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

[onelife]

CUT OFF BY CHASE IN NY, WARNING DO NOT ORDER MORE THAN 2 BOXES
Chase was my best producing bank, had a great relationship with the bankers and tellers. I was on
a first name basis with everyone. The branch that I dealt with primarily went out of their way to
accomondate me and my "hobbie" They ordered for me twice a week until the "loss prevention department" got
involved. I was told by the teller that the branch manager got a call from the lost prevention department at Corporate and
was told to cease ordering coins for me and my account was going to be closed. I called the department and asked for an explaination
and they told me that they told me it is due to the activity on my account, coin orders. I explained to them that I
was a customer for over 20 years and currently have two mortages with them and had paid off one a couple of years ago. Their
response was that it didn't matter and the closing of my account will not effect my loans with them. Attached is a copy of the letter.

The Loss prevention department told me that they are cracking down on all orders, for coins, from personal account holders

Warning: Chase is tracking all of the orders and will close your account when they see fit. Chase charges business customers $0.15 cents a roll, $7.50 a box for coins. Chase is losing money everytime a customer with a personal account orders boxes.

 

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[crhstreetwalker]

Agreed

 

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[Yinzi50]

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.

I appreciate your two copper cents!
That lying ***** manager! She told me that the bank did not invest much about my 20k because it was in a checking acct. When pointing to my direct deposit, she however did show appreciation. I dumped more than 500 bags to Bank XXX per year. If I was a commerical customer Bank XXX would charge me $1500 per year. In my case, the QC department was focusing on the $1500+ would-be income.

 

[BCD11]

I dumped more than 500 bags to Bank XXX per year. If I was a commerical customer Bank XXX would charge me $1500 per year. In my case, the QC department was focusing on the $1500+ would-be income.

I don't know what other charges might be levied against a commercial account at this bank. If there are none, or they are minimal, do you find enough keepers to make it worthwhile to pay the $3 +/- per bag?

 

[Yinzi50]

I don't know what other charges might be levied against a commercial account at this bank. If there are none, or they are minimal, do you find enough keepers to make it worthwhile to pay the $3 +/- per bag?

The area is dry for silver. One per box is the average. So it's not worthy doing anymore. Besides I can spend my time for Nickel or penny searching. Lots of small banks will count for free if less than $100. It's the thrill not the profit in my case.
This bank is not the most expensive one. Some banks will charge 3-5% for loose coins. That would be $15 to $25 for a bag of halves.

 

[TimZim]

I went to chase and asked them if they could order me halves and they said they could only get me 1 box a week. So i said thanks but no thanks. And left and opened a acct some where else that day. They said they would only get me one box a week. So i told them i would stop at another branch to order more. The 2nd bank told me no one box was it from all there branches. So monday i will close my acct F--- them. unless you live in TN theres a lot of banks. Just go to the next bank. Whats the big deal. Just move your money to a crh frendy bank.

 

[palidin20603]

Just a thought, but should we stop talking about specific banks on the internet? These compainies read our posts and if Bank A does this and Bank B reads about it, would this speed up Bank B charging fees or discontinuing ordering halves? I haven't seen anyone discuss this issue, but I will never publically discuss my order or dump banks because I don't want to draw their interest in improving their bottom lines by cutting me off.

 

[crhstreetwalker]

Just a thought, but should we stop talking about specific banks on the internet? These compainies read our posts and if Bank A does this and Bank B reads about it, would this speed up Bank B charging fees or discontinuing ordering halves? I haven't seen anyone discuss this issue, but I will never publically discuss my order or dump banks because I don't want to draw their interest in improving their bottom lines by cutting me off.

I agree with what you're saying, but do you really think they are scouring CRH forums? I would think they have bigger issues of more importance to worry about. I could see how Bank B might take interest if someone brought it to their attention.

 

[palidin20603]

I agree with what you're saying, but do you really think they are scouring CRH forums? I would think they have bigger issues of more importance to worry about. I could see how Bank B might take interest if someone brought it to their attention.

What about the leaders and executives responsible for the vault management or cost accounting? Not to mention every employee in loss prevention. Higher profits lead to bigger bonuses for key employees.

 

[midntmn]

Every bank learns quickly what other banks in their area are charging for fees and services. They don't have to get it from the internet.

 

[onelife]

what did your post say, didn't have chance to read it

 

[onelife]

I'll try that