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 Replies: 13 / Views: 2,278 |
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Pillar of the Community
United States
648 Posts |
Value ?
I have recently started to collect coins, something fun to do in these hard times with money. Having heard that coin machines have a reject bin for non US and odd coins thought I'd ask my local bank. Being a customer over 30 yrs and a stock holder why not? After depositing a check I asked the teller who knew my last name and didn't need my ID although I hadn't seen her that much. Could you check the reject bin of the coin sorter? I would like the rejects. Why yes I think I can do that, let me ask my supervisor who is standing right here. Can this customer have the foreign coins from sorter? NO he can't they have VALUE, oh, my teller said, I'm sorry the answer is no. Sadly I left thinking well yes I guess they do.
Having next to make a payment at the local credit union I asked the teller who didn't know me. Do you have a coin sorter? Yes. May I have the rejects? I'm, sorry I don't have the authority for that, you'll have to ask up front. Not having much hope by now, I go near the front desk and a manger says can I help you ?
I ask about rejects he say the teller should know. She said I should ask you. Oh OK he leaves. After about 10 minutes, really losing hope by now, he comes back hands me a handful of mostly Canadian (loonies and toonies ) coins and some eight sided cupronickel far eastern ones, and says this has been stored up for a couple of years. My mouth turns into a great big smile and says You guys are ALRIGHT Thank You !
So where is the value?
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Bedrock of the Community
United States
36710 Posts |
That's why Credit Unions are beating the pants off of banks, better customer service! I'd move everything from the bank that told you no over to that credit union. And when you do, make sure you tell that bank supervisor why you are doing it. They need to get the message.
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Valued Member
United States
310 Posts |
Well, if they wanted to go to a currency exchange, they do have value. Granted if they came from a customer coin sorter, the credit union wasn't losing any money by giving them to you. They only redeemed whatever was accepted by the sorter.
You said there were loonies and toonies in there though and those are pretty much on par with the US dollar, so they pretty much gave you several US dollars in value.
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Bedrock of the Community
13014 Posts |
Its all just a practical standpoint I would assume. While credit unions usually are more friendly and have better terms, I dont think its a case of BOA or a big bank just telling you to shove off like other things.
With the big banks they probably have a system in place to redeem such coins for extra money. The small credit unions probably have no use for them because they dont get them enough to bother setting up a redeeming process and unless they only did it every year or so it would probably cost them more to make the transfer than they would get back
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Bedrock of the Community
United States
20753 Posts |
In possibly most instances all the rejects should be given back to the individuals that brought in the original coins. By me most BOS and Chase do that. You bring in coins, they are sent out for counting, all rejects are returned to you. Since this is a system now in more and more places, you must have an account so they hold those rejects until you come in again. And as already noted Canadian coina to many banks are not foreign coins at all. Although they may not go through their machinery, you still get credit for those so if someone just handed you those, someone else got robbed, sort of.
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Pillar of the Community
 United States
648 Posts |
Thank You all Food for thought and I am thinking  BTW both places said they try to return rejects to customers! Thought it over. CCF the winner  I agree with you all  such a nice spread of inputs  |
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Pillar of the Community
United States
4333 Posts |
I have accounts with 2 CU's, and 4 banks. I've never asked for the contents of the counter cup. My banks are as friendly as my CU's, although myself a roll hunter, I have found that the CU's will not order coin for me, the banks, no problems ever.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
950 Posts |
In my experience, credit unions DO NOT have better customer service than banks. I have an account with TCF bank and they save the foreign coins for me. It all depends on who you talk to I think.
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Bedrock of the Community
13014 Posts |
Bay that's true. Even at the same bank there will be large varations in customer service from person to person. I have navy federal and in terms of fees and everything I'd rate them far better than BOA but you could walk into BOA and get great service one day and nav fed the next and get terrible service. A lot is who you deal with if its not a specific bank policy issue
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Bedrock of the Community
United States
17884 Posts |
Quote:
Well, if they wanted to go to a currency exchange, they do have value. Except as a rule currency exchange businesses do not accept coins. Too much weight to too little value to make it worthwhile. |
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Valued Member
United States
404 Posts |
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A lot is who you deal with if its not a specific bank policy issue I also think a lot is how YOU deal with the employees. Walking into a bank of CU and saying "Hey buddy I want your rejected coins" probably won't get you much. Even the OP's 2 descriptions of how we went about trying to get the reject coins would be enough to get 2 different responses... Quote:
That's why Credit Unions are beating the pants off of banks, better customer service! I'd move everything from the bank that told you no over to that credit union. And when you do, make sure you tell that bank supervisor why you are doing it. They need to get the message. CU's are beating the pants off banks because banks don't give away free money? I can't see because a bank told someone they can't have the coins in the reject trays that it means they have poor customer service. If I were a branch manager and someone told me they were pulling their money out because I didn't give them the reject coins, I would tell them to enjoy wherever they go. If they're going to get that upset about not getting free money, what's going to happen if a more serious problem arises? |
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Bedrock of the Community
13014 Posts |
Quote:
I also think a lot is how YOU deal with the employees. Walking into a bank of CU and saying "Hey buddy I want your rejected coins" probably won't get you much.
Even the OP's 2 descriptions of how we went about trying to get the reject coins would be enough to get 2 different responses... Very good point and I agree. A lot of the interactions you do set the tone for with how you approach it. There will always be those instances though where you run into someone on a bad day or a great day and no matter what you do it wont change how they act much. But its definitely important to remember you can dictate what kind of service you get by how you act |
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Pillar of the Community
United States
3294 Posts |
I tried this at a US Bank a few years back and was incredulous to find that by policy, they were required to destroy any foreign coinage they came across.
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Bedrock of the Community
Australia
21786 Posts |
If you want to build for the long term, set up a self managed superannuation fund, and but property with it. Just do not go into debt to buy property.
Anyone who has property in periods of high or hyper inflation will not loose, if they buy when the property market is down (in the U.S.) as it is now.
I suspect that the U.S. is loosing some of it's sovereignty, with increasing landholding in the U.S. by non U.S. citizens.
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Replies: 13 / Views: 2,278 |
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Posted 07/21/2012 12:28 pm
