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 Replies: 14 / Views: 1,455 |
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Valued Member
United States
344 Posts |
This e-mail is in response to the e-mail that we received on March 16, 2007, regarding your question if banks or credit unions are allowed to charge for rolled coins. The short is answer is most likely yes. I spoke with someone in our cash department who explained the following:
The Federal Reserve receives loose coin from the Mint, and sends out loose coin to banks when they order it, with the possible exception of dollar coins, which would be rolled. The loose coin is provided to an armored carrier/terminal, who then rolls the coin and possibly "sells" it to the banks they deliver to, as many banks do not have their own coin rolling equipment. The armored carriers/terminals consider this a "value added service", and it is how they make a profit. So, the bank may be passing a fee on to the customer to recoup the cost. It is probably similar to a bank charging a fee to purchase travelers cheques.
There is no federal consumer banking law that regulates this. I hope this information answers your question and has been helpful.
Consumer Affairs Dept.
Supervision, Regulation, and Credit
Federal Reserve Bank of Minneapolis
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Rest in Peace
United States
2684 Posts |
Incredible. Why would any bank, even the tiniest nook-and-cranny branch bank located in a grocery store be without a coin roller? They can hop over to Walmart and pick one up for 20 bucks. Seems to me yet one more way some banks ding their customers. Any idea what they charge per roll of cents, nickels, dimes, halves, and dollars? And how would they handle major rolled coin retail customers such as Walmart, Safeway, Home Depot, etc.? Seems to me the biggies would be squawking all the way up the bank's chain of command or shopping around for a new bank. |
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Valued Member
 United States
344 Posts |
It is incredible ! Well it seems if all banks knew or wanted to they could make monies selling rolls and could jump on the band wagon. And then every bank would make it so one would have no choice. Is amazing to say the least. I have bought boxes and boxes from the bank and as of yet haven't charged me a dime over face value. I believe some compaies such as Walmart do use a machine to roll their own coins in plastic wrappers, but not positive. I saw an auction on ebay where a person said they worked for a bank in jax and that they had alot of boxes for sell of the new dollar coins. Know way of knowing if it was true or false ! It could come to where all banks begin to try and make money doing this though. Seeing that there is no regulations on it. Demand and supply ! |
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Rest in Peace
United States
2684 Posts |
Yeah, but for the supply and demand mechanism to function, there has to be competition. If, like the gas companies, they all charged similar prices for the same service, then there would be no competition and the customers would have no choice but to pay. I haven't run into any banks which charged for rolls of anything... yet. But then, I haven't gone around looking for them since I can't say that I knew ANY banks charged for rolled coins until now. I certainly can now imagine the scenario of a one-bank town charging for rolls and the locals having no choice except to pay unless they want to drive down the road to the next town to find a bank which doesn't charge for rolls. I'm sure this scenario plays in some (many?) communities or perhaps regions throughout the country.
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Pillar of the Community
United States
2254 Posts |
quote:
And how would they handle major rolled coin retail customers such as Walmart, Safeway, Home Depot, etc.?
While these places may have a bank for their finances, my guess is that they have the ability to get deliveries via armored trucks without the coinage ever going to their bank for another set of hands to touch. I would imagine these big stores is a stop on the way or after the truck has already made a stop at its bank. I'm sure the amount of money the financial institutions are making on these companies in holdings more than outweighs the cost of having coins rolled for them. My guess is the banks eat these costs, which is why it costs money to open an account with any functionality at a bank anymore for the regular customer. I'm still trying to figure out the original email. Yes, the banks get charged for rolling, so I assume that the banks could legitimately charge us a premium for ANY rolled coin according to this comment. Interesting. |
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Valued Member
United States
270 Posts |
Fees are another form of taxes.
This is just another scheme for rich people to steal from poor folks.
How low can you get, charging for money.
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Forum Dad
 United States
24154 Posts |
quote:
I'm still trying to figure out the original email. Yes, the banks get charged for rolling, so I assume that the banks could legitimately charge us a premium for ANY rolled coin according to this comment. Interesting.
As I tried to explain in the other thread, banks can pretty much charge you a premium for anything they want. They are a business just like any other, but they also have to compete with other banks. When it comes right down to it, they're no different than the pizza shop next door. (Which by the way is probably more government regulated than the bank) It's a very common misconception that banks are put there by the government to service you, they are not. The banking laws that apply to them have very little to do with the direct interaction between the bank and you, other than the fact that they can't close for 3 straight days. Heck in 1980, the government even stopped putting limits on interest rates, they can do what they want. |
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New Member
United States
48 Posts |
charging you for using their ATM is no better but they get away with that too. Have you ever heard of a lawyer or banker going broke?
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Forum Dad
United States
24154 Posts |
quote:
charging you for using their ATM is no better but they get away with that too.
Well, around here all the banks are free at your own bank. I see no reason any bank other than your own should let you use theirs for free. |
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Bedrock of the Community
United States
20753 Posts |
If your banks charge for transactions in coinage, just open savings accounts at each of as many banks as possible for whatever the minimum reuirement is. I have done this in 10 banks in my area. Also, I find if I ask for bags of coins I have less problems than with boxes, rolls, etc. I've asked at these banks and they really don't like rolled coins from customers due to possible shortages. If they can run them through their counters, they appriceate that more. So I get a bag of coins from one bank, go through them, return them to another bank and have the amount entered into my account. Never have had a charge for any of that yet. How could a bank charge you for a deposit into your account.
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Rest in Peace
United States
3730 Posts |
Carl mentions savings accounts. Believe it or not, I once owned 40! The reason was, yet another of my many "collections." I collected bank savings books, especially those with coins pictured on them. I would make a small deposit every couple of years to keep the accounts active. I put my bank book collection in a scrapbook, and friends found it interesting. Ah, life was good! Then, the banks started setting minimum amounts one had to have in their savings accounts -- $200, $300, $400, $500. So, I had to close them all out -- except for one -- the first account, opened by my grandfather for me in 1954. That bank has changed names quite a few times, but I still have the original bank book, and I manage to maintain the required $300 minimum deposit.  Edited by Gary Burke
03/23/2007 4:52 pm
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Valued Member
United States
112 Posts |
I stopped by a local First Merit the other day just to see if they had rolled G. Washington dollars. They did, so I bought a roll of 25 for $25.00. I did not ask if they charged for any other smaller coins.
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Valued Member
United States
258 Posts |
Hello, I bought rolls of cent's from a local bank, To my surprise they charged me 7 cent's a roll!  moonshine |
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Valued Member
United States
112 Posts |
I went to a local First Merit the other day and purchased a roll of G. Washington dollars- 25 coins for $25.00. They did not charge a fee but I did not ask if they charge for coin rolls under the dollar denomination.
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New Member
United States
48 Posts |
I've never been charged for rolls, although they have asked if I had an account. That bank that Moonshine is talking about charging $.07 per roll, I wonder if that works both ways? I have quite a few rolls I've searched through and are just sitting in a box. Might be a good return rate on those...
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Replies: 14 / Views: 1,455 |
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Posted 03/22/2007 10:33 pm
