in my life. Thank god BMO opened around the corner with a free change drop machine - no need of an account.
TD Canada Trust has no trouble making change for my work without an account. RBC requires an account for $5 in pennies. & they are rude about it.
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Pillar of the Community
Canada
933 Posts |
I dont know about RBC being that bad, I was always able to just walk in and pick up a box of quarters without even ordering. I was also able to drop off no problem. But I have a savings, visa, line of credit and online trading account with them. Now I made friends with a very nice lady at a local branch who is very happy to order me quarters with no mention of any fees. She even asks to order older coins since she knows I collect coins. The last box had a nice silver 1964 :)
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Pillar of the Community
Canada
516 Posts |
I am considered a student and the bank I g to changes it since I am a student I do t get charged.
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Locked
822 Posts |
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RBC is a horrid bank. No wonder profits fell. I personally do not believe other banks will follow suit, not charging for rolls would be a draw for customers. Uhhh.... no.... it's a draw for freeloaders. Do you think the machines that roll them are free? Do you think the wrappers are free? Do you think the truck that brings them is free? Do you think the gas is free? Do you think the guy that drives the truck works for free? Do you think the insurance for that truck is free? How 'bout the gun the guy carries to protect your precious free rolls? Free too? But you think your rolls should be free so you can make money while the bank foots all the bills to supply you with them. That's just ridiculously absurd thinking. Pay the 16ΒΆ a roll and be glad it's not more or stop roll hunting. |
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Pillar of the Community
Canada
1700 Posts |
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Almost everyday, I go downtown and get coins from RBC. First they tell me that I should have an account. They do be me for an account, but never forced. By the way, do you buy a large amount of rolls frequently? Quote:
Now they tell me that starting June 1st, they will be charging me 16 cents for every roll that I ask for. Wow, I could not believe it. Can they actually do this? Obviously, I will be closing my account. Bank has the duty of storing cash. Exchanging currencies at equal values should NOT apply to prices. Here are several possibilities: -- Your bank rolls coins with a machine. -- They want to rip you off since they know you want coins so badly. Here are the reasons to quit RBC: --They're doing things I've never heard of (Nonsense). --I believe that RBC workers have the responsibility of suggesting an account, but not force into an account just because of rolls. (UNLESS FOR RETURNING ROLLS, SO THEY HAVE TO SHIP ROLLS OUT) Keep this in mind. --If they charge you money, it would be PROBABLY the branch that gets and shares the benefit. Not the company. This is only my opinion. Recently, I've been to several RBCs and none of them charge for fees. --Even a CoinStar only charges 11% on RETURNING COINS. Switch to CIBC. A good bank for coin rolls. Hope this helps. |
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Pillar of the Community
Canada
933 Posts |
Honestly no bank should give you a box or take back a box if you dont have an account. Why should they ? If tou DO have an account then they shouldnt charge the fee because your probably aready paying for your debit transactions anyways.
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Replies: 23 / Views: 13,654 |
Posted 05/24/2012 10:54 am
