Legal Question...bank/Coin Requirements

At one time I was turning (cashing) in up 8 boxes of pennies at a time and they were allowing me to do it. However, Broseph is right in that there is some point where paying in pennies is obnoxious. However, in my case 8 boxes was not it.

One way to get back at them would be to bring in unwrapped coins for deposit. I.E.

48 pennies, 30 nickels, 35 dimes, 27 quarters, 15 halves, 20 gold dollars. That's 155 pieces of coin equaling $39.73. Do it a couple of times and you'll probably be asked to take your business elsewhere. On the lighter side, you are compling with their policy, especially if you bring in other rolls to cash in.

[edit] One way to compound the pleasure would be to have a couple of other people to assist you in this effort (people who are not related to you - just friends). On the down side, I hope this isn't the only game in town or you will have problems.

Also you may want to try this, have a couple of friends also get coins from the bank. I do hope that your not getting and returning coins to the same bank because this is an expense for them to get the coins for you to search.

Nothing in life is free. If you enjoy roll searching pay the fee or find another source for your habit. As stated ad infinitum on this site banks are in business to make money not amuse a small minority of their customers. I, personally, could never get caught up in the minutia of 'giving it back'... seems petty....imo

^^^he may have a point

Do you keep enough of a balance to merit the toll you put on them? I try to think about that with the banks I frequent. If you leave $20 in there and make them roll and order coin all the time, it hurts them as a business.

what bank is this and what is their motto? Is false advertising their Achilles heel?

You will lose this war, and most of the battles along the way with consequences that you just might regret later. But, if you must do something, make billions, acquire the bank, cancel direct deposit, fire the evil bankers with no severance, then pay out their final check and accrued vacation in pennies, counted out by kids eating jelly and honey sandwiches.

All US Mint coins are legal tender and can be used for all debts, public and private. However, a merchant or person is not obligated to accept such payment, they can refuse. Remember, having a bank account, making deposits, etc is not a right, it's a privilege which can be revoked. You don't want this to back fire, open a line of credit go to pay with coin and have it refused. Then, you have to pay the line with notes/check or pay the interest or risk legal action. Now, there is nothing illegal about discriminating against a person because they are a coin collector. if it's costing them too much money to deal with you, they can refuse to serve you or charge you a fee. While it may not be good business policy, it's not illegal. (it may be against an internal policy and if FCIC insured, there may be some policies that prevent such conduct, I just don't know). So, my advice, file a complaint, close your accounts and find a different bank.

No buying and depositing back.

This isn't a matter of the bank charging a fee...I understand fees. This is a fee exclusive to me because of my hobby. I've been told exactly that. This is a bank that is charging me to buy coin despite the fact they pay someone else to come pick up all their extra coinage. I've been told exactly that. There's more to the story but that isn't the point. As stated, everyone is welcome to their opinion of right or wrong but in this case, it would be an uneducated (and unwanted) opinion because you don't know the entire story.

My intent isn't for this to turn in to a right vs wrong, profit vs costumer service issue. I have specific questions and I appreciate those that have provided useful info. Fade, I'm going to look into that form. It looks promising.

Thanks,

OO