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 Replies: 23 / Views: 4,434 |
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Pillar of the Community
Canada
3692 Posts |
Sorry, I was thinking of Scotiabank. And it's optional. They quote identity theft and online fraud as their reason (eStore) for running an Equifax. They ask you personal financial questions that only you would know. I'm on the fence on this one...
CIBC's reason for wanting to check you out (Equifax) is presumably for money laundering and terrorist activity. No cash, only debit or credit. The banks try their best to not make it a freeforall for criminals to launder their money, so they leave a paper trail.
When selling, you also need the original receipt, original packaging, and they can refuse to buy it back without giving a reason.
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Pillar of the Community
 Canada
3690 Posts |
The bullion talk is great but I really was noting the sale of NCLT by a chartered bank.
I don't see collector coins available at other banks and really wonder why CIBC is selling them.
But, if banks get into the collector coin business in any meaningful way, that introduces extremely large and powerful players in the NCLT market and might lead to even more escalation of Mint releases - all those retail locations need product to sell. I'm not sure that is a good thing for the hobby and could lead to even more saturation for collectors. On the other hand, maybe it will lead to many new collectors joining in on the fun.
Edited by CC-Ottawa
12/05/2013 11:43 pm
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Pillar of the Community
Canada
1823 Posts |
Just returned back from my bank cibc the bank manager told my I can have them delivered( gold silver etc...) to the bank free of charge.
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Pillar of the Community
Canada
2019 Posts |
Ya interesting, that they are selling "NCLT" as well, I guess the RCM has been branching out into banks now. Whats next liquor stores and Grocery stores? |
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Pillar of the Community
Canada
3692 Posts |
Got carried away with bullion talk, sorry mate.
I really think they're biting off more than they can chew. They should be focusing on lending money, not selling collectors' coins. I do think that they're pushing the Xmas coins right now, as gifts. First time I've seen their site (not bad) so they probably do update their inventory.
Remember, though, that lots of people rely on Canada Post for certain things, and they sell NCLT. There are 4-5 major banks that Canadians use and I would argue that maybe most of them don't even know that they have the option to buy bullion or collectors' coins. The impact would be minimal, I would suspect, on the coin industry. You can buy bullion from RBC but they hide the fact that they do so, so you have to ask for it.
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Pillar of the Community
Canada
3692 Posts |
I believe that the reason it won't catch on is because these so called legal tender coins aren't really made for commerce. If I got a coin at a major bank I would expect to be able to spend the coin. The whole $20 for $20 was a legal tender failure, just like the 1976 Montreal $5 and $10 coins.
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Pillar of the Community
Canada
2124 Posts |
Yeah the positive thing is that the Banks will get familiarized with NCLT coins so more branches will accept and process the RCM coins at face value (like $20x$20 or $100x$100) without problem. |
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Pillar of the Community
Canada
1581 Posts |
Quote:
just like the 1976 Montreal $5 and $10 coins.
According to Charlton, they did try to monentize the series by offering the first four at face value. The silver content of coins until the mid-60s was far below face value. So, these $20 for $20 and $100 for $100 represent the closest thing to modern silver money with seignorage. In the end, it's people wanting to spend them and businesses willing to accept them that will establish a legal tender regime. At this point I don't think enough interest in that has been shown to say it is a failure. Most people think they should get a premium for their holdings. |
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Replies: 23 / Views: 4,434 |
First Page
Posted 12/05/2013 11:38 pm
