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 Replies: 36 / Views: 5,383 |
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Pillar of the Community
United States
858 Posts |
Normally, I frequent banks for my financial transactions, but I decided to drop off a box of halves at a credit union I have a car loan with. There are roughly 4 locations of this credit union within 20 miles or so of my house. Anyway, on my way home from work, I stopped at a location I normally don't frequent, to make the monthly payment on my car loan. Many of you understand that after going through 2-3 boxes of halves a week it can be tedious dumping them, so I try to spread the dumps out: pay the mortgage at one bank, a credit card bill at another, make a deposit at yet another bank and my car loan at the credit union. I have a pretty good system of mapping out my dumps so that I usually don't visit the same branch of a bank within a two month period. To get back to my story, I walk in the credit union with my box of halves and walk up to the teller window. I explain that I want to make my payment and take $200 back. She gave me this odd look and said, "We can't take those, we don't have room in our vault." I politely responded, "You don't have room for one box of coins in your vault? This is cash and I would like to make my payment today." she called her supervisor who agreed that they couldn't take the payment and they told me to go the other nearest location about 6 miles away, in city traffic. She explained my other option was to come back tomorrow. I said nicely, "I don't have time tomorrow, I am here right now and need to make this payment because it is due in 2 days. Still, both declined to take my payment. I just looked at them like they were from another planet and finally said, "Thanks....for nothing." I was HOT as I walked out of there, but kept my cool and proceeded to the other location, where I encountered no problems at all. Has anyone here encountered a similar situation with a credit union or bank? I have never been turned away from making a cash payment before and think I will call the manager tomorrow to explain my situation. This was horrible customer service, they should have accepted my payment regardless of space or not. I was very angry and didn't have time to play games. I have never had a problem with any bank before. Well, I didn't intend for this post to be this long, just venting a little I guess. I should show up next week with 10 boxes of halves and tell them I want to deposit these.  |
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Pillar of the Community
United States
4000 Posts |
Wow! You're right! That is horrendous service! No room in the vault? Is their vault in the janitor's closet?
I would call and ask for the manager and explain. And if that doesn't get you anywhere, ask him/her for their regional manager. Either way, I'd make it clear they've lost my business.
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Pillar of the Community
United States
1208 Posts |
They cannot decline legal money by law.
The only exemption is pennies in a quantity over 50.
Anything else is legal tender and must be accepted.
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Valued Member
United States
70 Posts |
I found this on the net... Question I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal? Answer The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: " United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues." This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy. -LTB Edited by louie_two_bits
05/13/2010 11:00 pm
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Valued Member
United States
56 Posts |
but if a bill collector came to your house your could dump as many quarters,pennys,dime,nickels,and halves on to him that you want? kol I think next time one comes around my door I'm gonna send him packing with some much change that he could load it into his vehical. lol
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Valued Member
United States
56 Posts |
wow is there anyway to delet my last post? apperently I cant spell worth... o well I'm busy goin through my pennies!!;)
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Pillar of the Community
United States
4000 Posts |
Christopher, Make sure you've searched them first!
You can edit it like I just did to add this.
Edited by Scooby Due
05/13/2010 11:12 pm
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Valued Member
United States
300 Posts |
Yes, I have to agree, I KNOW from experience, the manager of a bank branch or CU can deny your deposit for no reason at all, how do I know this? I had an eggplant at a chase branch tell me one time, "you have to have a business account to deposit coins" which is a lie, I verified that at another chase branch, chase has NO such policy, but the eggplant just didn't want me to deposit coins, by the way, the very helpful girl at the other chase branch, said "bring 'em here, we don't mind at all", SO bottom line, it's all in who you're dealing with, I always try and avoid eggplants wherever they are
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Pillar of the Community
United States
4000 Posts |
Quote:
eggplant  I always thought of a chicken's rear as an egg "plant". |
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Valued Member
United States
300 Posts |
I geuss you could say that..lol
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Valued Member
United States
300 Posts |
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Moderator
 United States
6563 Posts |
What if they actually had no room in the vault on their shelves? They asked if you could come back the next day no doubt after an armored pickup. Sorry, I love playing devil's advocate.  |
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Valued Member
United States
310 Posts |
That CU is BS. no room in the vault? Don't all tellers have a smallish lockable door underneath their counter? I see my tellers pulling coin all the time from there. I would have just put it in there.
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Moderator
United States
6563 Posts |
Quote:
Don't all tellers have a smallish lockable door underneath their counter? You ever lift a box of halves? |
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Valued Member
United States
300 Posts |
Only about 4000 times  |
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Pillar of the Community
United States
1934 Posts |
I think they cant decline any legal tender proffered in demand of payment -- a point of sale transaction (including buying candy or currency) is not a demand for payment.
I reckon if you go to a fill first/pay later gas station and proffer rolls of coins for payment, you can create a "demand for payment" situation...but, you'll get gas instead of coins.
As someone alluded: many private businesses refuse rolled coins...including banks.
I think this issue was addressed in another thread about a month ago.
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Replies: 36 / Views: 5,383 |
Posted 05/13/2010 10:42 pm
