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 Replies: 12 / Views: 1,541 |
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Valued Member
United States
123 Posts |
In my area, one must pay a fee to use all coinstar machines. My dump bank will begin charging a 5% for those of us who have an account and 10% if you don't. A credit union I formerly used began charging 3% and 7%. I'm down to one bank with a coin machine that won't charge me.
Is this a trend in other areas? If so, what will the impact be if people who get large sums of coins can't dump them without paying 3% or more? Is this situation banks just looking for ways to make money or to end the large scale CRH? If I roll the coins, the teller I frequently use says he will take them. But how long will that last if several people come in each wirh 100 - 200 rolls of coins a day? Will the bank require them to use the coin machine like the credit union does cause they take no rolled coins?
If large scale CRH ended, would this have a one time mesurable impact on the quantity of coins needed and cause the mint to mint less coins?
The most I ever get has been $200 in nickels. My response will be to get 10 rolls or so at a time.
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Pillar of the Community
United States
619 Posts |
I read an article about this the other day. The mint already mints about 70% fewer coins, because Coinstar collects so many. It's been that way for about 10 years.
Edited by CPC24
08/06/2012 10:27 pm
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Pillar of the Community
United States
863 Posts |
What does coin star do with the coins
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Pillar of the Community
United States
1770 Posts |
thats a sad day for us all when it eventually comes to that (already seen it at some places myself)
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Valued Member
United States
89 Posts |
What about people who own business that need to deposit or pick of large amounts of coins? Do they get charged a percentage too?
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Valued Member
United States
408 Posts |
My credit union won't accept rolled coins and charge
3% for the use of the coin star machine.
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Valued Member
 United States
123 Posts |
It is the business owners who are most vocal at this time. The first $25 run through the machine will have no charge.
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Pillar of the Community
United States
3640 Posts |
They will start to lose a lot of business/regular customers.
They (banks) may be setting themselves up for some extra work.
If they get enough people fed up with the fees the customers/members will be dumping the roll contents right on to the counter. Sad for the tellers but they will have to count ea. coin out. Coins are legal tender. They have to take them. Stores also. Policy is not the law.
I will never ever use a coin counting machine. They are not accurate.
One time and one time only I bought a sealed bank bag of $1,000.00
face of quarters. The credit union manager offered it to me. Saves them $ because the armored truck co. does not have to pick it up. The bag came from their counter machine. I went through the bag. Not a silver in it and it was also short $27.75
I was slightly upset. Brought it back. After some "Discussion" :)
I got my $1,000.00 back. The banks etc. spend money on these crappy
machines and when they send off the bags bag to be counted and rerolled they lose millions. They have to pay so now they want to offset the loss by punishing/blaming the customer. Only one fix.
Each roll has to be hand counted. So far I pay no fees on rolls dropped but if my bank/banks start charging I will be the new meany
in town.
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Pillar of the Community
United States
8516 Posts |
They charge the fees because of the greedy silver hunters. No if ands or buts.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Moderator
 United States
188052 Posts |
Quote:
Coins are legal tender. They have to take them. No, they do not. Legal tender only applies to settling a debt, and even then, coins can still be refused (even though it means they have lost some leverage in recovering the debt). |
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Valued Member
United States
123 Posts |
I aasume the credit union that does not accept rolled coins causing you to use their coin machine and paying a fee will only accepted a limited amount of loose change at the counter. I guess part of the thinking is that the less change the teller has the less chance of an error when they close their drawer.
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Pillar of the Community
United States
4333 Posts |
Quote:
The bag came from their counter machine. I went through the bag. Not a silver in it and it was also short $27.75
I was slightly upset. Brought it back. After some "Discussion" :)
This is why most banks are reluctant to sell bags. Too many instances of shorts and whiny crh'ers. All the bags I've ever bought have given up silver and $10-20 plus in bonus foreign and change. Not that I've never been shorted before, I have. In this hobby you just have to take the good with the bad. 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
2077 Posts |
Based on those fees and current interest rates, if you deposited $100 in coins, it would take a decade to get back up to your original $100. So in one minute they make more than they give you over 10 years.
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Replies: 12 / Views: 1,541 |
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Posted 08/07/2012 2:14 pm
