Dear Bank, do you take a check?

[Graceful]

Long story - I just opened a credit union checking account that has great interest rates if I have at least 15 check transactions a month (if I have less than that, I only get a tiny bit of interest). I really don't do much check writing, so I was trying to think of things I can start paying for by check. But even then, I am not sure if I can make 15 payments a month...at least not easily...I just don't shop much! But then I got to thinking, What do I "buy" more than coins! If other banks would let me buy coins with checks from this bank (er...credit union) it would be easy to have a lot of transactions!
Short question - Have y'all paid for coins at a bank, with a check?

 

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[Codes]

Who writes checks anymore?!

I've never done anything like that. The only time I've taken a check into a bank was when my debit card got destroyed and I needed cash from my bank account. I wrote a check to myself and cashed it that way. I would think banks might shy away from doing this unless the bank you took the check to was the bank the check was issued from.

 

[PhattyB]

I'm pretty sure coinage is a cash transaction. If it was as easy as writing a check, I'd be doing TimZim volume. Write the check, deposit the searched coins in the account it drafts from within 48 hours.. would be instant bankroll.

 

[Generic_Lad]

You can CRH by check with a few simple "rules"

1) If you're cashing a check on the bank that you're picking up at no matter if its your account or if someone wrote you a check on that account, you can very easily cash the check and convert it to rolls.

2) If you have an account at the bank you're picking up at in excess of the amount you're cashing the check for, you should be able to cash and pick up:

For example, if you have $4000 in an account in bank A you can bring in a $3000 check drawn on bank B and cash it at bank A and they should cash it for rolls/boxes. Of course you're not usually going to be allowed to cash that $3000 check and then take out more than $1000 out of bank A because bank A doesn't have a way to recoup its losses if the check from bank B bounces.

The main key is the bank wants to know for sure that there are funds that the bank can get to if they give you cash (be it paper money or boxes) either by money in your account that you have with the bank, or that the check is drawn on your pickup bank. If the bank knows it can get its funds (and no, cashier checks, money orders, etc. or other personal checks do not count).


Now what PhattyB is talking about is called "playing the float" which can be very dangerous (and indeed check kiting can be illegal in many instances)

 

[50cent]

DEBIT CARD = SAME AS CHECKS I highly suggest you inquire about it, or link your checking account with a paypal account and use that for your 15/month transactions. Truth be told my man, debit cards are the way to go.

Forget writing 15 checks a month. I think everyone who BUYS grocceries with Checks (and sometimes even foodstamps) should be put in jail. Waste my time, you know how much money an hour is worth to me?? ALOT, I dont have time, to put up with some punk/scum at walmart, writing out a check.

 

[GarouLady]

I hate paypal. I have gotten skunked by them more than anything. I use my debit card rather than my credit card. Credit card is amazon only transactions because even if I use my debit card as a credit, I get charged a fee (though AOL). I only write checks if I am paying bills through S-mail.

Sincerely, GarouLady

 

[Uncle Jeff]

you folks have got off track.. its not about can he write checks. Its about he need to write 15 checks a month for the better interest rate on his checking account. That being said I would think that you can go to any branch office write a check for cash.. heck write 15 checks out to cash, then cash them all at once even if they are 1 dollar each. meet your interest rate quota and get the cash to buy rolls. THE REAL QUESTION is, Is this cost prohibitive? does it cost more to buy replacement checks than the interest rate pays out?

 

[Graceful]

Thanks for the replies!

Codes, so banks to have a debit card reader?

PhattyB, okay I can see why that scenario would scare banks! I would make sure I had the money to back my checks without needing to deposit the coins back.

Generic_Lad, thanks for the "rules"! I think that first one might work for me - cashing a check, and then using the cash to get coins.

50cent, from what I'm seeing, this account does let me get a debit card and use same a a check! That might be best! Thanks! But I need to look into the paypal deal too, that would be neat to link my check act to paypal!

GarouLady, thanks I think I will use a debit card!

Uncle Jeff, thanks I do need to look into what replacement checks cost! But the interest is considerable higher than I was getting!

 

[fistfulladirt]

THe less paper trail, the better imo.

 

[SilverForBrains]

Sounds like they'll force you to spend more than than you'll make on the added interest.