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HoardCopperByTheTon
Administrator
USA
6807 Posts |
 Posted - 05/30/2008 : 21:11:08
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Got a notice in the mail yesterday from Bank of America advising me they had kindly extracted funds from my account.
Advice of Charge: CREDIT
Reason: Crediting your account $19.95 due to unverified coin shipment.
Questions: Contact the Bank at the phone number listed on your account statement.
The branch listed was the one I occasionally deposit a couple of bags during lunch at.
$19.95 seems much more like some arbitrary service charge rather than their counting machine was so whacked it came up that short on one of my bags. I went in to talk to them today, but of course there was nobody at the customer service desk. Will try again next week. I would much rather have them tell me face to face they are going to rip me off rather than telling me over the phone. I have been depositing at this branch for several months and there has never been a charge before. They never said anything about there being a charge for me to deposit money into my own account. Doesn't $19.95 seem kind of high for depositing $100? Heck, CoinStar only rapes folks for 9%. If they didn't want me to deposit my money there they could have just asked nicely. Wonder how they arrived at that figure.. heck, why not just charge $99.95? Nobody else I know that deposits large amount of coin with Bank of America has had any problem like this. Probably a branch-specific thing.
I'm sure it was a bank error and they will correct it. If not, I will have to start packing my lunch so I can spend my lunch hour out in front of their bank with a protest sign. Maybe I will make up a few signs so I have a little variety. I'm sure some of my buddies on the penny board can come up with some appropriate wording for the signs.
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PennyProspector
Penny Pincher Member
USA
212 Posts |
Posted - 05/30/2008 : 21:18:15
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Perhaps they are just Jealous that you have nicer coin counting equipment than them!
Serves you right! trying to deposit American currency into an American Bank!!! what where you thinking?
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Happy Prospecting! |
Edited by - PennyProspector on 05/30/2008 21:21:54 |
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fiatboy
Administrator
912 Posts |
 Posted - 05/30/2008 : 21:42:38
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| And they didn't give you any advance notice? |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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PennehChaos.
Penny Collector Member
USA
269 Posts |
Posted - 05/30/2008 : 21:43:16
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Credit or charge?
Was this the same BofA that called you when they needed coins? |
Considering Verizon Business service? Perhaps you'd like to consider a nice drain cleaner enema instead? |
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natsb88
Administrator
USA
1850 Posts |
Posted - 05/30/2008 : 22:04:11
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quote:
Originally posted by HoardCopperByTheTon
Got a notice in the mail yesterday from Bank of America advising me they had kindly extracted funds from my account.
Advice of Charge: CREDIT
Reason: Crediting your account $19.95 due to unverified coin shipment.
Questions: Contact the Bank at the phone number listed on your account statement.
Sounds like they're giving you $19.95, maybe for the pennies you sold them. Unless they have also redefined the term 'credit,' which wouldn't really surprise me... |
Nate
The Copper Cave
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jorhyne
Penny Pincher Member
174 Posts |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/30/2008 : 22:51:33
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| The wording is correct even if the principle is not. A credit to my account means they are taking away (stealing) money from me. They are debiting their cash account and crediting my cash account. A debit is positive and a credit is negative for an asset account. This is what I do for a living. I know the wording can throw folks sometimes but big banks are not above a little obfuscation. No advance notice. This is a different branch than the branch that called me when they needed a few boxes of pennies. The one that called for pennies is the good branch.. my main branch.. where I pick up and drop of $600 at a time. You can bet I won't be delivering any boxes of pennies to this other branch. |
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 05/30/2008 22:53:09 |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 05/31/2008 : 00:23:17
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Man-o-man.... Sucks for you if this is becomes a Bank of America norm.
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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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 05/31/2008 : 07:42:55
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| I have avoided all forms of contact with BOA since I found out they charge to cash a check. That is a breach of contract and a violation of state law. I don't need to deal with law breakers. |
A penny sorted is a penny earned!
