It Happened To Me Too...but Worse!

Bank Fraud? Fraud is a felony.. can they even black list anyone for that if you actually haven't been convicted in a court of law? Is that lawyer suing for ruining your good name? CND, that's just wrong (preaching to the choir, I know..) I hope this turns out well for you and you get an apology from someone.

Texas Trader is dead on and I guess I will join him in front of the firing squad.

First, banks are a business, functioning as a conduit for monetary exchange in both the consumer and commerce segments of the industry, with the sole purpose of making a profit. Yes they are highly regulated by the govt. However, this regulation is primarily aimed at safeguarding depositors investments by scrutinizing how the business is ran and punishes them for losing money. When you calculate the cost of administrating a checking account, issuing statements, stamps, envelopes, charges by the coin handling co.,labor and the likes, a typical roller searcher is seen as a large expense.

The bank is not obligated to do business with all people and has discretion over whom they do business with. If the govt were to force them to accept business that costs them money with the idea being that banks are obligated to serve all business that involves currency, the govt would be obligated to offset some if not all of this lose. We are not part of the financial economy, we do not effect the flow of money or commerce, we are a hobby and banks are not our playground.

If we want to continue with our love going forward, we will have to figure out how to fit into the system. We are either going to have to have enough business with the bank that what we generate offsets the cost of our hobby or we are going to have to pay the costs that we generate. The idea that a bank has to accept our business because they handle the govt's currency is tantamount to the notion that grocery stores must sell you food at a lose so you can afford it "because they feed the world".

We are all being forced to tighten the budget, just as banks are. We want interest on our checking, higher interest on savings, longer lobby hour but at the same time want them to not have the ability to control costs. My grandfather would say, "that's wanting egg in your beer".

That would be a Miller Lite for me.

Jim

YEah, imagine the bank's headache after a quarrel with the Better Business Bureau.

A nice write up in the Editor's section of the local Newspaper (and maybe some of the bigger Newspapers nearby), might get the attention of a lot of folks that do their banking at SunTrust. The article may even land on the CEO's desk and some of the Stockholders may take interest it it as well. I also believe that a local Television Station would love to do a story on it as well!


Frank

Here's a question & answer from the United States Treasury web site. It doesn't address exchanging one type of coin/currency for another, but it does talk about a private business having the option to accept different forms of money.

You know that if everyone could afford to hoard coins, then in 6 months to a year, the Banks would change their tune in respect to cashing in coinage! Once the local and nearby supplies of change dries up, then companies like Wells Fargo would have to pay more to get coins shipped in from elsewhere and pass those extra costs on to the Banks. If the Banks can't meet their demand for coins, then the Businesses will suffer and so will the Banks. The Banks may then have to offer a premium for any bulk coins brought in and cashed in at the Bank. I have seen this happen in 1973 or 1974 with the American Express in Germany! They actually had to offer 2x face for every Lincoln Cent brought in because their' supply was totally depleted and another shipment of coins from the U.S. wasn't expected for at least a month or more.


Frank

xshift, you are dead on. This is a knee jerk reaction by the bank. However, it is not nearly as important to them as it is us. How many roll searchers do you think each branch has. They are not going to put much thought into one or two accounts. We are going to have to get proactive if we want to solve this. If we address it up front as the author of this thread attempted to do, maybe we can find away to make this a win win situation. You know, as I think about it. Vending companies have to have counters. Maybe we can find a way to strike a working arrangement with one of them to process our coins.

Jim

Of course they have the right to turn away a customer for almost any reason they chose. And whatever gave you the idea that banks are there for the purpose of changing money? They are there for one reason to make money. And they make their money by loaning out money and charging interest on that money. To a lesser extent they make it through fees. If they have an account owner whose actions are costing them money rather making money for them it is not too surprising that they would want that account closed.



Now Coppernickeldaddy on the other hand has grounds for a suit against the bank. His unjustly being accused of bank fraud and having that accusation spread around via the blacklist has caused him damage and that should be actionable.