Here's the problem with that, banks are for putting the money made by the government out to the public. Their mission has changed over the past decades to give them self less work and reduce their responsibility to the public. Mostly this comes form CEOs and shareholders trying to add more gimmicks to the outrageous loan sharking banks do.
Banks are the reason the FRB has so many Ikes and "golden" dollars sitting because BANKS refuse to order them and use them. People don't have a choice and say. I just found out form 1 of my banks today that the BANK decided it would not offer bag of large dollars even to its business customers. Though banks get their bills from the FRB ordering system and right there the bags of coins also exist. the bank jsut refuses to offer it as a service. That is the whole reason the banks CAN get money from the FRB is because they are supposed to distribute it, but they are refusing to do so? [um]
Like many other places that have long gone deregulated, it might need more restrictions on banks and a reminder of what their duties are to the public. It isn't the job of the gas stations to make change for a dollar, but that is EXACTLY what many banks will tell you to do if you don't have an account.
Banks are just trying to find more ways to rip people off after the TARP incident and nobody is doing anything about it. Banks don't want coinage sitting around that most people don't ask for because most people don't even know they can get anymore since banks don't hand out halves when checks are cashed or $1 coins. They don't have a fear of being robbed why else would they only want to deal with bills and electronic payments? bills are what robbers in every movie or news broadcast go after! Banks are jsut downright lazy, like every other business and want to reduce the effort and raise the price. 16 oz can of vegetables for $1? Not anymore, not it is 14.75 oz in the can and they cost $1.25!
People don't use banks because they enjoy going to them they are ALWAYS a hassle that nobody enjoys doing, and the tellers don't enjoy it either having to deal with upset people, but it is the management of the banks that caused the problem so they can buy themselves a new yacht or backyard golf course!
People are just sick of it and too little too late figuring out they need to do something about it, but what can you do?
Banks just need to go back to accepting their responsibilities and then,MAYBE, they will have happy customers and people willing to open accounts. every added fee isn't like it wasn't work the salary paid tellers weren't doing before and the tellers salary isn't going up for it, so it is just a rip-off scheme.
You serve your bank, the banks no longer serve you. That is the problem.
IF banks could get away with it, they wouldn't have ANY coins for anyone unless it was a withdrawal or check cashing not even for businesses and some have even discussed it as being a removed feature for its customers! They forget when the business has to close up while it tracks down some quarters to make change with, then it will have less to deposit and invest from that business.
CEOs are not only the problem with modern banks, but with everything. They get paid to come up with more schemes to pay the CEOs more and do NOTHING for any business they are a part of. Pretty much just like politicians.
Also don't forget something major that was lost "The customer is always right." So it shouldn't matter if the account is business or personal, being able to trade your $10 bill for a roll of quarters should be a simple task.
the ONLY thing businesses do to impede banks with coinage is they stopped taking coins. One time at a
Walmart I tried to spend a roll of halves and they said they couldn't take roleld coins, and told me to take them to the Coinstar. Then they tried to tell me they don't take halves anymore. Only when the manager came did the cashier get "educated" to "shut up and take the cash".
Here is something for you to ponder @jgfin:
You go into a store would the reject your $1 bills or count them for payment? They would take them. But a $1 coin they get scared about. Again, CEO and management policies and other reason as has been explained to me, but anywhere I say it when its the sotres reasons people get upset, so I will let you figure it out.
Just people don't want to use coins they have gotten complacent with plastic payments for everything since it requires less human work and the computers do it all. I personally can't wait for this hurricane right now to take out electronic banking on the east coast and see these lazy people have to learn how to handle cash when the power still works but the credit card machines are all down.
Posted 10/01/2015 04:47 am
