Half Dollars In Fed Vaults? - Page 2

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Author	Replies: 23 / Views: 4,546	Page: of 2

Bowfin Valued Member United States 296 Posts	Posted 09/25/2008 6:54 pm Quote: They were instructed not to accept any halves or large dollar coins. I asked what if I brought in some halves and said add this to may account. They said there were instructed to tell customers to take them somewhere else. Can they legally do that? They may not be as common as other coins, but not that uncommon, and they are legal tender. I can see an uninformed merchant sometimes getting picky about certain coins, but a bank... That is just illogical beyond belief... Edited by Bowfin 09/25/2008 6:55 pm Report this Post to the Staff
CardinalsBoy New Member United States 10 Posts	Posted 09/25/2008 9:26 pm ive never had trouble having them expect them at a bank, never heard of a bank not accepting a half or dollar coin. Report this Post to the Staff
Silver Eagle Pillar of the Community United States 858 Posts	Posted 09/25/2008 9:49 pm Legally, a bank cannot reject any legal tender currency brought in by a customer. Odd coins maybe be difficult to stock and get rid of, but all a bank needs to do is ship them out to their main office or FED when they get a certain number of them. I understand these odd items can be a hassle for banks, but it is part of their job to supply currency based upon demand. More often nowadays, I see many banks cutting back on "customer service" and focusing primarily on sales. In my opinion, if it is legal they should be ashamed to even suggest not accepting it. Report this Post to the Staff
Michelle K Valued Member United States 80 Posts	Posted 09/25/2008 10:04 pm I was told by someone at a farmers market that "they didn't except those dollar coins" because "they wanted real money, not fake money". It was all I could do to not laugh out loud at the lady. She acted as if I was trying to cheat her or something. I asked to speak to the 'owner' of the booth and she cleared it up but that lady was even madder when she realized she had been stupid. I think I'll get my eggs somewhere else for a while. Report this Post to the Staff
CardinalsBoy New Member United States 10 Posts	Posted 09/25/2008 10:25 pm They just think quarter is highest denomination of our coinage..anything else its fake! or something to em. does anyone really know how many halves are in the fed vaults? Billions? by law would they have to mint more if they ran low/out? Report this Post to the Staff
mycrob Pillar of the Community United States 2602 Posts	Posted 09/26/2008 09:21 am I spend halves all the time and never had them turned down. Earlier this week, I paid for dinner ($30) in halves in those yellow Fed-wrapped wrappers and waitress did look at them and asked what they were. She took them to the manager and they accepted them. I never, ever take halves back to the bank, but spend them to do my part in getting them back into circulation. But, yes, 9 times out of 10 I get an interesting reaction when I use halves. Report this Post to the Staff
Madmartigan Valued Member United States 264 Posts	Posted 09/28/2008 11:05 am I'm one of those also that spends halfs, dollar coins, and $2 for things. I pick up anything the bank teller has to get it out of her drawer. In return they keep everything for me that comes in. I've even been called on my cell phone to be told someone dropped off $50 in halves in old wrappers before. The mexican place I eat lunch at is use to me paying in the odd coins or tips. The McDonalds on the other hand is always a riot. About 1/3 of the time the casher doesn't say a thing, another 1/3 of the time they take the $2 bills to the manager thinking they are fake, and the last 1/3 someone at the store ask do I have more (pres coins and $2 bills). The majority of the population just doesn't know about all the different demominations of coin and currency. I even know of one bank teller that pulled a yellow seal note from their money machine thinking it was a fake. Of course someone snapped that baby up before I found out about it. Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 09/30/2008 1:20 pm Quote: Can they legally do that? They may not be as common as other coins, but not that uncommon, and they are legal tender. Sure they can do it. There is no law saying they have to take them, but if they tell their customers to take their money elsewhere they may find them taking ALL of their money elsewhere. Quote: Legally, a bank cannot reject any legal tender currency brought in by a customer. Sure they can. Quote: Odd coins maybe be difficult to stock and get rid of, but all a bank needs to do is ship them out to their main office or FED when they get a certain number of them. That's the whole problem, they are a hassle and they have to fool with them for a LONG time before they get that minimum number to allow them to get rid of them. And then they have to PAY for shipping to get rid of them. Quote: I understand these odd items can be a hassle for banks, but it is part of their job to supply currency based upon demand. Whatever gave you the idea that it is their JOB to supply currency of any kind? Their JOB is to make money by making loans and collecting interest. In order to do that they have to have money so they accept deposits from the public and in order to encourage the deposits they offer interest on the money. But the exchange of currency at the tellers is merely a convenience they offer to their customers not something that they have to do. Which is why they don't always provide that service to non-customers and why in some cases they even try to discourage the use of their tellers. It costs them money rather than making them money. To the banks, having to deal with the public other than receiving money from them, is a bother they would really not have to bother with. Report this Post to the Staff
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