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 Replies: 41 / Views: 5,675 |
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Pillar of the Community
United States
6326 Posts |
Before July 1st, I put in an order at my bank for 2 boxes of nickels and 4 boxes of Lincolns...normal for me. I have never dumped at this main bank. There are three branches in town, I dump at the other 2. With my former business and my personal accounts there charting back for over 35 years, I never worried about the cost the bank incurred in armored truck shipping, etc. I figured it's the least they could do for using MY money for all those years...lol Anyway, when they called to say they were in, like 2 weeks later, I went across town to pick them up with my 11 year old daughter. (These were going to be her nickels to start her own Jefferson nickel folder from circulation). As we were waiting, I was approached by the manager. She walked over to the wall and took a pamphlet from the wall display next to me. She gave it to me and said "Effective July 1st we will start charging for all coin roll orders, per roll." The prices were ASTRONOMICAL per roll ! ---  She said she will let me slide on this last order, but was informing me of the new policy. Decades of CRH'ING has ended for me, at least in this fashion that I'm accustomed to. Now, I've been doing this CRH'ing thing off & on for long enough (roughly 20 years prolly) to know that I can still hit random banks for the occasional box if they have one to spare, but I'm just devastated! ---  What I dont know though, is if my bank will charge me for dumping these coins....  I lost the pamphlet, but I will find out soon....  Edited by eaglefoot
07/15/2016 09:17 am
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Moderator
 United States
54282 Posts |
I am amazed that banks have taken this long to figure out another fee.
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Pillar of the Community
United States
1436 Posts |
 . I feel bad for all the CRHs in which something like this has happened...  |
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Pillar of the Community
United States
513 Posts |
The primary bank from which I get boxes of halves charges ten cents per roll for coins that are *ordered* (they don't normally carry halves). They don't charge if it's not a "special" order. I figger five bucks a box is the cost of the hobby. I only "order" one or two boxes each month. If I "ordered" more than that, that might make me think twice about the charge. And five bucks a box for cents or nickels is too much.
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Moderator
United States
188770 Posts |
The dirty secret: Banks are businesses and they need to make a profit; handling coins is expensive.
At least she let you slide on your last order.
I suppose you could seek out other banks, but fees are the reality. It was fun while it lasted.
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Forum Dad
United States
24165 Posts |
Try to ship 2 boxes of nickels and 4 boxes of Lincolns to someone, anyone.... Then tell me why they shouldn't charge you a fee. The people that handle, roll, and deliver those boxes don't work for free so you can find hidden treasures for free.
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Pillar of the Community
 United States
6326 Posts |
I know Dad, but I'm devastated because it HAS been for free for so long ! And I never charged them for using my business money to loan out to other people, (we had many million dollar years), Nor did I charge them for using my personal savings accout or checking account money to make money off of either. No, in fact, they charged me to use my money for their business ventures....  And no interest paid on the business accounts...so. I was just used by them to make money off of my money, and charged a fee for the privilege of them using it in all their ventures. Why should I pay for the bankers trip to Italy and a 3rd home in the Hamptons? Just a few boxes of coins once in awhile while they use my money deposited in their bank that they charge me a fee to keep....it was a nice mutually beneficial situation for the decades it lasted. Now I'm gonna bury it in the backyard & hold protest rallies to encourage others to pull out and do the same ! ---  Edited by eaglefoot
07/15/2016 11:54 am
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Pillar of the Community
United States
513 Posts |
you can bury it in *my* backyard if you want to  |
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Moderator
United States
188770 Posts |
They did not pay you interest on your accounts? I find that odd. Not even 0.25% or some other ridiculously low rate?
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Pillar of the Community
United States
4085 Posts |
Dear eagle foot, We forgot to tell you - we are also going to start charging for the suckers at the front counter. They are now 10 cents each and you owe us 20 cents. Sincerely, The Bank  I feel your pain Edited by KenKat
07/15/2016 12:00 pm
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Pillar of the Community
Russian Federation
5174 Posts |
Quote:
They did not pay you interest on your accounts? I find that odd. Not even 0.25% or some other ridiculously low rate? I suppose it might not have counted if it was less than 0.1%. But interest rates on bank accounts can get really ridiculously low - I recall that my grandmother once got a receipt for like 1 cent (can't recall the specific amount) in interest, with an interest rate of 0.0013%. (It actually said 0.0013% on the receipt.) |
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Pillar of the Community
United States
4333 Posts |
Simple solution.
Find a new bank, there are many to chose from!
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
6326 Posts |
JB, interest on the business account NO....personal...yes. I even called them one year to ask why we don't get interest on the biz account....they said you can't & it's illegal to do that in fact.... We were incorporated, if that matters, I dunno. KENKAT
Edited by eaglefoot
07/15/2016 1:18 pm
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Pillar of the Community
United States
4212 Posts |
Other than Moneytree, I now have another such biz that I use. Dumps go into a savings acct.
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Pillar of the Community
United States
858 Posts |
Eagle foot - I'm curious as to what they are charging per roll? Usually the bank eats these fees from the armored carrier as a 'cost of doing business' especially since you are quite a valued business customer. The high fee sounds like a deterrent to coin searchers who order and dump a large amount of coins.
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Rest in Peace
United States
2668 Posts |
Sorry to rain on the parade of the reasonable people, but it is called PR. Meet with the manager and CLOSE all of your accounts with that bank. Be friendly, shake her hand, and don't forget to leave the pamphlet on her desk. Yes, banks invent new fees constantly. Paying them, if you can avoid them, is the height of non-CCF thinking. Let your daughter think this one out, her imagination might not be as rigid as yours. CRHing is over-rated. Spend your time going through the furniture at other people's houses. You can find enough to buy a pizza! No, really! Get a Haz-Mat vest, a respirator, and start metal detecting outside the bank on public property. The manager WILL work with you. I've got even better ones if you need them, I collect devious. Yeah, OCD.  |
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Replies: 41 / Views: 5,675 |
Posted 07/15/2016 10:27 am
