CUT OFF BY CHASE IN NY, WARNING DO NOT ORDER MORE THAN 2 BOXES

[Bigheed]

JP Morgan just had their first loss since the Obama rescue. Could be a reason why....

This is not true...but JP Morgan did have a big fiscal boo boo. They had an investment portfolio that was supposed to hedge against riskier investments (something along those lines) and they shared that they mismanaged it and lost $2 Billion.

However, in the same news broadcast they said don't feel to bad for Chase they made $4 Billion in income. I believe this is first quarter income. The JP Morgan Chase person then said they are liquidating the rest of this portfolio.....first thing that came to mind is oh great now they will have tons of cash to stack physical at the low price.....better stack, stack, stack, this dip isn't going to last very long!

HH
Bigheed

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[BuffaloBoy]

bank of america claims that 2 boxes of half dollars is too much for them to order and told me they will not order me halves or any denomination... needless to say, I dropped my account there, had CD's, mortgage, savings, and checking accounts there... went to a friendlier bank.

I know 2 people that have gotten similar letters, 1 in NJ and one in FL.

I'm in the same boat as d2arcing when it comes to Chase. After a couple orders they either claim it's too expensive to order, they need to charge a fee or they blame it on management.

[The Jersey DEvil]

I don't mean to be a downer or rain on anyones parade, but I think eventually in time other banks will follow suit. Already I see the aggravation on a lot of tellers faces. Not only are they tired of ordering coins, taking coins out of vaults but they are also tired of changing coin bags at the coin arcades. Someday CRHing will be a thing of the past. At least that is my opinion & prediction. Like they say..."all good things must come to an end."

[crhstreetwalker]

This is an interesting thread as all of my pick up banks are JP Moragn Chase. The first Chase I ordered from awhile ago told me about not being able to order anymore, but my other 6 are all very helpful and friendly when it comes to ordering. Hell they even offered to take the coins back once I was done with them. Definitely not going to do that though, but you get the point. Haven't had any real problems with chase yet, my weekly 10k will be here Wednesday!

[namster]

This is an interesting thread as all of my pick up banks are JP Moragn Chase. The first Chase I ordered from awhile ago told me about not being able to order anymore, but my other 6 are all very helpful and friendly when it comes to ordering. Hell they even offered to take the coins back once I was done with them. Definitely not going to do that though, but you get the point. Haven't had any real problems with chase yet, my weekly 10k will be here Wednesday!

10K from one branch?

[crhstreetwalker]

but my other 6 are all very helpful and friendly when it comes to ordering.

I pickup from 6 branches namster. I would have to be insane to withdraw 10k at one time.

[The Jersey DEvil]

Why was my post deleted? Opinions & predictions can't be expressed here? It was deleted because the forum police know I'm right.

[namster]

I pickup from 6 branches namster. I would have to be insane to withdraw 10k at one time.

Roger that lol. I am thinking of adding some Chase pickups.

[Yinzi50]

I almost got something like this in 2010. Bank XXX has a QC department which are hundreds miles away from where I live. The department use some computer software to analysize customer's activity and I was caught for dumping too much (10+ bags per week). One day my branch manager (the branch that I opened my account) called me to see her in her office ASAP or would close my account. In her office I was told: stop dumping halves immediately or will close my account; I can open a commerical/business account and pay $3 per bag. It's ordered by the QC department and she can't help it. My account was under watching closely. Besides being watched this is a note on my account for every teller to see "don't exchange coins on this account". For this bank I have to apply a business license first in order to open a business account. Too much trouble and the silver was drying up anyway so I just stopped dumping to bank XXX. After all it's just a hobby for me anyway. I cut down my searching significantly and did a lot of bank humping (most tellers in this bank still sell halves to me even with that note because non-silver-collecting tellers really hate halves)

However, I was told that I could do the normal reasonable things like other personal account holders, such as buying a roll of quarter for laundry machine once a while; submitting a bag of mixed coins for counting every several months in her branch only.

I did treat all my dump branches with lots of goodies. As the manager said this was from the top.

According to the "Agreement" bank XXX can close my account without giving me any reason just the same as Chase. I have a big direct deposit to my account and I always keep more than 20K in my account that's why they did still want me as a customer but want to make $1500+ more per year on me. I don't blame them for wanting to charge me at all because if I own a business serving customers I would do the same. "More service, more fee; less service, less fee; too much service, too little fee then no way". I use their bags for free and the machine maintainane, labor are all justifiable. My 20K only give the bank $800 profit per year if they loan them as a mortgage.

I believe all the big banks have a similar department (QC or lost prevention whatever) which are full of computer geeks to analyze customer's activity. CRHers are not normal customers and we are not most profitable if not costing customers. "Stay under radar" is a kind advice but some big jerks here would think I am jealous and a hater. They want to order/dump hundreds of boxes per week just because they want to!!!

[namster]

Prudence will go a long way in this endeavor. Dumping 10K/week on one bank is going to raise a flag in all likelihood.

