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El Dee
Penny Hoarding Member
USA
547 Posts |
 Posted - 12/27/2007 : 13:50:37
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Today, I stopped at a bank where I picked up some rolls before Christmas. That time, they sent me to the Commercial Tellers window, where I bought them, no worries.
I went directly to the Commercial window this time and asked the bored teller for $50 of cents. "Of what?" "$50 of pennies." She told me that there was a fee. "How much?" She typed her keyboard and said "$7.50 a box." I asked her if that was something new (I don't have an account there *wink*) and she said they charge all their commercial clients for coin. I left.
Moral of the story - don't use a Commercial window.
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Trust the government? Ask an Indian. |
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 12/27/2007 : 14:08:34
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quote:
Originally posted by El Dee
Moral of the story - don't use a Commercial window.
My story is a bit different. My local BofA requests that I use the merchant teller window because he/she has all the coins. So I try to always use that window at all banks. The line is usually much shorter.
No one has ever used the "F" word on me. (fee  )Sounds like you got one of those lazy, non-friendly types that makes up her own rules to suit how she feels. (yes, I said SHE cause I have never had a male teller give me grief  ) |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 12/27/2007 : 14:15:30
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quote:
My local BofA requests that I use the merchant teller window because he/she has all the coins. So I try to always use that window at all banks. The line is usually much shorter.
That was my strategy exactly.
What baffles me is why they gave them without a fee previously. I can't imagine the teller can be so arbitrary. |
Trust the government? Ask an Indian. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
 Posted - 12/27/2007 : 19:07:19
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Many banks charge their commercial customers for services such as rolled coin. 15 cents a roll seems high, even for greedy banks. My bank charges their commercial customers 8 cents a roll, but they give me the coins for free since I am not a merchant. They also typically charge their commercial customers for turning in coin. The rate at my bank is $4 per bag, but again I get it for free. Typically they don't actually charge these fees, they make a note of them and put the account on account analysis where they match the services up against the average daily balance etc. and then charge additional fees if the merchant doesn't keep enough money in their bank to make it profitable for the bank. Providing rolled coin actually costs the banks money. How many banks have you been in where they roll their own? Typically they pay a coin service such as Brinks to provide them with rolled coin for their customers. They are generally willing to eat that as a cost of doing business if they like you but they try to make a little money on the transactions with their merchant customers.
I got several boxes of pennies and nickels at one of my other banks the other day and the teller asked the bank manager if she was supposed to charge me a fee. He told her no, I didn't order them, I was just helping clear the excess out of their vault.
I still say use the merchant window.. that is where the coins are. If they mention the F word just tell them you are a collector and not a merchant and try to talk them out of it.
This is why they have a bank on every corner.. so if one doesn't treat you right you just walk accross the street.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
Edited by - HoardCopperByTheTon on 12/27/2007 19:09:22 |
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Miser-stro
Penny Sorter Member
74 Posts |
Posted - 12/27/2007 : 23:54:03
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Has anyone ever heard of this!!....its along the same lines or perhaps worse in my opinion.
So after hearing about HCBTT's "Guiness Book" Christmas Score, I decided to go to all the major banks in my town looking for halves. To make a long story short, nobody had them. And finally at one bank (PBI) the teller, after I asked her acted like she had some, but as she was reaching over to get them, she stopped and asked me in a snotty tone:
"Um, do you have an acct here??"
No, I replied.
"Sorry we can't change money, if you don't have an acct with us"
I couldn't belive it!! So I asked her.. "You mean to tell me I can't even get a $10 roll of quarters or a 50 cent roll of pennies unless I have an acct!!??"
she said "Thats right, they make us do it for security reasons"
I was TICKED needless to say. She said I could look at the brochures about opening an acct if interested. As it turns out, for the most basic personal acct, they require a $500 minimum daily balance!! No thanks. I don't need their biz that bad.
Is this a first, or is this commonplace in some areas?? |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 12/28/2007 : 07:05:59
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It happens, $500 minum is the most I have ever heard.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 12/28/2007 : 07:07:05
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Minimum. Oops.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 12/28/2007 : 08:22:58
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"Um, do you have an acct here??"
I've gotten that once back when I was randomly hitting up banks for coins. I can't remember the name of the bank, but it was a snooty looking place and apparently they hired tellers to match the decor. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 12/28/2007 : 12:06:11
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$500 does seem kind of high. Must be a really nice bank. Do they have caviar in the lobby for the customers instead of cookies? I opened one the other day that only required $1 to open and maintain a free account. Of course they didn't have a lot of pennies on hand.
I am contrarian. I would actually open an account with $500 at that fancy bank, get what half dollars I could, dump a couple of cartloads of zinc on them and then close the account by the end of the month.. <EG>
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If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Miser-stro
Penny Sorter Member
74 Posts |
Posted - 12/28/2007 : 15:00:34
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Yes HCBTT, I likewise am a contrarian when it comes to situations like this. In fact I was already thinking of the EXACT same scheme you had in mind just to spite them.....
They actually only require $100 to open an acct, then a minimum daily balance of $500 or else they charge $6/mo penalty, which I am going to gladly pay. Only after withdrawing $99 of the money I used to originally open the acct.
Then I will buy all of their halves, and have my first "loose zinc" dump bank, which I will have no mercy on the amount of zinc I unload. At the same initial visit I checked to make sure they had a change counter, and confirmed that it was free for customers. And I proceeded to ask if I had to deposit the change or if they counted it on the spot. Again, in a snotty tone the gal told me that they count the change while you wait. This should be interesting........ |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 12/28/2007 : 15:24:50
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Sounds like a great plan.. you may have found a new dump bank. Well worth the monthy service fee (This from a guy who pays no service fees even though he has accounts at more banks than he can remember.. LOL) You should probably not drain it all the way down to $1 though. When they charge that $6 service fee it will put you in overdraft and they will probably bang you for a $30 NSF fee. If you have to deposit change when you drop it off that is not a problem. You just deposit all your zinc, then walk outside and ATM the money out and take it to the next bank to buy more halves or pennies.
Make sure to eat lots of their cookies every time you go there to dump your zinc. You can get your six bucks back that way. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
Edited by - HoardCopperByTheTon on 12/29/2007 11:24:41 |
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Miser-stro
Penny Sorter Member
74 Posts |
Posted - 12/29/2007 : 03:12:05
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| Thanks for the words of wisdom HCBTT. Thats good point you have about not draining the acct down too low. What I will do then is initially withdraw $75 (in pennies & halves!), leaving $25 to cover the monthly penalty fees, and then just unload on them from there on out. |
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Coin fees
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