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Replies: 9 / Views: 6,624 |
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Valued Member
United States
74 Posts |
I've read some of your stories about being charged extra money or being denied services at banks because of depositing coins too often. To prevent this from happening, how often should I deposit coins? I don't mind lowering the number of coin rolls I hunt if it means staying friendly with bank tellers/managers.
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Pillar of the Community
 United States
5953 Posts |
I have been told by several tellers at Wells Fargo that they do not accept coins.... I thought this very strange after all they are a bank. I talked with customer support and it was confirmed that they do not accept coins. However several of my local branches do not seem to have been informed. I have no problem dumping 1 or 2 boxes of half dollars a week. The only issue I have had is the the supermarket branches have small safes and sometimes they will refuse the boxes because there is no room. I use Chase for my metal detecting finds as they don't seem to care what state the coins are in.
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Pillar of the Community
United States
2520 Posts |
I have run into a problem with one particular bank! They actually wrote me a letter demanding that I close out my account or they would do it for me. I gather they thought I was engaging in some sort of illegal activity (depositing cash one day and making a withdrawal the next day). I figured out (with my new bank) that if I start out slower and the tellers get to know me by sight...I have no problem. This plus the fact I no longer deposit the coin, I just cash them in. This way the main office doesn't see any of my transactions!
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Valued Member
United States
270 Posts |
At the banks we can spot collectors really easily. They should have known that you were collecting and looking through them.
Don't always think that just because you to a cash exchange that it isn't recorded that you did it. Everything that we do for a customer dealing with our cash drawers is put into our computers, in case there is an offage in our drawers we have to know what cash has gone in and out of our drawer.
It is becoming more common at bank branches to not have coin counters, which is why most of us do not accept loose coin. We are able to have bags of coins (mixed or not mixed) sent to our armored car service and they will count the coins and let us know the amount and then we will credit your account for that amount. We do charge $5 to be able to do that because that is the exact amount we (the bank) are charged by the armored car service. We do have a couple of branches in our city that have coin counters and we don't charge for that, but if the customer doesn't want to go to those branches we can either ship the coin out for a fee or the customer has to have the coins already rolled.
The best thing to do is let your bank know what your doing. We are much more willing to do extra things for customers when we know what to expect. If we know you will come in and get a certain amount of coins and redeposit or exchange those coins, we can prepare things and be more likely to have what you want on hand. Each bank has a certain limit to how much money we can have in a branch at a time and we try to keep only the amount we actually need on hand.
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Pillar of the Community
United States
2520 Posts |
Quote: Don't always think that just because you to a cash exchange that it isn't recorded that you did it. Everything that we do for a customer dealing with our cash drawers is put into our computers This is true to the extent that the tellers have to mash alot of buttons if I want to give them 2 $1.00 bills for a roll of nickels or vice versa! But they have no idea who I am or what my account # is. I walk in with alot of rolls of half dollars and the teller asks if I have an account with them (I say yes) she does her job and hands me my money. These are not branches that I regularly do my banking with...just dump banks (so they have no name to match to my face).
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Valued Member
United States
193 Posts |
My credit union has a coin counting machine (no fee) in the lobby. Dump in the coins, get a voucher, deposit it or collect the cash.
I keep an account just for my coin purchases and to use the service.
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Pillar of the Community
United States
6326 Posts |
There are still plenty of banks, that you don't have an account with, who don't charge anything.....as long as they don't see you too often and the amount isn't too munch, in as far as "purchasing rolls". But my, "dump station", is one of my four branches. And it's one I rarely use except for this. $500.00 in halves.......or giant bags of nickels.......Lincolns.....etc. , It's all been okay so far. Dumping at a bank that isn't one that you have an account with, wouldn't be successful very often I would think.
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Bedrock of the Community
United States
20753 Posts |
IF you do find a place that will accept bulk coins, use them as fast as you can. More and more banks are stopping accepting coins in large quantites. By me Bank of America, Chase, Charter One and a few smaller ones all have stopped accepting coinage in quantities to large for a fast teller count. At Bank of America I have been told that any branches with coin counters can use them until they break down. Then they must be thrown out. Bank of America by me will still take coins but they will bag them and send them out for counting. Naturally there is a fee for this. The amount will be intered into your account withing a few weeks. NO ACCOUNT? Then the fees go up and you really have to wait for your cash. Charter One just says NO. Chase is going to start the same as Bank of America soon but until then, no bulk coins. Rolls will also be a higher fee since all rolls will have to be opened to be counted. This takes manpower and someone has to pay for that service. Some of the reasons are the constant individuals with no purpose with coinage except to buy them, look through them, return the left overs over and over and over. This takes up tellers time and who pays for that? Another biggy is the latest craze of short rolls. Every roll is either short one or two coins or have a washer placed in the middle. Such rolls returned to a bank will have a larger fee inacted. Many have brought in bulk coins to a bank during rush type hours tying up tellers and creating long lines which irritates normal, regular customers there to do everyday transactions. Stop in realize how this coin collecting increased amount lately has placed a monitary burden on the banking people. Someone must pay for tellers time to handle constant flows of coins in and out and in and out. One sort of funny story was when I asked, at Bank of America, about these procedures was when I said what if I brought in 1 half dollar. A teller said it would have to be sent out for counting and the amount, minus a fee, would be entered into my account. Banks rules Sir.
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Valued Member
United States
270 Posts |
Quote: This is true to the extent that the tellers have to mash alot of buttons if I want to give them 2 $1.00 bills for a roll of nickels or vice versa! But they have no idea who I am or what my account # is. I walk in with alot of rolls of half dollars and the teller asks if I have an account with them (I say yes) she does her job and hands me my money. These are not branches that I regularly do my banking with...just dump banks (so they have no name to match to my face). If someone is just exchanging a few dollars in then we generally don't have to get your account information, but if someone comes in with a bunch of rolls, I have to look up the customers name and after I have found the customers name in the computer everything I do is connected to that customers name and accounts until I end that customers visit. Not all tellers do this even though they are suppose to, but if the teller knows who you are in anyway there is a good chance that its being entered into the computer with your name. They may even do that after you left the teller window. Only time it's look at is if there any problem with the teller drawer. No one else would be looking at it.
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Pillar of the Community
United States
2224 Posts |
I guess I have it pretty good, based on some of the coin dumping horror stories I have heard! I dump in two locations in my town. My bank is a very small bank, and while they are happy to order coin for me at no fee, they really would rather not have to take in what I have looked through. And, since I have a fantastic relationship with this bank, I totally respect that. So, I return about half of my nickels and all of my half dollars to one Chase branch. I don't have an account with them anymore, but the folks at this branch don't know that! I give them anywhere from $100-$200 in nickels and over $1000 in half dollars per week. All coin rolled; they have no counters. The other half of my nickels and all of my cents I bring to a different bank (also one where I have no account) that has a counting machine in the lobby. I give them $100-$200 in nickels and about $50 in cents per week. Dump them in the machine, pull out the receipt, sign it, go to a teller, get my cash. Works pretty good!
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Replies: 9 / Views: 6,624 |
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