IS THIS LEGAL???

[byro007]

I went to a bank that I have an account at. I just set it up about 2 months ago. I went in there on Monday and cashed in 500.00 in halfs. Then I went in there on Thursday with 1500.00 in halfs and they said that I counldnt cash them because they had no use for them and had to sent them to the fed which cost them money. I also asked if I could bring pennies and she said no as well. Is this legal for a bank to not allow me to use the coin machine?? Thanks

 

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[RON (PA)]

I could be wrong, but if you have an account with them, I don't think they can refuse a deposit. Did you ask if the coin machine was broken?

 

[byro007]

Yes I asked if the machine was broken or not the just said it cost them money to take them. What can I say to them if I want to bring more coins there? I live in a small town so I dont know if that makes a differnce or not

 

[Ken from Atlanta]

tell them you want to make a deposit, and that since you are an account holder they are obliged to take them. Then if they give you trouble, ask for the manager.

 

[jewelerdave]

You can file a complaint with the banks charter, call a different bank and ask them how to file a complaint. But the fact is, and politely remind them of this. Being a bank means you are in the business of dealing with money.
Politely remind them that they will not make a profit off all customers, some customers are negative value customers and will always cost them money.
Also politely remind them that no matter what they will have to order and sell to the fed and do so already.

Another angle is this, They make loans and make money of the interest they charge. Is it then ok for there customers to not make the interest payments because it costs them money?

Remind them that a bank that no doubt has millions in assets should have no problem paying the charge to deal with a coin order. If such an incremental business cost is going to break them, You feel the local population should know there bank is in such financial trouble and should get there money out.
A run on a bank is a bad thing. One credit union where I live was recently involved in a scandal and they got taken by the IRS. When that happened, they lost about 40% of there customers.

Also, when you go in go in with a note pad, and wright down everything they say when you ask a question. believe it or not that little action can be psychologically more damaging and effective then gun point. Its like taking in a video camera, and it makes them nervous and more cautious about what they do, you could be recoding info for your attorney or something.

Also, have someone else take them in. see what happens then. But I should think that simply talking too them and the threat of a press release of there ire financial situation would scare the crap out of them.
It would be funny if the bank went under due to a run if you could erode the local confidence. The perceived threat of bankruptcy of a bank on people has damaging effects for the bank.

 

[byro007]

Say dave should I go in there with some coin and talk to the teller or should I just go in with out coin and talk to the tellers about depositing coin? Also what happens if the still insist on not taking my coin? Can the limit me on how much coin to bring in or not?

 

[bigtime400]

I had some big problems with banks in the past. I'm not going to give you the 10 page version of the story but to make it as short as possible I asked to talk to the manager at a bank. She told me it wasnt her decision after a 10 minute battle. I told her to let me talk to whoever is in charge then. So I talked to her boss.... And she said that the buisness customers have to pay a fee to count coin (which I later looked up and it was a lie) and then after things got a little heated she asked me "what do you think is a resonable amount to cash in" I told her "how would I know, Im not the one who has a problem with it." Then she was supposed to call me back but never did. So can you see the problem? The bank is run by a bunch of women! But anyway.... I neded up just letting it drop and not pressing the subject because I drop at 6 of their branches with no problems for the last year. Only 3 had a problem with me. One reason may be I was dropping $2000 at a time at that point. Now I do $500 a shot.

 

[XX]

First, and make sure you are prepared for this action, the bank manager has the authority to just close out your accounts and mail you a check. A bank is in business to make money and believe it or not, they are free to pick and choose their customers.

Now, there are laws regarding how a bank can operate. They are obligated to abide by their advertised fee schedule. I suggest before going back to that branch, goto a different one, get fresh copies of their fee schedule and ask about the cost of depositing coin at ANY branch.

Now, here are some techniques I've used to win some brownie points with some teller supervisors. I've asked them what's the best day of the week to bring in the coins and only bring in that day (could be month in your case if they schedule dropoffs/pickups that infrequently). This way, they only have to deal with bags piling up in the vault for one day.

Now I've inquired before about getting coins picked up directly by Brink's and found that the bulk of the cost is for getting the truck there. The incremental cost for each bag above a minimum was like 50¢ and in many contracts was actually free.

Unless they are sending the coins out mixed, I'm guessing there's something else bothering them and not the actual cost from the armored car company. You'll win more points with honey instead of vinegar. Work on the relationship and find out what it is that's bothering them and what you can do to make it easier on them.

 

[Silver_Fox]

Here is a copy of a post I made last year called:
Dump Bank Called, Tried to Charge Me, Ha Ha, NOT

I posted a link at the bottom if you want to go back to the original post. As Dave said, keep notes. That's what I did because I knew a situation like yours would come up and I wanted to be ready for them.


Dump Bank Called, Tried to Charge Me, Ha Ha, NOT
Yesterday morning the phone rang. Wifey says it’s Bank XXX. I said I know what they want. I’d just dumped another $945 through the coin machine the day before. The Customer Service rep asked if I was a merchant or coin dealer. I said no, just a coin collector. Well you have run $4600 through our machine since you started the account a month ago. Gave me some line about the count on the machine and we would like you to put them in bags of $500 with your account number in there and drop it off straight to the teller. Oh, and WE WILL HAVE TO START CHARGING YOU A FEE. Wrong statement. How much? Well I’m not sure, probably less than $10. How much? Let me check with our main vault and I will call back. I’ll be waiting.

