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 Replies: 24 / Views: 9,908 |
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Pillar of the Community
798 Posts |
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Valued Member
United States
95 Posts |
I called northfield bank asking about buying/ordering coins for their customers and if they charge a fee. Their reply? "Why will we charge our customers a fee? They're our customers. I opened a account the same day...
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Pillar of the Community
United States
509 Posts |
I'm not a heavy searcher, but once I apologized for making the teller take out other boxes to be able to get me a box of nickels and her response was "don't apologize, it's your $$, if you want nickels that's not a problem"
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Pillar of the Community
United States
807 Posts |
Under the National Currency Act, National Banks in the United States act as fiscal agents of the Federal Government for various purposes. One of these purposes is exchanging US coins or currency for other US coins or currency at face value. This is, in fact, how the various denominations are maintained at par with one another. There is no statutory authority for imposing a fee for such transactions. |
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Pillar of the Community
United States
818 Posts |
Exactly. That's why tellers have to give you silver coins you point out (most likely halves) at face value unless they're a collector themselves, since one purpose of banks is to exchange money for a different denomination. At least that's what I use the banks for, but maybe you think differently...
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Pillar of the Community
United States
1911 Posts |
Wow only one bank (actually CU) that I have been a part of charged for boxes of coins and that was for a business account. Makes sense but what I don't get is how some branches of the same bank state they "can't" get boxes of coins for people. For example there are 4 branches of the same bank in my hometown and three say sorry we can't but one says it's no problem and they were surprised the other banks couldn't (definitely a "wouldn't) get boxes. I am glad there is one branch at least. They are my favorite :)
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Pillar of the Community
United States
840 Posts |
I've also been told by one branch of a bank they don't order coins, but they always direct me to another branch that deals with merchant accounts and they will order coins for me (even without a merchant account).
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Pillar of the Community
United States
4809 Posts |
I had a similar experience Mr. K until I discovered that my bank would 'prefer' that I work through the bank the moves the most coinage in and out. Ends up being the closest bank branch to my house so it works out fine.
Thanks for the detail publius.
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Moderator
 United States
189111 Posts |
 Banks are businesses, not soup kitchens. If you do not like how you are treated, move on. That is how the free market works.  |
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Replies: 24 / Views: 9,908 |
First Page
Posted 05/08/2015 12:34 am
