A long time bank went bad...........

[bigtime400]

I had a bank I have been getting halves from regularly poop out on me this week. They told me they were going to charge a fee unless I opened a checking account with them. I dont know how they knew I didnt have one... but going there for 2 years without any deposits or withdraws probably tipped them off. I dont really know what I want to do. They were a good bank but I have others I can get halves from. I just liked the variety. Any of you have this problem? I dont really want another checking account. Do you think they would still do it if I opened a CD or something with them?

 

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[Narthoniel]

It is worth asking. See if you can invest in a short or long term certificate instead. If you dont ask, there is no chance they will agree.

 

[mistergee]

if you take out a cd you are doing business with them and therefore a customer

 

[coinmojo]

Seems like opening an account should be easy to do. I have accounts at several different banks just to purchase coins . As long as I maintain a minimum balance or record some activity in a given period of time it's all good.

Most accounts open with a minumum deposit and some sort of monthly activity. for several of my accounts this is $25 and a deposit or withdrawal within a 60-90 day period. I usually deposit $10 and withdrawit the next time.

You might even go as far as (if you have children) to open a coustodial account for your child. In this instance it may require a $5 deposit and no minumum balance or activity requied..... Got 3 like that. LOL

The late Silver_Fox clamed he would depost $10 and take it back out at the ATM outside... LOL

Hope this helps. Mojo

 

[treasurefiend]

Just open a $25 checking account, that way they can't complain and you still have your source.

 

[Shake-N-Bake]

Hey there,
I have had the same problem. I have three children and all three of them have 2 different accounts at different banks. Custodial accounts are a federally regulated account they the bank CANNOT require a minimum balance and CANNOT charge a fee untill the child turns 18. I now have a total of 14 accounts all at different banks. There is not a bank within 30 miles of me that I can not use. . Also I fell it is a good way to save for my childrens collage, I put atleast $5 a week in every account I have. I see it as instead of paying bank fees the money goes to my children and I have access to every bank in town... That would be my suggestion, it is a WIN WIN sutiation.
Happy Hunting,
Jason

 

[XX]

OP, sounds like you have Chase.

They are cleaning house right now. You not only need to open a checking account, but you need to put a fair amount of activity through it. People using Chase Branches with healthy sales levels probably won't have a problem, but all the rest (which is most of them) are trying to weed out unprofitable customers.

How do I know this, I got my name on the regional manager's list. I didn't know this at first as all were instructed to not tell me that little tidbit. Basically, over the past month, each and every branch I get coins at has been simply telling me that they can't sell me coins anymore. They would simply state that it's a new policy and it's not their decision (of course I've gotten that line plenty of times and it's turned out to be that the teller was just lazy).

Of course over the years, we get close to some tellers and they are willing to tell us things they don't normally tell customers. A teller friend of mine said that the branch manager was given a list of names and told not to sell them coins anymore. She said it was sent to all branch managers in the region. I verified this by trying to tap a new branch a little farther away from me. The teller was nice, asked for my name, went in the back, and came back to tell me that she couldn't help me. No explanation or anything.

The same teller friend of mine has told me that they are being squeezed to significantly reduce their cash on hand. She said they almost ran out of cash one week as a result. She also said hours are being cut too.

I have a bad feeling about Chase for the next few months. Don't know if anyone has seen this yet.

http://www.fatwallet.com/forums/finance/879603/

Also, don't know if anyone knows this yet, but Chase maintains a profitability score on all it's customers. This score determines how we get treated during a given transaction. Such as when we deposit a check, the computer could instruct the teller to extend a certain credit card offer to us, refer us to a personal banker, offer us a HELOC, etc... It also tells the customer service reps what kind of fees can be waived for us such as overdraft fees, late fees, special services, etc...

I assume that most of us have never encountered this before was because the tellers know us and they either sold us the coins directly and didn't enter our account info in the computer, or when they sold us the coins they didn't need to ask us for the account info because they already knew our name.

About 6 weeks ago, Chase branches started asking to "verify" my account info when I was picking up boxes. At the time, they indicated nothing was wrong, just that they needed to start entering that info for ALL transactions. Then about a couple weeks after a branch asked for the info, they indicated that they could no longer sell me any coins. When I would ask why, they would refer me to the branch manager, who would then simply state that it was a change in corporate policy. They indicated that there was nothing I could do to change or over-ride it (although I assume there is a magic dollar amount that would change someone's mind).

My "BIG" pickup is at another bank alltogether, but these branches were my backup plan in case that bank were to cut me off (which I assume will happen eventually due to the quantity).

Now there is a small silver lining for me. I now have a bunch more dump banks, but I also assume I'll get the old standby "We're sorry, our counter is out of service right now.".

 

[Shake-N-Bake]

This is kinda on the same subject but I wanted to throw this out there. I was under the understanding that if a bank is backed by the FDIC they HAVE to accept legal tender currency, thus the coins we bring back or the cash we bring in to get coins... Again I might be off on this matter but it was hinted to me by my neighbor which is a branch manager at a credit union(she says credit unions are a bit different because they have members being it is a private firm). All long as it is legal tender it is good for all debts and service, public and private..... The service I am asking is to change this paper money into to coins or like wise. I think it just hasnt been enforced when we get turned down for this service. Just wanted to put that out there, I am not sure if anyone else has heard that before.
Jason

 

[XX]

This is kinda on the same subject but I wanted to throw this out there. I was under the understanding that if a bank is backed by the FDIC they HAVE to accept legal tender currency, thus the coins we bring back or the cash we bring in to get coins... Again I might be off on this matter but it was hinted to me by my neighbor which is a branch manager at a credit union(she says credit unions are a bit different because they have members being it is a private firm). All long as it is legal tender it is good for all debts and service, public and private..... The service I am asking is to change this paper money into to coins or like wise. I think it just hasnt been enforced when we get turned down for this service. Just wanted to put that out there, I am not sure if anyone else has heard that before.
Jason

When we ask for coins or cash in coins, we are not satisfying a debt or obligation.