[OtraVez]

They take the attitude that if you move your loan they will probably end up buying it back anyway. My friend recently had his home loan purchased by BoA and after never being late to his old bank for 20 years was assesd a late fee his very first month with them and through no fault of his own. I am tired of the big banks. The "F-you pay me" mentality has to come to an end some how. I have moved all my business to a Navy Fedral Credit Union and love it.

I am sorry to hear about your stumbling block sir and hope you find a new supplier soon.

[Solid Rolls]

Sucks getting slapped by "the man" so to speak. Dust yourself off and move to a friendlier bank. Best of luck to you!!

[$ilver$urfer]

onelife,

It's been a while since I posted on here but I am interested in your situation and thought it might be a good time to ask some more questions. Myself, and I assume others would sincerely appreciate some more information. What accounts are they closing on you: checking, savings, overdraft, mortgages, credit card accounts, etc.? Did they make any interest off of your non mortgage accounts and if not do you think that was the reason they decided to stop 'losing money' from your account? Also, how long were you ordering halves from them and was it always twice a week frequency (only $1K a week)? Since you are so close with the branch manager, tellers, etc., can you just go back in and open up a new account in a few days, weeks, months or are you blocked from ever opening an account with them again?

HH and thank you for any more information you can provide. Chase orders me one box a week and I have tons of accounts with them: 2 checking, 1 savings, 4 credit cards, 1 overdraft, and 2 mortgages and I would hate for all these shenanigans to come out of the blue on me like they did to you!

$ilver$urfer

[clovis97]

I read an article this week in the WSJ about banks and how business may change in the near future. Seems that the banks claim that due to the new debit card rate slash that was enacted by congress, they are going to lose money on each customer that has a balance under $100,000.

IMHO, I think this is a load of hogwash...but it doesn't really matter what I think. The mega-banks are going to do as they please, and the customer will suffer.

My guess is that CRH might get tougher, especially at the big banks, sometime in the near future. I think they will start number crunching, and stop any and all unnecessary ordering and dumping.

We moved to a small local bank many years ago, after being jacked around by PNC, and couldn't be happier.

[sshafer11]

CRH is a pretty fragile hobby if you think about it. I had one of my banks that I've long purchased coin from bring up the 'F' word just this week. Rip open every roll you can until they tell us all to take our wasteful hobby elsewhere, all we can do.

[frankendime]

Half Hogs gonna ruin it for everybody!

[BuffaloBoy]

and greed takes over... people don't know when to stop!!

[BCD11]

My 20K only give the bank $800 profit per year if they loan them as a mortgage.

Welcome to the world of "this is what we want you to think BUT, this is how it really works." In theory the bank could make many times $1500 per year profit on your account through careful lending. If your $20,000 is in a transaction account, i.e. checking account, the FRB would like the public to think there is a 10% reserve requirement...not so. Because of a little known clause, that checking account can, and with VERY FEW EXCEPTIONS, is sub accounted into a "savings" portion and "demand" portion. The monkey in the wrench comes from the fact the "savings" portion REQUIRES 0% be held in reserve by the bank AND THE BANK GETS TO DECIDE HOW MUCH, IF ANY, IS HELD IN THE CHECKING PORTION THUS REQUIRING 10% RESERVE. Bottom line, the bank can decide how to slice and dice your checking account which determines how much they have to hold in reserve. Don't believe me; take a long look at your customer agreement. That's the good news.

Let's put our rose colored glasses on and dream that the bank does hold 10% of your $20,000 in vault cash or at the FRB. Through the practice of Fractional Reserve Banking your $20,000 can actually create $200,000 in money supply. Huh, how does that happen? Loaning my friend, loaning. Your bank holds 10% ($2,000) and loans $18,000 to me. I deposit $18,000 in the bank and they hold 10% ($1,800) and loan $16,200 to customer C, and so on and so on and so on.


In effect your $20,000 becomes the 10% required reserve of $200,000 in loanable money supply. In theory, if this loanable amount is all loaned to your bank's customers at 4% the bank stands to make $8,000/year interest. Now let me think, $8,000 coming in the door on Yinzi50's $20,000...SHAZAM, that's 40%; Guido, Frankie, and the "Organization" would be proud.

Bottom line, IMHO, there might be a lot of reasons the bank doesn't want to support your CRH addicition, but I don't think "not making money on you as a customer" should be one of them.

Just my two pre-82's worth.

[kontrapunktus1750]

Seems that the banks claim that due to the new debit card rate slash that was enacted by congress, they are going to lose money on each customer that has a balance under $100,000.

I've come to the conclusion that Wells Fargo isn't a CRH-friendly bank, regardless of the balance held. And I'm not much of a box orderer either.

[namster]

It varies from one region to another. It also varies between cities within that region, and varies from branch to branch within the city's/districts. There is no one hard fast law that applies to the big nationals nationwide. Period.

Just this last week I went into another branch of the bank that is ordering Ikes for me. I asked about halves and the manager at this other branch said they "would order halves for me just this once, but there would be a fee." No thanks, I said.

There are VT/LT and managers who do not mind us coin rollers. There are others who hate us. Fact of life.