Bank XXX lady calls back 20 min later. It will be $5 per $500 bag.

I already had my cheat sheet in front of me with my answer to that.

I tell her, when I opened my account, I specifically asked:
Is there unlimited use of the coin machine with no $$ limit and no fees; I was told that is correct. That is why I started this account. I don’t have a problem bringing it in bags but THERE WILL BE NO FEES, RIGHT. Also, is this $5 your trying to start a branch or corporate policy? (I mentioned the word Corporate to get her thinking what my next move might be). After a long pause she said; if that’s what they told you when you opened your account then there will be no fees. HMMM, imagine that. I said thanks and I will see you in a few days.

In conclusion:
If you open an account for a dump, ask these questions up front. Log the date, time and whom you talked to in case they want to TRY and change the rules later.

HAPPY HUNTING

UPDATE 2/29/08
I dump 1-2000 a week there. The Customer Service still gives me the evil eye but the tellers like me.

http://forum.treasurenet.com/index.php/topic,93667.0.html

 

[bigtime400]

anyone else notice all the people defending tellers and banks on this site? whats up with that? This is the CRHers forum... you are supposed to be on our side?

The banks I have had problems with was when I first started I was dropping ALOT of coins at. Anymore I just try to not fuel any fires. I know Im not the only one around here who does it so apparently you can cash them in somewhere.

 

[Silver_Fox]

anyone else notice all the people defending tellers and banks on this site? whats up with that? This is the CRHers forum... you are supposed to be on our side?

The banks I have had problems with was when I first started I was dropping ALOT of coins at. Anymore I just try to not fuel any fires. I know Im not the only one around here who does it so apparently you can cash them in somewhere.

We have to work hand in hand with the tellers and banks. That doesn't me en we let them walk all over us. Nice begets nice.

 

[GMan00001]

I also believe I read somewhere that there is a law saying that the bank is required to accept up to some amount of coins. I think the amount was like $100 or something like that.

You could possibly do some research on that as well unless someone else knows what I am referring to and can fill you in.

 

[cyberdan]

Is this legal for a bank to not allow me to use the coin machine?? Thanks

Probably not, you just caught the teller at a bad time. Go back in a week and all will be OK

Seriousally, here is a link I started last year about one of my banks.
http://forum.treasurenet.com/index.php/topic,67116.msg490440.html#msg490440

As an update on this bank I have only had good dealings with them everytime except once. A substitute (uppity from another branch) teller insisted that I put my account number on a bag of coins I brought in. I told her that it was never required before in all my transactions (I just didn't like her attitude ) and handed her my deposit list and the bag. She ended up writing my number on the bag. Never did see here in that branch again.

 

[Immy]

Most tellers are decent people but once in awhile you get one with a chip on their shoulder. I was walking into my dump bank recently with about $60 in nickels in a canvas bag. The old bitty teller, the only one who gives me dirty looks when I come in, comes out from behind the counter with one hand up and says "Sir, this is for low volume coin only." A sign on the door and the coin counter even says this, but I always keep it under $100 anyway. I say "It's only about $60 in nickels", she says "Oh" and starts to turn around and I add, with a little sarcasm "Is that low volume enough?" She snipped "Yes."

Now that they're charging 9% on coin counter transactions they'll never see me again.

 

[Magic Fingers]

I stopped by my local bank yesterday and asked one of the tellers if it would be ok to buy some rolls of coins as I was wanting to start up my coin collecting again that I started as a little girl. She was very friendly and told me it was no problem at all with them. I asked her if I could get some papers to roll them back into and she insisted that I bring them back in and use the coin rolling machine as it is free and so much easier then by hand. I then asked her if anybody else was coming in buying rolls and she asked the other tellers and so far no one else does.

I can't wait to get started.

 

[XX]

I also believe I read somewhere that there is a law saying that the bank is required to accept up to some amount of coins. I think the amount was like $100 or something like that........

There are a lot of banking regulations, but again, there really isn't any law that requires a bank to do business with you. They are free to pick and choose their customers.

 

[bigtime400]

free to pick and choose their customers!? Does any one else see where that can lead into a whole mess with other issues? I think if you are a public company there are certain rules you have to follow. You can't descriminate at all who you do buisness with. The coin counting thing is a totally diffrent issue. They are just pissed off because you are causing them more work thats not putting money in there pocket. Look how nice they are about overdrafts... they dont scold you... its just " im sorry Mr Smith we will get that fixed for you right away... However there is going to be a $30 fee" I bet you if I told them I was black and cried racism and threatened to go public with that I could get any amount of coins counted. You can't just get voted off the island so to speak.... or at least I have never heard of that happening.

 

[XX]

ING Direct routinely let's unprofitable customers go.

http://articles.moneycentral.msn.co...merActionGuide/AreYouABadCustomer.aspx?page=1

 

[bigtime400]

huh... go figure. It said some of the complaints people had were their statements being wrong and they got booted. Yikes!.... wont be banking there..... I wonder if they will go out with all these banks they say are going to fail.

 

[50centman]

There are banks run by people that I refer to as BEANCOUNTERS and others that will love to hear your stories and encourage you. Try to find one of the latter and your life hunting will be much more enjoyable. God luck!