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 Replies: 73 / Views: 15,962 |
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Valued Member
Canada
147 Posts |
One of the big headlines in the latest CCN is that banks will take NCLT at face value.
They are assuring collectors that there is a system in place and they are in the process of getting bank branches better informed about this process. The details of this process are being closely guarded by the Mint. If a collector is having trouble redeeming coins, they are to request that their branch contact the bank's head office to get more information.
So there you have it. Banks will take $20 for $20, right from the Mint's mouth!
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Valued Member
Canada
204 Posts |
Any link to this? I couldnt find one
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Pillar of the Community
Canada
3690 Posts |
http://canadiancoinnews.com/CCN is subscriber restricted so you can only read the article if you subscribe. It may have been reprinted elsewhere.
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Pillar of the Community
 Canada
5393 Posts |
WE take ours to RBC when they are bought in collections, never been a problem !
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Valued Member
Canada
373 Posts |
the TD banks I go to now just take them in as "Cash". ie $20 coin = $20 bill. they've told me the send it into the mint once a month
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Pillar of the Community
Canada
1118 Posts |
Didn't they have this problem with the Montreal Olympic coins or are they just going over it again with the banks so it isn't a problem?
Either way I usually can't find a store to take a 50 cent piece which is strange when every shop in my town will take Canadian Tire Money........
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Valued Member
Canada
63 Posts |
I tried to return some 20 for 20 to the CIBC here and they wouldn't take them. So I went home, called the Mint and they said they would contact the bank manager. I haven't had a chance to go back to the bank to try again. I might go tonight and try. The rep on the phone was very nice about it. I asked him how the process worked and he said the bank will FEDEX the coins back to the mint and the mint will compensate the coins and the shipping so there should be no cost to me.
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Valued Member
Canada
63 Posts |
So, turns out the manager said the mint never called her. So I explained the situation again. The manager at first told me "the mint doesn't tell me what to do. I go by what our support tells me." Her attitude seemed to soften after the initial defensiveness. The teller and the manager were so caught up with the fact the coins are silver. They don't know the difference between bullion, numismatic and these 20 for 20. What was different this time around from last Saturday when I first went was the teller called the precious metal department to ask, and they said they don't take them. The precious metal rep apparently advised the teller to tell me to take them to a jeweler's to sell. I got them to check the FAQ section of the mint site and they called the mint from the bank. The teller gave me the phone and the guy (mint rep) said he'd call me Monday morning to get this sorted. It seems like the bank employees have no idea about these coins and what the depositing protocol is.
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Valued Member
 Canada
147 Posts |
That is precisely the kind of issues that concern me. The Mint had this system in place, however they have absolutely no intention to provide details because itty is "an internal process".
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Pillar of the Community
Canada
815 Posts |
Incorrect. That is the same status quo that has existed. No financial institution has to take any mint coins, and as a general rule, they will not, as their contracted fulfillment centers don't want anything to do with them. The mint already offers a percentage over the face value for banks that accept NCLT, no further encouragement by the mint is going to change the current reality. Mint products are de facto non legal tender, and it will stay that way for the forseeable future. So keep that in mind when you purchase your $200 for $200 2 ounce silver coin.
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Pillar of the Community
Canada
2124 Posts |
Are you a customer of that Bank branch?
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Valued Member
Canada
204 Posts |
I went to a CIBC bank, non-customer, made them talk to the mint, the mint rep sent them an email with the process. They agreed to do it, but they said that I need to give them the coin and they will mail it, once they get money from the mint, then they will give it to me. I asked why and they said that giving me the cash, and sending the coins out imbalances their money reserve and so on (non-sense I think because I was not a customer) on the other hand, I went to an RBC bank, again non-customer, took it to the teller, simply took the coins in and cashout, and gave me a receipt and cash. After going to several banks, I realized that older banks know the process, while new branches dont.
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Pillar of the Community
Canada
5324 Posts |
You have to give Mr. Reeves of the RCM the benefit of doubt at this moment, he states clearly the RCM has an improved process for the banks to redeem these NCLT coins and the only coins that are affected is the 20 for 20 and so on, the rest with silver tanking will always have greater bullion value. Why would someone not return these coins to your home branch? |
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Pillar of the Community
Canada
6768 Posts |
Two weeks ago I went to my TD branch and they just refused (of cause the tellers have no clue what these coins are). I called the Mint and rep nicelly said, that the RCM has no agreement with TD. Btw, year ago same branch took them. Then I went to closest CIBS....they immediately agreed to take the coins, but as per metal content: ~C$ 5.00 per coin. I had 6 coins, and 3 of them took the tellers (for face value) (as in TD, they didn't know about the coins, but were aware about PM process). In addition to first 10 have only 3 duplicates remain... So I will stay away in generally from them, will buy only as for exceptional design (like $200 IMO) |
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Valued Member
Canada
63 Posts |
The branch I went to was my home branch. The branch manager had no clue. I purposely went to the oldest teller (in her 50s) thinking she would have seen the process but she had no idea either. Only difference was she offered to call the mint on my behalf. No call at 10am as was promised, so I'm going to make a call now.
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Moderator
Canada
10456 Posts |
I spend my $20 for $20 at my Starbucks... they work just fine there...
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Replies: 73 / Views: 15,962 |
Posted 09/25/2014 10:56 am
