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 Replies: 84 / Views: 5,438 |
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Rest in Peace
United States
3730 Posts |
I like to think of myself as a nice, polite person. However, today at my credit union, I wasn't my usual sweet self. I walked in today to make a deposit. The manager was at her desk, on the phone, evidentally talking to the Fed. about a coin order. She excitedly motioned me over to tell me that she remembered I wanted the new Presidential dollars. She asked how many rolls I wanted, and if I would like both the Denver and Philadelphia mints. So far, so good. Then she added the kicker. "The cost will be fifty dollars a roll" she said, adding "Of course you can buy them seperately for $3 apiece." My "Mr. Nice Guy" mode disappeared and I asked her what she was talking about, and why on earth wouldn't the coins be available for face value? Her responce was, "Well you know collectors want these and everybody is out looking for them." At that point I realized that reasoning with her would be impossible, so I just told her I could get all I needed, at face value, from other banks, and please remove my name from her "want list." What really bothers me is the thought of all the people who will pay two and three times the value for a coin which will never be "rare," or "valuable." I guess it's just a case of one financial institution seeing a money-making opportunity. I wonder if other banks are doing the same thing? It's bad enough seeing the TV shows rip off the unsuspecting. I hate to think that banks are doing the same thing. Anyway, I found it irritating. I am happy to report however that I have now returned to my usual sweet self.  Edited by Gary Burke
03/27/2007 3:29 pm
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Pillar of the Community
United States
4867 Posts |
Wow! I don't think credit unions and banks can do that. They're not dealers. I would cancel any accounts with them and find a new financial institution.
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Valued Member
United States
270 Posts |
the bank should not be allowed to do that. We can sell the boards to display the coins, but as far as I know we can not sell coins for more than face value.
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Pillar of the Community
United States
867 Posts |
I'm pretty darn sure that a credit union isn't allowed to do that! I should know...  We found out we weren't even allowed to sell T-shirts to some of our customers who liked the ones we were wearing and wanted one for themselves! Yikes! We do have these State Quarter cards with two coins that we can sell, but they're ordered from the Indiana Credit Union League, and all the profits go back to the league, not to the credit union. Hope your credit union's auditors don't find out about that! Rachel  Edited by Kyra
03/12/2007 7:53 pm
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Pillar of the Community
United States
1626 Posts |
I don't think any financial institution can do that...I think she saw a quick buck and took advantage. I hope you either straighten them out or find a new bank...
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Pillar of the Community
United States
4867 Posts |
Just a thought, you could contact the mint and check with them if this practice is permitted. If it's not, they could probably do something.
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Pillar of the Community
United States
2335 Posts |
I've changed banks for not much more than that. Legal or not, something like that reduces my level of trust.
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Pillar of the Community
United States
2254 Posts |
I agree with everyone else. I don't think they can do that. But who knows I guess. I think what you should do is buy all you can from surrounding banks and sell them outside the credit union for $2.50. |
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Bedrock of the Community
United States
14454 Posts |
my bank was happy to give me mine at face value and if you happen to need some just let me know and as long as they still have some at my bank I will get you all you want, I have seen one guy at my bank bring in hand trucks to carry out the 10 boxes he bought at face value
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Pillar of the Community
United States
2269 Posts |
That seems illegal. Banks are financial institutions, not coin dealers. I wonder if there was a federal watchdog agency you could report this behavior to. I agree with everyone who suggested finding another bank.
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Forum Dad
 United States
24154 Posts |
Banks sell money at over face value every single solitary day and nobody ever squawks. It's called a loan.  |
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Pillar of the Community
United States
4589 Posts |
yea sure good point Bobby , but If GAry was told there wouldbe a small cost to have them shipped say 5 Dollars for 3 rolls or something , because the bank normally would not carry them , That would be some what reasonble but at that price that is crazy
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Pillar of the Community
United States
773 Posts |
These guys sound like bad news,and into something for themselves,aside from their bank.
I would be careful of your tellers sweet smile,she may be in on it,but little do they know you are more educated than that!!!
:) sn31.
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Pillar of the Community
United States
2269 Posts |
While a loan is a way for a bank to legally make a profit, selling newly released dollars, 3 times over face value, sounds illegal.
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Valued Member
United States
133 Posts |
Gary:
I would find a new credit union. Sounds illegal?
If you can not find what you want at other banks, my two credit unions, in Illnois (D) & Indiana (P) have both mints. I only purchased 5 coins each mint for $1 each, but I am sure they will get you rolls for the next couple of weeks.
Good Luck,
Ron (ronaldb112)
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Pillar of the Community
United States
834 Posts |
Gary.
My wife is a manager of a credit union here in Mesa I told her your story and she said there is no way there credit union would ever take advantage of there members like that. That's not the only credit union where you live if it were me I would be saying good bye to them big time.
Bruce.
Edited by BRUCE 1947
03/12/2007 9:44 pm
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Replies: 84 / Views: 5,438 |
Posted 03/12/2007 7:48 pm
