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Question About Coin Machines

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MattDrew's Avatar
United States
146 Posts
 Posted 12/22/2009  08:32 am Show Profile   Bookmark this topic Add MattDrew to your friends list Get a Link to this Message Number of Subscribers
I went to my dump bank the other day and after a malfunction the lady had to open the front of the machine. I saw another reject bin. She wouldn't even let me look in it. I asked her If I could buy what was in it and she said no. She said they fill out forms and sends them in. What is the deal. If anyone has anything to offer about any of this or any other things they want to add feel free.
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SeatedNut's Avatar
United States
2797 Posts
 Posted 12/22/2009  08:40 am  Show Profile   Bookmark this reply Add SeatedNut to your friends list Get a Link to this Reply
Matt,

I can understand your frustration there. Banks have to balance accounts down to the penny (cent for you purists). They have procedures for everything to ensure proper accounting. This is just an example of one of those procedures. It is in the banks operating instructions to send those rejects in for an "expert" to complete the accounting. We see it as bureaucracy, which is what it truly is. Normally there will be no flexibility in their procedures.

btw they were probably only $5 gold Indians rejected by the nickel sorter.
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AGCoinHunter's Avatar
United States
625 Posts
 Posted 12/22/2009  08:51 am  Show Profile   Bookmark this reply Add AGCoinHunter to your friends list Get a Link to this Reply
I have to disagree with you SeatedNut. These coin counters only balance out after the bags are full and the reciept is printed out. That is what they use to zero out their drawers at the end of the day. What goes into the reject bin has no bearing on their account balanceing. I have seen on many occasions dimes in the penny bags, and the teller could care less. All they care about is that they have a reciept to match the amount that is supposed to be in the bags.
I would suspect that the teller or someone there collects and keeps whats in the bin. I have on multiple occasisoins asked to see the internal reject bin and most times they will just give me whats there. Another possibility is the owner of the machine (coinstar, ect) might have a policy that they keep what is in the reject. Hope that helps...
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SeatedNut's Avatar
United States
2797 Posts
 Posted 12/22/2009  09:07 am  Show Profile   Bookmark this reply Add SeatedNut to your friends list Get a Link to this Reply
It's OK to disagree.

My bank has this written policy on their counting machine also. I did take it up with the bank mgr. and she informed me that was their written policy (regardless of the reason). My further explanation to Matt was an attempt to rationalize this procedure. In reality, I don't think I'll ever know the "real" reason for this. I work for the government and am used to red tape. I chose not to pursue it further with the bank.

And I still think those coins in the reject bin were GOLD!
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Indian1's Avatar
United States
3640 Posts
 Posted 12/22/2009  09:27 am  Show Profile   Bookmark this reply Add Indian1 to your friends list Get a Link to this Reply
I guess each bank does their own thing.
I belong to a credit union and they just fill up the
bags with ea. denom. or as close as they can get to that
as coins do get mixed up in the bags. They do not even count
them. The A truck picks them up and the bank has the co. count them
out. I wanted to buy the big bags off of them and they said no. That
is when I found all of this out. On the regular/older style machines
they just count and reject coins because of size diff's. The newer ones also do the same but also reject silver coins. I know the coinstars used to always reject the silver but not sure if that is still true now.
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MattDrew's Avatar
United States
146 Posts
 Posted 12/22/2009  10:35 am  Show Profile   Bookmark this reply Add MattDrew to your friends list Get a Link to this Reply
I think the bank manager might get them, last time I was dumping and was standing in line for my money I seen him check the outside reject bin. I think I will take it up again with them when I am there and it isn't busy.
Bedrock of the Community
United States
20753 Posts
 Posted 12/22/2009  2:42 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:

It's OK to disagree.

My bank has this written policy on their counting machine also. I did take it up with the bank mgr. and she informed me that was their written policy (regardless of the reason). My further explanation to Matt was an attempt to rationalize this procedure. In reality, I don't think I'll ever know the "real" reason for this. I work for the government and am used to red tape. I chose not to pursue it further with the bank.

And I still think those coins in the reject bin were GOLD!


Sounds like you have the same banks I do. I use 5 different banks around me and all now have similar policies about coins.
If they have a couting machine and it breaks dowwn, out it goes. No longer will accept large amount of coins.
Any coin that creates a jam in those machines is packaged, sent to a place to assertain what caused the problem.
Any coin that is rejected also goes into those packages. NO Exceptions.
Lately if you bring in coins to be counted, they are place in plastic bags, sent out for counting and the eventual amount entered into your account. Naturally a charge for that. No ACCOUNT? larger fees.
The above includes rolls and loose coins.
At none of these banks you can order coins in bulk unless you have an account and a buisness the requires coins and can prove that.
Also, no longer will they accept, keep nor order half dollars.
You would never hear of any coins now rejected or jam creating since you are not where the coins are counted anyway.
Sort of kidding around I asked what if I bring in a half dollar to be deposited. Not sure if the teller was kidding but she said it would be placed in a plastic bag and sent out for counting. Bank rules you know.
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