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 Replies: 37 / Views: 5,102 |
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Pillar of the Community
United States
513 Posts |
odd. Just stopped by a bank branch to drop off a box of nickels (back in the box, all properly re-rolled and nothing amiss) and was told by a head teller not to come back to deposit coins. I'd have to take them back to the branch I got them from.
I've been dropping rolls off at this branch for a couple of months now. I haven't seen this head teller before--different day than I usually drop off.
Have other folks encountered this "your money's not good here" attitude at a bank?
odd.
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Pillar of the Community
 United States
5828 Posts |
Bring your coins back again and see what happens  I've heard it happening to a few together CCF members, and I cant bring coins into my bank (my personal bank, not my pickup bank) because they have an old coin counting machine (they have been around since 1906!). |
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Moderator
 United States
187702 Posts |
Do you have an account there?
If so, take the box back and when refused again you should immediately close your account.
If not, then just accept their decision and find another bank for your dumps.
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Pillar of the Community
United States
840 Posts |
Try spreading your coin deposits among multiple branches. The reality is each branch can use your deposited coins for their merchant accounts. Excess coinage buildup in their vault will eventually require the branch to call an armored car service to pickup the coin and return it to "The Fed", which causes the branch to incur a fee. Banks like to charge customers fees, but do not like to pay fees themselves.
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Forum Dad
United States
24149 Posts |
Quote:
Banks like to charge customers fees, but do not like to pay fees themselves. What business likes paying fees? |
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Pillar of the Community
Canada
5393 Posts |
Banks and CU hate coin roll hunters. They waste the time of tellers and are a totally non revenue producing entity to the profitability of both the institution and its stock holders. A lot of them are now charging to buy rolls from them or deposit coin back. Mine has for years.Also there are more and more branches installing coin machines and unless a regular non commercial customer are charging for that as well.
The bank above is not the only one saying do not come back. With rather little available these days out of circulation, it could be a far better use of valuable time and effort to frequent your local coin shops and plow through the junk boxes.
Coin roll hunters are different birds and financial institutions are becoming less and less welcoming.
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Pillar of the Community
United States
6478 Posts |
I just hope my banks that I am really close friends with don't turn on me.
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Pillar of the Community
 United States
513 Posts |
yeah, what happened to service nowadays? Next thing ya know service stations will start making us pump our own gas and characterize it as doing us a favor. Oh, waitasec . . .
Edited by Garoyn
06/25/2015 6:12 pm
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Pillar of the Community
United States
997 Posts |
Find a bank or CU with a customer access coin counting machine and dump all your chum there, let it get deposited automatically. Use online access to move funds around. Use a different branch as your Buy Bank. This way you don't have to roll the coin and you eliminate the uncomfortable conversation with the teller as to why you are always bringing in loose coin. (I joked a couple times that I found the key to a newspaper box or a payphone, I think the guy knew I was joking...)
Before I moved my bank also had a grocery store branch and had a CoinStar style machine for coined deposits. I just dump what I wanted there and happily went on my way. My Credit Union also had a counter but it would print a receipt and you would give that to a teller for a deposit.
I sometimes use CoinStar for my coin return, I use the Apple Gift Card option since it is fee-free and we use that for buying movies and apps. (CoinStar charges 9.9% for cash back.)
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Pillar of the Community
United States
4333 Posts |
"Chum" - I like that.
My banks ship out coin every week, unless I intercept it.
Banks don't return coin to the -FED- unless one considers couriers such as Brinks, Garda and Loomis as the FED. Returned coin is weighed for bag accuracy, and re-rolled by these facilities. Like someone before mentioned, your best bet is to find a bank with a free coin counter.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Valued Member
United States
179 Posts |
Yes but you have to be careful, I just got burned on a coin counter, it came up $16 short on my halves and the bank wouldn't do anything about it, they said it was checked for accuracy everyday,so for small stuff I'll use it still but my boxes of $500 halves I will keep re-rolling
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Pillar of the Community
United States
4333 Posts |
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Yes but you have to be careful, I just got burned on a coin counter, it came up $16 short on my halves and the bank wouldn't do anything about it, they said it was checked for accuracy everyday,so for small stuff I'll use it still but my boxes of $500 halves I will keep re-rolling A one-time miscount I might have to eat. If it happens more than once, and they won't work with you, time to find a new bank. I've found Credit Unions are much more friendly. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Forum Dad
United States
24149 Posts |
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I sometimes use CoinStar for my coin return, I use the Apple Gift Card option since it is fee-free and we use that for buying movies and apps. (CoinStar charges 9.9% for cash back.) Coinstar gets a commission on the Gift Card, that's how they're able do it. |
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Pillar of the Community
Canada
1747 Posts |
I also don't trust automatic coin counters, there is lots of research done, and most are off by significant amounts
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Pillar of the Community
United States
622 Posts |
Most banks/CUs operate differently. I think most of us assume they all operate the same...this couldn't be further from the truth. Some service business accounts...some don't. Some do weekly deposits/receipts/exchanges with a courier/fed/parent bank and others go months with no need for a courier. Some banks only keep a smallish box safe and require weekly courier visits. Others have huge walk-in safes and they are more inclined to only ask for a courier a few times per year. I know of at least one bank that averages 1 coin exchange every 4 to 6 months. Some regional/national banks will have branches scattered everywhere and house their own 'main' bank where they keep the majority of their coin/currency. Some banks roll and strap their own coin/currency while others have this task performed by the courier.
The point is you shouldn't assume your experience or understanding of a bank or two will be similar at all banks. Start small and visit often until you have an understanding of how the bank/CU operates. Ask questions. If they don't have business accounts, they probably have limited need for courier service. You will not be liked if your orders or deposits create a bunch of new expenses (courier). This is the kind of bank you want to be up-front with and see if you can work out a deal to take all their extra coinage, reducing their expenses. I haven't really hunted in a couple years but I still get occasional calls asking if I want the 'extra coin'.
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Moderator
United States
187702 Posts |
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yeah, what happened to service nowadays? Next thing ya know service stations will start making us pump our own gas and characterize it as doing us a favor. Oh, waitasec . . .  Quote:
Coinstar gets a commission on the Gift Card, that's how they're able do it. Everybody wins.  |
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Replies: 37 / Views: 5,102 |
Posted 06/25/2015 5:05 pm