Please use tinyurl.com to post links. Long links make posts hard to read. |
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tadpole
Penny Sorter Member
63 Posts |
Posted - 05/31/2008 : 09:51:49
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In my area all "unverified" bags of loose coin are sent to Brinks to be verified. Brinks probably charges B of A to transport the coin to their counting facility as well as a charge to count the coin and report back to B of A the results of the count.
B of A probably has a standard charge in their system for each bag of "unverified" loose coin that you deposit to your account. Their computer sysstem is probably automatically posting those charges to your account. I have had that problem in the past and the branch manager should be able to reverse the charge. In my situation that usually clears it up for a month or two and then the charge shows up again and a phone call with the branch manager should get it cleared up.
Good luck. |
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 05/31/2008 : 10:10:24
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2 bags - 5000 coins each $100 - $19.95/100.00 = 20% charge. Coinstar is 7%.
You need to watch out for these banks as they have taken a bath on the mortgage mess and will look for any way they can to make make a profit. They must give advance notice if this is a new type charge. Definitely let us know how this turns out. |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 05/31/2008 : 10:14:26
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| the way that is worded is that it sounds like the machine gave you $20 extra. I guess they try this to everyone. Because we all know you counted out $100 with one of your counters. |
"99% of all lawyers give the rest of them a bad name"
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/31/2008 : 10:23:19
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Saul.. better add Chase to your list of banks to not do business with. Another member reported that they would not cash a Bank Cashier's check drawn on their bank made out to him. They don't seem to realize that not honoring their own check just because a person does not have an account there virtually guarantees that they will not be doing future business with this potential customer.
Of course if they want to charge at this branch for depositing loose bags I can always deposit at one of the other 100 branches between home and work. I can also fire up the automatic rolling machines and roll my own but the rolling machines are a little slower than the counters and the paper runs about half a cent a roll. Zinc disposal is always a challenge.
Welcome to the forum tadpole. I think you may be right. The banks try to automate fees as much as possible. It just really seemed odd that this is the first time I have had this problem after depositing at this branch for 6 months. I have never had one of those talks with the branch manager where they tell me they think I am giving them a bit too much penny action. I think the bigger banks actually have fixed contracts with the coin services such as Brinks for all coin servicing, but there would probably be a cap on weekly amounts stipulated in the contract. Maybe my 2 bags of pennies put them over the weekly limit and they decided to bang me for it. Perhaps the branch manager can give me a verisimilitudenous explanation. |
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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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 05/31/2008 : 10:34:53
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| either way, its a cost of doing business, not a fee for the customer. |
"99% of all lawyers give the rest of them a bad name"
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TXTim
Penny Hoarding Member
629 Posts |
Posted - 05/31/2008 : 12:26:58
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I hope it is just a computer automated charge that can be rectified.
You are certainly doing the right thing by having a face-to face with the customer service rep.
What do you plan on telling them if this is a "legitimate" charge - besides protesting with a sign?
I'm sure you know you can catch more flies with honey rather than vinegar.
Good luck and keep us updated! |
Beer is my currency. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/31/2008 : 15:40:47
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| Hopefully it will get worked out. The manager at this branch has always been friendly to me. If they want to to charge usery rates I plan on asking exactly how much and in what format (bagged/rolled) I can deposit before they want to slap me with charges. I have alternative dump banks but this branch was really convenient for dropping off an occasional couple of bags at lunch time since it is on a mall loop where I usually go for lunch. |
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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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 05/31/2008 : 15:55:09
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Bancorp South credits my account $25 for ever loose bag of zinc I deposit, even though this number is not verified at their branch.
My pennies are verified for count at the Fed Bank branch in Memphis, where Bancorp South sends my pennies.
Since I weigh the zinc between 13.6 and 13.8 lbs based on my postal scales only being accurate in 0.2 lb increments, the calculated value of each bag would be approximately between $24.70 and $25.10.
A couple of times a month Bancorp South will adjust my account to correct for the exact count, and since I never turn in bags that are over weight some or all of my bags are going to be a few cents shy of $25. If I've deposited 50 bags in a month, and each one is off by a maximal value of say 30 cents, then I could expect to see $15 being debited from my account.
Of course if I were to over-weigh my bags I would expect an honest bank to credit my account, but this hasn't happened yet.
