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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 06/04/2006 : 15:18:52
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Anyone know if the banks have to pay extra to get their coinage? Or is it all part of the deal that companies such as Brinks makes with them for their FRNs?
My guess is that they don't pay extra or it would be real difficult to get coins from them (the banks). But I don't know for sure. Do you?
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If you can conceive it, you can achieve it. -Napoleon Hill
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5 Posts |
Posted - 06/05/2006 : 14:20:14
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| I just heard today that at least one of the banks around here does seem to do this for their "boxes" of pennies (for freight, etc) and then transfer this cost onto their commercial customers...or else they were pretty fast on their feet avoiding getting me any pennies (except 1 box)...so they must have some discretion. |
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42 Posts |
Posted - 06/05/2006 : 17:35:11
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| Hi Kevin, Glad you jumped in. I believe your correct in the passing the cost onto customers. Seems they do it for almost any silly thing. |
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realcent
Forum Admin
USA
246 Posts |
 Posted - 06/05/2006 : 18:10:05
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Hi Kevin, welcome to the forum!
This is the only place I have heard of people being charged for rolled coins at banks. Thankfully the banks in my area still will 'sell' you coins at face value with no extra fee. There are a few that want you to have an account, but for the most part if you have the cash they will let you have the rolled coins. Of course, I usually only get 1 or 2 boxes at a time, so I don't know if they would go for larger requests. If I want more in a given day I spread it around to different banks, mainly to not call attention to myself.
RealCent
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5 Posts |
Posted - 06/05/2006 : 19:01:18
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| Thanks. Yes, I had asked for 2 boxes. I did go to other banks and heard everything from don't have that many onsite to....would run out of for our other customers to.....the head teller is at lunch and she is the only one with keys to the vault. Although 1 bank was more than happy to give me a couple of boxes (they must have had some people turn some in or something recently). I had another bank that offered to get me what I wanted they just asked me how many so I said an even $100 to make it worth their time to order in. They did not say anything about any fees and likely assumed I was an account holder. I think part depends on how ambitious the teller is or isn't at the time. |
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143 Posts |
Posted - 06/06/2006 : 02:08:07
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i have encounter similar "obstacles" before; not only during requesting of coins, one head teller told me they would charge me 16 cents for each roll, even though i told the other teller who was actually serving me that she didn't have to get me that many rolls, if it was not convenient for her to do so,
i also have obstacles during depositing the through coins; one teller jokingly told me that no more coins from me, and his colleague asked me where did i get all those coins, i told her that they were my inheritance; i still go back to that same branch, but with less deposits each time;
since the banks charge me on how many transactions i have for each month, and that if i change my coins into equivalent paper cash, it would not be counted as a transaction, so, that's what i do now; take those paper cash, and go to another bank for unsearched rolled coins
teach your kids to sort pennies, and they will not spend your money like crazy |
Edited by - n/a on 06/06/2006 07:22:21 |
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Posted - 06/08/2006 : 13:50:43
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| Had some luck at 2 more different banks today. Got a box from each. They both told me when would be the best day to come by (buy)....additionally I guess one of them sends their change back oout (unsure to where) once a week and if I hit them up the day before I can have "whatever" I would like. |
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Do the banks pay more for their pennies & nickels?
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