A bank is a private company and is in business to make a profit. Other than the anti-discrimatory laws, there
is no magic law that says they have to do business with us. They can refuse any deposit or request for service
that they choose. One law that they are bound to is Regulation DD. This means that they cannot charge us a
fee for something without having previously disclosed it. They are usually covered in this aspect when they
tell you about the fee "before" you buy the boxes or cash in the coins. They are required to give you a
disclosure of the fee in a manner that you can easily take with you (aka written, but electronic is also permitted), but
good luck getting the FDIC (or OTS, OCC as it may be) to go after the bank because they didn't give you a written copy of the fees. They
are up to their eyeballs in much bigger problems right now.

The only weapon we have on our side right now is these banks are begging for deposits. Unfortunately, I'm not a big fan
of near 0% interest rates when I can get 4%plus elsewhere, so I'm stuck with a "take it or leave it" attitude.

 

[jim4silver]

Banks are for profit enterprises. When banks sell us boxes or take our rejects they are providing a service for us. For them to ask that we become customers at their bank before they will provide us a service is not too much to ask, especially when most require only a nominal amount to open an account.

I don't think they are out of line at all; especially if they charge no fees for selling boxes or taking our rejects.

I can't imagine why anyone would gripe about this whole concept.

Jim

 

[Shake-N-Bake]

I can't imagine why anyone would gripe about this whole concept.

Jim

I wasnt really griping I was just making a comment. As I stated a few posts up I have accounts everywhere and make a deposit in them every week just as kinda a way to say thank you for providing me a service. I have no problem making deposits to make them happy. I would rather deposit in my childrens accounts than for them to charge me a fee for ordering boxes. I realize they are tring to make money just like everyone else I was just saying what I heard from a bank employee.

If a bank does say they can no longer provide the service for me I would like an honest reason why. If it is costing them money and they are losing money becuase of me that is fine, and I will be greatful they did it while they did. Then move on to the next bank.

Happy Hunting,
Jason

 

[jim4silver]

I can't imagine why anyone would gripe about this whole concept.

Jim

I wasnt really griping I was just making a comment. As I stated a few posts up I have accounts everywhere and make a deposit in them every week just as kinda a way to say thank you for providing me a service. I have no problem making deposits to make them happy. I would rather deposit in my childrens accounts than for them to charge me a fee for ordering boxes. I realize they are tring to make money just like everyone else I was just saying what I heard from a bank employee.

If a bank does say they can no longer provide the service for me I would like an honest reason why. If it is costing them money and they are losing money becuase of me that is fine, and I will be greatful they did it while they did. Then move on to the next bank.

Happy Hunting,
Jason

I wasn't referring to you Jason. This subject comes up every few months or so and in the past there have been some posters that seemed quite angry that they had to have an account at a bank to get them to sell boxes or take dumps or that it was a big hardship to have a $25 account. If a person is a regular CRHer that $25 account could yield lots of $ in silver coins over time.

What bugs me is that my main bank (where I have my personal accounts) not only requires you to be a customer, but then they want to add a $5 fee per box and refuse dumps if you buy boxes from them.

Jim

 

[fiddycent]

amen jimbo! you hit the nail on the head. it's extremely frustrating when your bank(s) start that little game. tells me real quickly they're about to become one of my dump banks. all i can say to 'em is..."how ya like me now?"

 

[LadyDigger]

Wow...I'm sticking to my place of business to buy my boxes. I work for a grocery store and the bookkeeper lets me buy boxes from her. Well, I bought them and then when done, I roll all the coins back up and put them back in the same box (making sure all money is there) and return to her and she gives me a new one! Only boxes I can't get are halves, but they get them in from customers and I get to go through them!

So, the heck with the bank...I have mine at the grocery store!!! And no fees!
Annmarie

PS: I bank at Wachovia and only once I bought some pennies and nickels from them, but they did not seem to like the fact I brought them back (all I did was deposit the money into my acct)...so I haven't been back to buy from them.

Maybe you can get to know the bookkeeper at the grocery store you shop at...tell her you would like to buy some boxes from her, but you will roll them up and return in the same box (making sure all the money is there) and just exchange for a new one. My bookkeeper is cool!!! But I also use to be a CSR Mgr and had access to all that money once. But I have since changed depts (which I am so loving) and no longer have access to go through the tills ...oh well, got my connections!!! Get yours!!! And I know when Brinks comes in too!

Also, their initial loss is the initial boxes you buy...but as the weeks go buy, all you are doing is exchanging....so you only pay for the first boxes. I just got a box of quarters, nickels, dimes and pennies. But I get no more than one box of each...as they don't get that many boxes in, like a bank does.

 

[Codes]

One of my Chase banks has went "bad" on me this year. It was funny because one day I walked in and bought some coins and the next week I was told I couldn't buy coins from them anymore. Now I can understand that some banks just change their policies, but the way I was treated upset me. All the ***** had to do was tell me that I wasn't allowed to buy coins from there anymore, but instead she had to get on her high horse and treat me like crap. After that happened I said fine, DUMP BANK FOR YOU. Now everytime she sees me she knows why I'm coming. To dump a large amount of coins on her.

Also, she told me ALL Chase banks nationwide are stopping the selling of coins to non-business customers. Really? Hmm. So I went across town and bought some coins from another Chase bank.