Are you sure this isn't just a counting adjustment or perhaps even a paperwork mistake, and not a user fee? With the volume of pennies you deal in mistakes will happen.
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Sorting In Northwest Mississippi |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/31/2008 : 16:32:00
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| That is why I am being openminded going in. Just have to get there when they actually have a CSR on duty to explain things. I wouldn't think it would be a counting adjustment since all my bags are exact count and I don't really deposit very many bags at this particular branch. |
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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tadpole
Penny Sorter Member
63 Posts |
Posted - 05/31/2008 : 23:08:58
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| I have from a reliable source that the Fed edoes not piece count bags of coin to verify the contents. They coin needs to be in $50 bags, either plastic or cloth bags, sealed, and a tag indicating which bank and branch is depositing the coin. The bags are weighed and if within a weight tolerance are accepted. The Fed does not charge the bank for this service, however there may be a charge for transport from their armored car service. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/01/2008 : 00:27:06
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Most banks claim to ship the coins off to their "Central Vault." There central vault is probably an area on the floor of some coin processer right next to the "Central Vault" of their competitor bank.  |
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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kieblera5
Penny Hoarding Member
USA
859 Posts |
Posted - 06/01/2008 : 02:22:03
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quote:
Of course if I were to over-weigh my bags I would expect an honest bank to credit my account, but this hasn't happened yet.
Yeah, right... honest... good one. |
Democracy is being allowed to vote for the candidate you dislike least.
Never argue with an idiot. They will drag you down to their level and then beat you mercilessly with experience.
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 06/01/2008 : 07:51:50
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They probably found another "stanch" of sub-prime loans that they acquired when they bought MBNA.
With real interest rates in the negative, (falling below the rate of inflation), we can all expect to see a lot of creative fees coming our way. Scrutinize all of your bank statements like a hawk. Doubly so for CC statements, if you use CC's. |
"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 06/01/2008 : 13:13:13
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| I intercepted bags of pennies that were about to be shipped out by one of my credit unions. They had an index card attached that was stamped with the credit union name and address on one side, and the Royal Bank of Canada Main Branch in Vancouver on the other side. Since they had a premade stamp on hand for the Royal Bank - I'd say that is where they dump excess coin. Not into any other part of thier credit union system. Very good to know as I use another of that credit union's branches as a dump location :) So it is safe to pick up from one branch of the credit union and dump at another since the excess coin just gets shipped off to the biggest RBC branch in Western Canada. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 06/01/2008 : 20:59:58
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Hoard,
BOA is the bank that gave me $45K interest free for a year. The $19.95 that they charged you is just an effort to recoup part of what they are losing on me. Also, I make my payments on the 45K in halves and pennies. It makes a nice dump. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/01/2008 : 21:32:35
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| Well I guess it is OK then as long as it is going to a good cause knibloe. I guess I am just not a big enough player. |
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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TenBears
1000+ Penny Miser Member
USA
1021 Posts |
Posted - 06/01/2008 : 21:41:51
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quote:
Originally posted by HoardCopperByTheTon
The wording is correct even if the principle is not. A credit to my account means they are taking away (stealing) money from me. They are debiting their cash account and crediting my cash account. A debit is positive and a credit is negative for an asset account. This is what I do for a living. I know the wording can throw folks sometimes but big banks are not above a little obfuscation. No advance notice. This is a different branch than the branch that called me when they needed a few boxes of pennies. The one that called for pennies is the good branch.. my main branch.. where I pick up and drop of $600 at a time. You can bet I won't be delivering any boxes of pennies to this other branch.
This is one of the reasons I could never be an accountant. This sounds like doublespeak to me. In terms the layman can understand: I think you're getting hosed. |
"Rich," the Old Man said dreamily, "is not baying after what you can't have. Rich is having the time to do what you want to do. Rich is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells. Rich is not owing any money to anybody, and not spending what you haven't got." Robert Ruark
there are too wild Indians...
there are too wild Indians...
there are too wild Indians...-----still taunted
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Bank Fees - Arbitrary?
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