Bank Didn't Want To Give Out Change?

I feel exactly the same way, edweather.

I still remember the infamous day several months ago when I took like $100 of rolled coins into my old bank, Bank of America, and they said "we can only take up to $50 of coins" and "we don't have a machine here, so we can ship the coins out and we will credit your account in around 7 days." I blew up at the teller and the manager and then stormed out of there with my coins, cashing them in at a bank across the street that I was not a member of at the time... I then went about checking out some other banks until I found one which could handle basic transactions like this on a consistent basis.

Could be their policy to hassle any non-customer who walks in the door, maybe they think that will make you want to open an account there.

I agree, and at the same time, banks are some of the largest corporations in the world, and they earn plenty of profit, and to deny some poor slob who 1. traveled to the bank, and 2. walked in, and 3. stood on line, and 4. on a one-time-basis asks for change, and is denied, is just horrible business practice imo. It's not like we are taxing their labor or overhead. I could see it if it's done all the time, that would be different, but these are isolated one time experiences we are talking about. Maybe the banks are right, and can make and enforce any policy they want, but there are friendlier banks out there, and that's where I do my business. I owned a people service business, and we did small things for people for free all the time. Just part of overhead. This is just common sense to me, but then again, look what's going on in the world

No the purpose of a bank, like any business, is to make money. The way they do that is by making loans. In order to make loans they need your money. In order to get people to deposit their money with them they provide safety to your funds, to some extent money from your account on demand, and ease of payment to others via checks. Exchange of money from one form to another is not really a part of their job, but one they will typically do for their customers as a courtesy. They are under no obligation at all to provide that service to non-customers but some will do it as either good will or in the hope of gaining them as a customer. Supplying rolls of coin to business accounts is also a courtesy extended as a way of keeping their usually considerably larger accounts (More money available for loaning) It is not something normally provided to small account holders or people simply wanting to do roll searching because it does result in cost to the banks. You also have to realize that banks try to keep the amount of money physically in the bank to a minimum. To them physical cash is a dead asset that is not out working making the money. This is especially true for coins which a bulky compared to their value. A bank will usually try to keep on hand just a little more then they typically need to service their business accounts. That small buffer is needed for day to day transactions and just a little extra. When people come in asking for rolls of change that digs into the buffer and the bank can be at risk of having to tell their business accounts that they are unable to provide them with the coin they need. The bank doesn't want to take the risk of annoying a large business account to satisfy a CRH or non-customer wanting change.

I think you kind of missed the point of my post. All businesses are in it to make money. That's a given. However, as a Bank, it is part of your duty to handle money. If you're not able to handle money, then by definition, you're not a Bank. When you put your money in a Bank, they're going to invest that money so it can make them a profit.

A well-managed Bank takes into account what is going on daily in their branch. When they add a new CRH to the mix, tellers will typically ask if this is "going to be a regular event." If you say "yes," in my experience the bank will simply make sure they order enough coins to satisfy the new, higher demand for coins. Handling rolled coins is just part of the cost of doing business. If they can't handle rolled coins and/or currency, then they're not a Bank. They're effectively a Savings and Loan or some other type of financial institution.

I think you're reading my mind again, Ed.

Very true, jbuck. The key is how well does the bank manage themselves? A well-managed bank is going to look into all feasible ways to maximize profit. Adding new account holders is one of those ways. By helping out a non-account holder, they just might get them into a savings and/or checking account at some point. And they might end up taking out a loan with that bank someday if they're happy with their experience there. That's precisely what happened with me and my current bank. The customer service at both of their branches was outstanding, and so I decided to reward them for it.

I go to several different banks in my area. I have accounts in several of them for numerous reasons. It is easy to just open a savings account with a minimum amount and let it sit. This way you always have the ability to say Yes, I do have an account here. And too remember that many banks do not report interest on accounts where less than $10 in interest per year to the IRS so having several accounts pays off in savings on taxes. And it makes it easier to get coins when needed. However, lately BOA has been going to more and more indoor cash stations where coinage is not available.